Australia Elevators and Escalators Markets Report 2022: Maintenance and Modernization Accounted for 69.7% and 30.3%, Respectively for 2021 - Forecasts to 2028

DUBLIN, Aug. 24, 2022 /PRNewswire/ -- The "Australia Elevators and Escalators - Market Size and Growth Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.

Australia Elevator and Escalator market is expected to grow at a CAGR of 4.67% during 2022-2028

The Australian Government's Smart Cities Plan outlines the government's vision for cities and a strategy for maximizing their potential. The Australian government will contribute $50 million to help with the planning and implementation and construction works of big infrastructure transformation projects.

The 2020-21 tourism investment pipeline included 225 projects with a total investment of $42.8 billion. 40 projects in the proposal phase valued at $14.0 billion, 108 projects in the planning phase valued at $13.1 billion, and 77 projects under construction with a budget of $15.7 billion.

Directions 2031 is a high-level spatial framework and strategic plan that establishes a vision for the future growth of the metropolitan Perth and Peel region. Directions 2031 has also identified the need to introduce an urban expansion management program.

In 2020, the Australian government established Building 4.0 CRC as part of its cooperative research center initiative. Building 4.0 CRC will drive the construction industry into an efficient, connected, and customer-centric future through deep collaboration and emerging 4th industrial age technology.

Expanding Infrastructure & Commercial Construction to hike Escalator's demand

• A commercial tower with an investment of $3 billion is being developed at 50 Bridge Street. It is currently being delivered by the AMP Capital Diversified Property Fund and AMP Capital Wholesale Office Fund. The project comprises of 97,000sq m area and is expected to be delivered by 2022.
• Plans for a $1 billion office tower and build-to-rent apartments on Melbourne's North bank have been approved. The development site at 7 Spencer Street will include a 20-story office tower; the second tower comprises 472 apartments designed exclusively for renters.

The Trajectory for Low Energy Buildings initiative for residential and commercial buildings to boost demand for the installation of energy-efficient elevators.

• The heritage-listed Pentridge Prison in Melbourne's inner-north is undergoing a $1 billion retail and residential transformation. The first stage of the shopping area and apartment project includes a 15-screen cinema, more than 20 specialty stores, and 500 underground parking spaces, which are set to open at the end of 2025.
• The 30,000 sq m commercial tower planned at 39 Martin Place is already under construction with an investment of $1.5 billion and is expected to be operating by 2026.
• A $760 million investment has been allotted to redevelop Sydney's City Tattersalls Club on Pitt Street, including a 50-story hotel and apartment tower. The Pitt Street project is currently slated to commence construction in 2022 and is expected to be completed by 2025.
• The Trajectory for Low Energy Buildings is a national plan to make commercial and residential buildings in Australia net-zero energy. It's a significant program aimed at achieving Australia's 40 percent increase in energy productivity by 2030, as outlined in the National Energy Productivity Plan (NEPP).
• Carseldine Village is a model of sustainable development, one of Queensland's first residential developments committed to delivering net-zero energy emission freehold terrace homes. Carseldine Village's concept is expected to be developed in six stages over the next three to five years, depending on market demand. The currently approved plan allows for a total of 606 homes.

Governments effort to expand infrastructure across the nation to increase demand for new installations.

• The Federal Government has committed $5 billion to Melbourne's Airport Rail Link. The 23-kilometer link will connect Melbourne Airport in Tullamarine to the Central Business District via Sunshine. Construction is expected to begin in 2022, with the project due for completion in 2029. The growing demand for urban transportation and government efforts to expand transportation infrastructure will propel the construction and renovation of metro rails and airports across the country.
• The concentration of many people in certain parts of cities automatically leads to a congested transportation network, which is likely to cost about $16.5 billion annually and is expected to cost more than $27.7 Billion by 2030. 30-minute city is one of the concepts to approach the connectivity needs of cities.
• The Australian government has established a $1 billion Clean Energy Innovation Fund, which will invest up to $100 million annually in smart, green technologies and enterprises in Australia. The National Energy Productivity Plan includes several measures to improve ecological sustainability and resilience, including the National Australian Built Environment Rating System (NABERS) and Minimum Energy Performance Standards (MEPS) for appliances and updates accordingly to the National Construction Code.

Elevators are reaching their average life expectancy, mainly in high-rise apartment buildings to create demand for the maintenance of elevators in Australia

• According to Fire and Rescue, NSW data increasing elevator rescue number has risen by 80% from 2014. 1,620 people across the New South Wales state were rescued from elevators in 2018. This is a sign that elevators need to undergo regular maintenance to avoid accidents.
• The digital economy approach drives the long-term growth potential of the modernization market in Australia by integrating emerging technologies like Artificial Intelligence, Cyber security and supporting SME digitization.
• Maintenance and Modernization accounted for 69.7% and 30.3%, respectively, for 2021.

Competitive Landscape

Key Vendors

• OTIS
• Kone
• Schindler
• TK Elevator
• Hitachi
• Mitsubishi Electric

Other Prominent Vendors

• Toshiba
• KLEEMANN
• WITTUR
• Stannah
• LML Lift Consultants

Key Topics Covered:

Section 1 Introduction

• Market Scope
• Market Snapshot of Elevators
• Market Snapshot of Escalators
• Executive Summary

Section 2 Australia Elevators Market: Future Outlook - Australia Elevator Market by Volume

2.1 Australia Escalators Market- by Segments
2.1.1 Australia Escalators Market, by Volume
2.1.1.1. Australia Elevators Market, by Type
2.1.1.2. Australia Elevators & Escalators Market by Carriage Type
2.1.1.3. Australia Elevators Market by Persons
2.1.1.4. Australia Elevators Market by End-users

Section 3 Australia Escalators Market: Future Outlook - Australia Escalators Market by Volume

3.1 Australia Escalators Market- by Segments
3.1.1 Australia Escalators Market, by Volume
3.1.1.1 Australia Escalator Market by Type
3.1.1.2 Australia Escalator Market by End-users

Section 4 Australia Elevators &Escalators Market , by Service (Maintenance & Modernization)

Section 5 Geographical Analysis

• Key Economic Cities in Australia

Section 6 Market Dynamics

• Market Drivers, Opportunities, Restraints, Trends

Section 7  Technological Development

Section 8 Competitive Landscape

• Company Profile of Major Vendors
• Other Prominent Vendors

Section 9 Report Summary

For more information about this report visit https://www.researchandmarkets.com/r/mngsk6

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