Green Home Elevators Is A Rising Trend In The Elevator And Escalator Market - By The Business Research Company

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Nov 30, 2022, 06:30 ET

LONDON, Nov. 30, 2022 /PRNewswire/ -- Green home elevators are gaining popularity among the elevator and escalator market trends. Major companies operating in elevators and escalators market are focusing on green home elevators for their market growth. For instance, in June 2021, NIBAV Home Lifts, an Australia-based company that offers vacuum lifts launched next generation green home lifts, The NIBAV Series II that are powered by the most abundant resources in the world – air. This Series II uses a pneumatic elevation mechanism, which makes the lift's design extremely energy-efficient and small. It uses 3.7 kVA of electricity when moving up using NIBAV Series II, which runs on single-phase power. There is no need for oil or lubrication because the elevator operates mostly on air.

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The global elevator and escalator market size is expected to grow from $92.50 billion in 2021 to $101.31 billion in 2022 at a compound annual growth rate (CAGR) of 9.5%. The global elevator and escalator market share is expected to grow to $135.57 billion in 2026 at a CAGR of 7.6%.

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Elevator And Escalator Market Growth Driver – Rising Construction Of Skyscrapers

The rising construction of skyscrapers is expected to drive the elevator and escalator market during the forecast period. Due to rapid urbanization, there is an increase in the construction of tall buildings and skyscrapers. The construction of skyscrapers involves the installation of elevators and escalators for the smooth transit of people in the building, which increases its demand. For example, in May 2022, according to a study on skyscrapers in New York City, by 2025, there will be up to 20 supertall skyscrapers completed or under construction in New York City, and by 2030, they will be close to 30. Therefore, the rising construction of skyscrapers will propel the elevator and escalator market during the forecast period.

Schindler Group Was The Largest Competitor In The Elevator And Escalator Market In 2021

As per the elevator and escalator market research, Schindler Group was the largest competitor in the elevator and escalator market in 2021 with a 11.18% share of the market. Schindler's growth strategy focuses on enhancing customer experience through the launch of new products. For instance, in March 2020, Schindler announced the launch of its new modular elevator generation equipped with advanced connectivity, touchless technology, and additional digital services. These elevators can easily be used as an infotainment platform and enables real-time performance tracking and adaptive maintenance.

Elevator And Escalator Market Segments

The global elevator and escalator market analysis is segmented -

1) By Product: Elevators, Escalators, Moving Walkway

2) By Business: New Equipment, Maintenance, Modernization

3) By Elevator Technology: Traction Elevator, Machine Room Less Traction Elevator, Hydraulic

4) By End User: Residential, Commercial, Institutional, Infrastructure, Others

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