Elevator Component Market Key Trends and Forecast Research Report 2031Posted by Divakar on April 23rd, 2021 East Asia currently accounts for a majority of elevator components being consumed, followed by Europe. This is owing to the fact that a sizeable share of skyscraper construction around the world is happening in China. As of 2020, China has 13 of the world’s tallest buildings. China is followed by South Korea, which at the moment, has one of the world’s tallest buildings at 555 meters. East Asia is followed by the Middle East & Africa, owing to rapid conversion of the oil-based economy of MEA countries into tourism and service-based economies. This is best exemplified by the UAE, which has the world’s tallest building – the Burj Khalifa, at 828 meters. These high-rise buildings are prime consumers of sophisticated elevator systems, in turn, driving the requirement of elevator components. Additionally, the younger population is aspiring for luxurious lives in high-rise buildings with top-class amenities. Increased population density is adding to the growing need to optimise every bit of land. India, for instance, constructed around 58 high- and medium-rise buildings between 2012 and 2020. Moreover, 17 more buildings were under construction as of 2020. Owing to the above-mentioned factors, the elevator component market is anticipated to reach a valuation of US$ 40.8 Bn in 2021, and is poised to expand at more than 9% CAGR over the next ten years. To remain ‘ahead’ of your competitors, request for a sample – https://www.factmr.com/connectus/sample?flag=S&rep_id=4384 Key Takeaways from Market Study
“Dawn of smart elevators in addition to rapid urbanization prevalent in developing countries to drive market growth,” says a Fact.MR analyst Key Players Adopting Blend of Organic and Inorganic Strategies Key players such as Wittur Group, ADAMS Elevator Equipment, GAL Manufacturing Corp., and SCHMERSAL Böhnke & Partner GmbH are focusing on targeted expansions, strategic partnerships, innovative product launches, and acquisitions in the market space to substantially increase their market presence. For critical insights on this market, request for Methodology here – https://www.factmr.com/connectus/sample?flag=RM&rep_id=4384 For instance, Wittur launched a new variant of Semaic C-MOD door in 2020 with ECO+ and MIDI+ motors, which requires less maintenance and provides better performance. Additionally, it partnered with Wurtec for distributing its elevator components in North America. More Valuable Insights Fact.MR, in its new offering, presents an unbiased analysis of the global elevator component market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market in terms of the component (elevator cars & shafts, landing doors, motors, machine drives, tension pulleys, controllers, counterweight frames, counterweight guide rails, car guide rails, speed governors (bidirectional), counterweight and car buffers, and others), elevator technology (hydraulic elevators (conventional hydraulic elevators, hole-less hydraulic elevators, and roped hydraulic elevators), traction elevators (geared traction elevators, and gear-less traction elevators), machine-room-less elevators, and pneumatic elevators), load capacity (below 650 kg, 650 kg- 1,000 kg, 1,000 kg- 1,600 kg, 1,600 kg- 2,500 kg, 2,500 kg- 5,000 kg, and above 5,000 kg), speed (less than 1 m/s, between 1 to 3 m/s, between 4 to 6 m/s, between 7 to 10 m/s, and above 10 m/s), and end-use application (passengers and freight), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa). About Fact.MR Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. We have offices in US and Dublin, whereas our global headquarter is in Dubai. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Reach out to us with your goals, and we’ll be an able research partner. Contact: Corporate Headquarter: Like it? Share it! More by this author |