Capitalizing on the emerging technology, the construction industry is increasingly installing vertical staircases in order to offer convenience travelling around the building. Escalators allow travelling vertically upstairs and downstairs the building without any waiting interval. As these modes of travelling through the building accommodate large number of people, construction industry is increasingly installing staircase travel system.
According to Transparency Market Research, the global elevators and escalators market is expected to represent a value of over US$ 133,800 Mn by the end of 2026.
Construction industry underwrites the economic, residential and social economic infrastructure for the population globally. Increasingly focus on offering convenience to travel through different floors of the buildings has led the constructors to install escalators and elevators during the construction process. Airports, shopping malls and underground train station are some of the common sights for elevators and escalators.
Installation of the elevators and escalators also allows the disabled customers to travel through various floors conveniently. Moreover, patients of arthritis could experience inflammation and pain while walking and climbing long range of stairs. Traveling throughout the building via elevators and escalators is expected to provide convenience to the patients of arthritis, disabled and old aged customers. Such factors are expected to impact growth of the global elevators and escalators market positively.
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Adoption in Government and Financial Institutions to Impact Market Growth
Moreover, escalators and elevators allow the end users to quickly navigate in the building, which further contributes towards speedy completion of operations and process. Growing need for speedy processes has led to surge in adoption of the escalators and elevators in the government agencies and financial institutions. Installation of the escalators and elevators continue to remain a safe and fastest mode of travelling through different levels of building.
A recent trend witnessed in the construction industry is that the constructors are increasingly equipping the buildings with weatherproof elevators. Moreover, bound to comparatively less space within the building, constructors are focusing on installing weatherproof elevators outside the buildings. Besides installation of the top and bottom escalators, demand for the inclined and flat travolators is expected to remain high in the global elevators and escalators market.
In addition, the global elevators and escalators market is expected to witness significant growth attributed to increasing demand in the aviation industry. As the need for traveling to different floors of the airport arises, constructors are increasingly equipping the airports with escalators and elevators. Moreover, the flat escalators or travolators are also used by the passengers in order to transport a large number of people and their luggage conveniently, smoothly and quickly. As the customers could face challenges carrying their luggage around the airport, the travolators increasingly allow the end users to reach the platform for flight with their luggage conveniently. Such factors are expected to witness significant growth in the global elevators and escalators market.
Global Elevators and Escalators Market: Segmentation
In the next section, the global elevators and escalators market is mainly segmented as service type, application, and region. On the basis of service type, the global market is expected to be segmented as maintenance & repair, refurbishing and new equipment. Based on application, the global market is mainly segmented as residential, commercial and industrial. By region, the global market is segmented as North America, Latin America, Europe, Japan, APEJ and MEA.