According to a new market report published by Industry Probe (www.industryprobe.com) titled ‘Elevator Market (Deck Type –Single Deck and Double Deck; Destination Control – Smart and Conventional; Building Height – Low Rise, Mid Rise, High Rise; End-use – Residential, Commercial, Mix Block; Speed – Less than 1m/s, Between 1 to 3 m/s, Between 4 to 6 m/s, Between 7 to 10 m/s, Above 10m/s; Application – Passengers, Freight) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027’, the global elevator market was valued at US$ 55.07 Billion in 2018 and is expected to expand at a CAGR of 10.7% from 2020 to 2027.

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As per the report, the growing demand to install energy-efficient elevators in green buildings is boosting the growth of the elevators market globally. As buildings become more intelligent and rise higher, efficient elevator and escalator systems are having a significant impact by considerably reducing the cost of operating a building and allowing people to travel farther, more efficiently. Single deck elevators hold a share of around 78%-80% in the global elevator market. Residential buildings prefer these types of elevators due to cost and operational complexities involved in double deck elevators.

Industry Probe analyst says few installation of single deck elevators is projected to increase across all the regions. This market is projected to expand at a CAGR of 9.2% during the forecast period. Double deck elevators are expected to grow at a higher rate during the forecast period as more number of high rise buildings get constructed and double deck elevators become the better option to deal with space constraints. This segment is expected to hold a market share of around 9.8% in the near future. Rise in number of residential buildings across the world is anticipated to fuel the expansion of the single deck elevator market segment.

Furthermore, double deck elevator is a type of elevator consisting of two cabins attached together. These elevators are installed in skyscrapers and mix block architecture, and the odd-even floor system is followed in the double deck elevator. These elevators save time and space in high-occupancy buildings by mounting one car upon another. This segment holds major share of the elevator market and is projected to expand at a good growth rate in the coming years. However, increase in raw material cost has a global effect and it can impact the market. In addition, the cost of labor might adversely affect the market growth. Labor cost varies greatly around the world, impacting countries differently.

Single deck elevators held a market share of around 80%-85% in 2017. These elevators are preferred in residential buildings because it is economical and easy to operate.

Tall building development is likely to continue in urban areas due to the exponential increase in urban population. Accommodating such a huge population in cities is a major challenge. Rural-to-urban migration is one of the causes of urban population increase. The need for space increases as urbanization becomes a key aspect of modern living. Cities find it far more convenient to build vertically than to spread horizontally. Thus, urbanization is expected to increase the number of tall buildings, which ultimately creates tremendous opportunities for the high rise elevator market.

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