According to a new market report published by Industry Probe (www.industryprobe.com) titled ‘Service 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 Service Elevator Market was valued at US$ 55.07 Bn in 2018 and is expected to expand at a CAGR of 10.7% from 2019 to 2027.

Service Elevator Market include leading Keyplayers like Otis Elevator Company, Electra Elevators, KONE Oyj ,Mitsubishi Electric Corporation, Fujitec Co., Ltd., Thyssenkrupp AG, Hitachi, Ltd., Toshiba Corporation, Hyundai Elevator Co., Ltd. , Schindler and More

Read Full Report @ https://www.industryprobe.com/report-desc-overview.php?id=MjIz&name=Elevator-Market

As per the report, skyscrapers with height of more than 300 m need to be installed with elevators with higher speed range of more than 10 m/s for efficient movement of people in the building.  Buildings such as Burj Khalifa, Shanghai Tower, and One World Trade Center are equipped with these high speed elevators. Commercial segment with building height of more than 100-150m are installed with elevators with speed of 1 m/s and between 1-3 m/s. Residential buildings of height of more than 200m in future would prefer to install elevators with speed of more than 5 m/s due to need for high speed elevators in high rise buildings. The elevator speed segment of more than 5 m/s is expected to hold a share of 15% in terms of volume, says Industry Probe analyst.

The Service Elevator Market report anticipates that the rise in aging population is contributing to increasing demand for accessible housing and infrastructure. Also government help in affordable housing for residential and commercial projects have led to rapid development of infrastructure. This contributes to demand for elevators. Demand for residential properties has surged due to increased urbanization and rising household income. The cities in ASEAN are continually focusing on improving urban planning and building capabilities in resource rich regions and major cities with good communication and transportation systems to attract domestic and foreign direct investment, which in turn is driving urban growth in this region. However, the rising cost of steel and the shortage of many of the alloys that go into products such as stainless steel are affecting not only the cost of manufacturing the products, but also forcing manufacturing companies to seek alternate materials, thus impacting the production and supply of high rise elevators.

In terms of speed, adoption of elevators with speed between 1-3 m/s is the highest and is expected to grow at a good growth rate in the coming years. Residential segment with building height of less than 100-150m install elevators with speed less than 1 m/s, and between 1-3 m/s. Investments in healthcare, manufacturing, educational facilities, hospitality, and housing projects continue to drive the growth of this segment in the world. Increase in demand for elevators with speed of 4-6 m/s is heavily dependent on investment in commercial construction.

About Us

Industry Probe is a global market intelligence and advisory firm with an unwavering purpose to help businesses achieve strategic objectives through a varied range of offerings. Based on a unique amalgamation of our big data technology and human intelligence, our services are dedicated to serve the businesses operating in the consumer goods and industrial machinery sectors. Our offerings comprise syndicated research, strategic consulting & advisory services, competitive intelligence, and full-time engagement to bring true & actionable insights into our clients’ business environment. Combining research & technology adoption, playing the perfect mix of the best data, and centered on consumer goods & industrial machinery sectors, Industry Probe believes in targeting one industry at a time.

Contact

1441 Broadway, 6th Floor – # 6131
New York, NY 10018

Contact: +1-917-985-8551

Email: [email protected]

Website: https://www.industryprobe.com/