Market Analysis
The escalator market will grow at a healthy CAGR between the forecast period 2020- 2027, states the recent Market Research Future (MRFR) analysis. An escalator, simply put, is a moving flight of steps or a staircase that helps to move people between the floors of a building. This procedure comprises a chain of individually linked steps that are usually driven by the motor, which moves down and up the tracks and maintains effective transportation. Crisscross, multi-parallel, spiral type, parallel, and others are the different types of escalators that have wide commercial and residential applications.
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Various factors are propelling the global escalator market share. According to the recent MRFR report, such factors include rapid technological transformation in the construction business, growing construction business, big investments in R&D by top escalator manufacturers, high demand for security, technological advances, and rapid urbanization. Additional factors adding market growth include upcoming metro projects, booming real estate sector, expansion of airport, need for rapid and efficient transit systems, growing investment in residential and commercial infrastructure, need for eco-friendly products, rising infrastructure spending, favorable government initiatives, demand for high speed lifts, development of smart cities, and focus on developing energy-efficient escalators.
On the contrary, lack of skilled workforce, safety issues, concerns about accidents, high maintenance and installation cost, and the current COVID-19 impact are factors that may limit the escalator market growth over the forecast period.
Escalator Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global escalator market based on type and application.
By type, the escalator market is segmented into crisscross, multi-parallel, spiral type, parallel, and others. Of these, the parallel type segment will lead the market over the forecast period.
By application, the escalator market is segmented into commercial & residential. Among these, the commercial segment will dominate the market over the forecast period.
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Regional Analysis
By region, the escalator market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will lead the market over the forecast period. The presence of key country-specific markets such as China, steady technological advances, rapid urbanization, growing industrialization, rising population, economic development, and growth of infrastructural, institutional, commercial, and residential industries are adding to the escalator market growth in the region.
In Europe, the escalator market is predicted to hold the second-largest share over the forecast period. Growth in the maintenance & modernization of escalators and technological advances are adding to the global escalator market growth in the region.
In North America, the escalator market is predicted to have healthy growth over the forecast period. Technological advances, the presence of established industries, and the presence of key market players are adding to the global escalator market growth in the region. Canada and the United States have the utmost share in the market.
In the Rest of the World, the escalator market is predicted to have steady growth over the forecast period for lack of education, lack of skilled professionals, lack of advanced facilities, lack of infrastructure, lack of awareness, presence of poor countries, and limited availability of advanced technology. Brazil and Argentina are strong economies that are likely to boost the market growth.
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Key Players
Key players profiled in the global escalator market report include ThyssenKrupp AG (Germany), Sigma (Japan), Schindler (Switzerland), Otis (USA), Omega Elevators (India), Mitsubishi (Japan), Kone Corporation (Finland), Hyundai (South Korea), Fujitec (Japan), and Dover (USA).
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