STEADY RISE

Construction Week|May 2020

STEADY RISE
The market for elevators and escalators will see demand only when infrastructure and residential projects are in full swing
MOLLY R

Each time a high-rise or an airport or a mall project is announced, elevators and escalators manufacturers must smile. After all, these, and other, locations are some of the places where their products find utility. And not just utility. But an opportunity to install modern and some of the latest models.

The global elevators and escalators market is expected to exhibit a strong 6.01% CAGR over 2017 to 2023, according to a report by Market Research Future.

The global elevators and escalators market has mainly been driven by the growing demand for urban infrastructure in emerging economies. The growing demand for residential and commercial construction in these regions is likely to be a major driver for the global elevators and escalators market over the forecast period, as this is likely to remain the key demand avenue for elevators and escalators in the coming years. The growing demand for walkways and escalators in commercial complexes such as supermarkets and shopping malls is also likely to be a major driver for the elevators and escalators market in emerging regions over the forecast period, as the number of such complexes is likely to grow over the forecast period due to the increasing interest among consumers in these regions.

In large metros, buildings continue to grow taller. The taller the building, the more challenging it is to design and install the elevators. With increasing heights speed becomes the essence to beat the queue being created outside elevators of high-rise buildings and this calls for a pre-emptive planning while designing the buildings.

MAKING NEW POSSIBLE

Density of a city is directly proportional to the height of the buildings and this leads to overall infrastructure development. With the cities growing and taller residential and commercial structures coming up, one can see a general development in the overall infrastructure in the cities. All this brings with it a wider market base to cater to for its horizontal and vertical mobility.

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May 2020