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