According to the report, hydraulic & pneumatic products accounted for one-fifth of the Global Elevator Market share in 2017. As these products are characterized with lesser maintenance & installation costs they are gaining significant momentum across the industrial sector. The segment is anticipated to record an annual growth rate of 3% over 2018-2025.
Global Elevator Market share is expected to exceed USD 130 billion by 2025., says a new Global Market Insights, Inc. report highlighting the key industry trends across the product, end-user, and regional landscape. Mounting expenditure on construction and refurbishment projects will favorably impact lift market growth in the forthcoming years.
The residential building & construction sub-segment is expected to attain 5% CAGR over 2018-2025, owing to the robust development in residential buildings and complexes, especially across the developing economies such as Chile, Peru & Malaysia.
Huge investment in building renovation and construction activities will majorly fuel the North America elevator market growth. Frequent repair & maintenance activities of lift services and strict building and safety codes in the U.S. have further proliferated market demand. Estimates claim that North America elevator market is likely to expand at a CAGR of 3% over 2018-2025.
The key players profiled in the elevator market report are Orona S.C., KONE Oyj, Fujitec Co., Ltd., Mitsubishi Electric Corporation, Otis Elevator Company and its parent company – United Technologies Corp., Schindler Group, Thyssenkrupp Elevator Technology (Thyssenkrupp AG), Express Lifts ltd, Hitachi, Ltd., Glarie Elevator Co. Ltd., Hyundai Elevator Co. Ltd., Shenyang Yuanda Intellectual Industry Group Co., Ltd., Eita Elevator (Malaysia) Sdn Bhd (Eita Resources Berhad), Toshiba Elevator and Building Systems Corporation, Escon Elevators Private Limited. The companies have been profiled in terms of their SWOT analysis, product portfolio, and strategic outlook.
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