Modernization of existing railway stations in India positively influences the market

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Dublin, May 12, 2022 (GLOBE NEWSWIRE) — The report “Escalators Market by Type, Vertical, and Solution: Global Opportunity Analysis and Industry Forecast, 2021-2030” has been added to from ResearchAndMarkets.com offer.

The global Escalator Market size was valued at USD 11,782.4 Million in 2020 and is projected to reach USD 19,116.6 Million by 2030, registering a CAGR of 4.5% from 2020 to 2030.

The increase in the purchasing power of people in developing countries is fueling the development of shopping malls and other large retail outlets. Thus, positively influencing the escalator market, as it reduces overcrowding by allowing continuous movement. However, the requirement for frequent maintenance and high power consumption are factors that limit the growth of the market. Additionally, government initiatives to boost public transportation projects, such as subways and airports, are dramatically increasing the demand for escalators.

Rising world population and rapid urbanization have greatly increased the demand for commercial buildings such as computer parks and shopping malls. This has propelled the demand for escalators as they allow continuous vertical movement of people. Additionally, the rapid increase in population density in urban areas is fueling the development of public transportation systems, such as subways. The construction of new airports has also seen an increase in recent years. These factors are further driving the growth of the escalators market.

By Type, the market is segmented into parallel, multi-parallel, gateway, intersecting and spiral. Among these, the parallel segment accounted for the highest market share in 2020 and it is expected to witness significant growth over the forecast period, owing to an increase in demand from commercial buildings. The market is analyzed based on different applications across industry verticals, such as commercial, transit, institutional, and residential. The market is mainly driven by increased demand for commercial space and increased investment in public transport projects, such as metros and airports. However, factors such as requirement for frequent maintenance and high energy consumption of escalators may limit the market growth.

In 2020, Asia-Pacific dominated the global escalators, in terms of revenue, accounting for about half of the escalators industry share, followed by Europe and North America. Additionally, the Asia-Pacific market is growing with a high CAGR, owing to the increase in commercial real estate projects and metro projects across the globe.

In addition, based on the industry vertical, the others segment is expected to grow rapidly with a CAGR of 6.3% during the forecast period, owing to the rapid development of metros in emerging economies.

For example, according to the India Brand Equity Foundation, India’s metro system is growing rapidly. As of November 2010, India had 637.2 km of metro in 13 cities and more than two dozen metro projects were in the planning stage. Furthermore, the 1st phase of Pune Metro Rail would cover 31.25 km and consist of 30 stations is constructed at a cost of US$1.67 billion and is expected to become operational in 2022. Furthermore, upgrading of existing railway stations in India has also positively influenced the escalator market.

However, during the COVID-19 pandemic lockdown, various escalator manufacturers had to stop their operations in countries like China, USA and India. This disruption directly impacted the sales of escalator manufacturers. Additionally, the initial lockdowns have drastically curtailed construction activities in many developing countries, which has negatively impacted the growth of the market. However, the resumption of construction activities and the introduction of coronavirus disease vaccines are expected to lead to the reopening of escalator businesses.

Main results of the study

  • The report provides an in-depth analysis of current and emerging escalators market trends and dynamics.

  • By type, parallel dominated the escalator market forecast, in terms of revenue in 2020 and it is expected to grow at a significant CAGR during the forecast period

  • By vertical, the commercial segment recorded the highest revenues in 2020

  • Asia-Pacific is expected to register the highest growth rate in the coming years

  • Key players of the Escalators market share are profiled in this report and their strategies are thoroughly analyzed which helps to understand the competitive outlook of the Escalators industry.

  • The report provides an in-depth analysis of current trends and emerging opportunities in the market

Market dynamics

Drivers

Constraints

  • Safety issues due to poorly maintained equipment

  • Lack of skilled labor

  • Strict government regulations

Opportunities

Companies cited

  • Fujitec Co.Ltd.

  • Hitachi Ltd.

  • Hyundai Elevator Co., Ltd.

  • KONE Corporation

  • Mitsubishi Electric Corporation

  • Omega lifts

  • OTIS Worldwide Corporation

  • Schindler

  • TK lift

  • Toshiba Company.

For more information about this report visit https://www.researchandmarkets.com/r/gwadwi

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