Global Elevator & Escalator Market is expected to elevate further at a CAGR of 6.11% during 2022-2027

Technology trends like artificial intelligence, intuitive elevator technology, Internet of Things and connectivity with 5G technology are expected to drive future market growth.

Clifton, New Jersey, Jan. 03, 2023 (GLOBE NEWSWIRE) — Growth drivers for the global escalator and elevator market are the rising number of skyscrapers in major cities. These new premises demand multiple installations of elevators, whether residential or commercial. With the technological advancements made, smart elevators are also transforming into reducing energy consumption. The aging population residing in residential buildings requires these elevators for soft movement. However, the pandemic caused economic instability and halted construction activities throughout the world, which hindered market growth. High maintenance and repair costs are another major restraint. The future opportunities lie in the new wireless technology elevators and escalators that reduce the use of electrical wiring, along with green technology elevators and escalators. Compliance with regulatory standards that differ from country to country or region to region is a challenge for manufacturers and buildings. The increasing number of accidents or casualties while using elevators and escalators is another major concern.

The adoption of smart elevators would reduce this dependency and consumption rate. Elevator manufacturers are manufacturing elevators for mid- and high-rise buildings that are energy-efficient and incorporate smart controls, hardware, and other systems that consume low energy. Furthermore, growing environmental concerns have increased demand for green, environmentally friendly products. Consumer expectations for value-added products are steadily shifting toward premium green building materials for elevators, escalators, and moving walkways. The use of green building materials can help reduce emissions significantly. These materials help save energy. Attain sustainability, reduce emissions, and conserve the environment.

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