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Hydraulic & pneumatic elevator market segment held around one-fifth of the overall lift industry size in 2017. The segment is likely to grow with a CAGR above 3% during the study period. Hydraulic product type is driven by a piston at the bottom which pushes the elevator up as an electric motor forces a hydraulic fluid into the piston whereas the pneumatic products type is driven by the action of compressed air.Elevator Market size will likely surpass USD 130 billion by 2025. Rapidly increasing building & construction activities in the Middle East will augment the elevator market development in the study period as the product is extensively used for vertical transportation of goods and people in buildings, apartments, and high-rises.
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High installation and maintenance cost associated with the product has been the major factor hindering the lift market growth. Along with high installation cost, product end-users are also required to design and construct buildings in such a way that elevator installation is feasible and easy. The product also requires regular maintenance and servicing for proper functioning and accident prevention.
Among the end-users, building & construction accounted for the majority of the market share in 2017. Residential building & construction sub-segment is likely to gain by around 5% CAGR during study period. This segments growth will be augmented by increasing residential building construction activities in emerging economies of the world such as Malaysia, Peru, Chile among others. Institutional building & construction sub-segment is also a key end-user in the global lift market which is likely to grow by above 4% during study period.
To browse key industry insights spread across 250 pages with 309 market data tables & 29 figures & charts from the report, “Elevator Market Size By Product (Hydraulic & Pneumatic, Machine Room [MR] Traction, Machine Room-Less [MRL] Traction), By End-user (Building & Construction [Residential, Institutional, Commercial], Industrial), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025” in detail along with the table of contents, please click below link:
https://www.gminsights.com/industry-analysis/elevator-market
North America is a key lift market which is likely to grow with more than 3% CAGR during the study period. Although new building & construction activities is not very prevalent in North America, building refurbishment and renovation will be the major driver for elevator market growth in the continent. Strict building and safety codes in the U.S. leads to frequent maintenance and repair activities for lifts, propelling the product industry development during the study period.
The global elevator market is characterized by the presence of several large-scale manufacturers such as Otis, KONE, Thyssenkrupp, Schindler, Fujitech, Hitachi, Mitsubishi, Toshiba, Hyundai, etc. Medium-scale manufacturers such as Escon Elevators Private Limited, Express Lifts Limited, Glarie, Eita, etc. are also present in the industry. Apart from these companies, several smaller manufacturers are also operating in the lift market. These smaller players are catering to demands from local customers and their sales networks are limited to their respective geographical areas.
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Elevator market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:
Elevator Market, by Product:
• Hydraulic & pneumatic
• Machine room (MR) traction
• Machine room-less (MRL) traction
• Others
Elevator Market, by End-user
• Building & construction
• Residential
• Institutional
• Commercial
• Industrial
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