The global Elevator Components Market is expected to be valued at US$ 43.9 billion in 2022 and to grow at a CAGR of 9.4% to reach US$ 107.9 billion by the end of 2032.
The elevator components market plays an indispensable role in the vertical transportation industry, shaping the way we move within buildings and structures. In this article, we will delve into the insights of the elevator components market, examining its growth patterns, uncovering opportunities, dissecting demand-supply trends, exploring notable recent developments, and unraveling the intricate value chain that drives the elevator industry.
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Elevator Components Market Growth
The growth trajectory of the elevator components market is closely linked to the urbanization and modernization of infrastructure across the globe. As populations continue to concentrate in urban areas, the demand for high-rise buildings and efficient vertical transportation solutions escalates. This, in turn, fuels the demand for elevator components, including elevator doors, control systems, and safety mechanisms. Additionally, advancements in technology, such as destination control systems and energy-efficient elevators, have further propelled market growth. With increasing emphasis on sustainability, elevators are becoming smarter, more energy-efficient, and environmentally friendly, driving further expansion of the elevator components market.
Elevator Components Market Opportunities
The elevator components market is brimming with opportunities, spurred by several factors. First and foremost, the continued urbanization trend, particularly in emerging economies, offers a promising avenue for market growth. Rapidly growing cities demand advanced vertical transportation solutions, creating a substantial market for elevator components. Moreover, the retrofitting of older buildings with modern elevator systems is gaining momentum, presenting a lucrative opportunity for elevator component manufacturers. Additionally, the increasing focus on safety and compliance with stringent regulations has opened up new prospects for innovative elevator safety components and monitoring systems.
Elevator Components Market Demand
Global construction firms and policymakers are focusing on optimizing urban spaces due to rapid urbanization. They emphasize vertical expansion of low, medium, and high-rise buildings to accommodate the growing urban population efficiently. High-rise buildings, prominent in developed economies like the U.S., the U.K., and UAE, maximize land use. Even developing nations like China are embracing this trend. The surge in high-rise construction is expected to drive demand for elevator components. Security is a priority, with advanced features like biometrics enhancing safety. Additionally, the integration of AI and cloud monitoring in smart buildings is expanding opportunities in the elevator components market.
Key Companies Profiled In This Report
- Adams Elevator Equipment Company (Schindler Holding AG)
- Avire Ltd (Halma plc.)
- Böhnke & Partner GmbH
- DMG
- Elevator Equipment Corporation (EECO)
- Elevator Products Corporation
- EMI / Porta Inc.,
- Fermator Group
- GAL Manufacturing Corp.
- Others
The US elevator component market saw limited growth from 2017 to 2021 due to a well-established market and a large number of tall buildings. However, the presence of over 1,060 high-rise structures taller than 150 meters in the US requires ongoing monitoring and the replacement of outdated elevator parts with newer, more efficient options.
The Trump administration’s plans to invest over US$2 trillion in infrastructure upgrades in the coming years present promising opportunities for elevator component manufacturers. As a result, the US is expected to remain a lucrative market for elevator parts, with North America projected to grow at a CAGR of 6.2% during the forecast period.
Elevator Components Market Notable Developments
Noteworthy developments have unfolded in the elevator components market, reflecting the industry’s commitment to innovation and adaptation. One prominent development is the integration of smart technologies into elevator systems. Elevators are now equipped with touchless controls, real-time monitoring, and predictive maintenance capabilities, enhancing user experience and reducing downtime. Additionally, advancements in materials science have led to the development of lighter and more durable components, contributing to overall elevator efficiency and longevity. Moreover, the trend toward energy-efficient elevators has spurred the creation of regenerative drive systems that harness energy during descent, thus reducing energy consumption.
Elevator Components Market Value Chain
The elevator components market’s value chain is a multifaceted network encompassing various stages, from component manufacturing to installation and maintenance. It begins with the production of individual elevator components, including doors, motors, cables, and control systems. These components are then assembled into complete elevator systems by elevator manufacturers. The installation phase involves specialized technicians and contractors who integrate the elevators into buildings, ensuring they comply with safety regulations and operate optimally. Ongoing maintenance and modernization services complete the value chain, ensuring the long-term performance and safety of elevator systems.
Competitive Landscape
Leading elevator component manufacturers worldwide are adopting sustainable technologies and optimization systems to cater to diverse end-users. These key players are placing a strong emphasis on innovative product designs to address challenges related to product placement in demanding operational environments. Additionally, they prioritize expertise and professionalism in planning, designing, and minimizing noise levels as essential components of their marketing strategies.
In January 2021, GAL Manufacturing Corp. expanded its product range by acquiring Vertical Dimensions LLC, thereby enhancing its elevator interior options. Furthermore, it entered into a collaboration with MAD Elevators to provide state-of-the-art MAD fixtures. This strategic move positioned GAL Manufacturing Corp. as the exclusive supplier to the independent market, offering convenient combined controller/fixture solutions across its product portfolio.
In May 2020, & Partner GmbH and SCHMERSAL Böhnke outlined plans to bolster their global presence by establishing an export-focused facility in India. Subsequently, they intend to create additional branches in Turkey, Dubai, and Japan to further expand their reach.
In July 2022, Wittur introduced an updated version of the Semaic C-MOD doors featuring MIDI+ and ECO+ motors. These redesigned doors offer improved performance and require less maintenance, demonstrating Wittur’s commitment to innovation in the elevator component market.
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The elevator components market is intricately connected to the ever-evolving vertical transportation industry. Its growth hinges on urbanization, technological advancements, and a growing emphasis on sustainability and safety. Opportunities abound in emerging markets, retrofitting projects, and compliance with stringent regulations. As the industry continues to innovate and adapt to changing needs, the elevator components market remains an essential driver of efficient and safe vertical transportation systems worldwide.
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