Uses of Elevators and lifts in commercial buildings as well as homes have been rapidly growing globally. Companies are continuously bringing changes in elevators and lifts to make it more comfortable and beautiful while keeping in mind the need of niche audience.
Earlier lifts were designed just for moving people between floors, but this definition changed over the time. For example, panoramic lifts are now common at commercial buildings, shopping malls, train and underground stations.
Panoramic elevators have now become an essential element to the architectural design of homes, buildings and shopping malls. Architects are now continuously looking for the best panoramic lifts to install in their buildings to make them more stylish and attractive for visual perception.
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The Elevator and Lift Industry Trends
Elevators and lift designers and manufacturers are moving towards extreme modernization by integrating new innovative technologies. Elevator cars, freight elevators, and passenger elevators can be commonly seen in almost every commercial building, such as offices, shopping malls, airports, and railway stations. The elevator and lift industry is in the midst of several game-changing advancements that could revolutionize the way elevators operate in commercial spaces, societies, and homes.
Key Players in the Elevators and Lift Market
There are more than 1000 big and small players (commercial and home combined) operational globally in the elevators and lift market. Key players in the elevators and lift market are Canny Elevator Co., Ltd.; Fujitec Co., Ltd.; Hitachi Ltd.; Hyundai Elevators Co., Ltd.; Johnson Lifts Private Limited; Kleemann Hellas S.A.; KONE Oyj; Mitsubishi Electric Corporation; Shanghai Mitsubishi Elevator Co., Ltd. (SMEC); Otis Elevator Company; Otis Electric Elevator Co., Ltd.; Sigma Elevator Company Limited; Savaria Corporation https://www.savaria.com/ ; Schindler Group; SJEC Corporation; ThyssenKrupp Elevator AG; Toshiba Elevator and Building Systems Corporation; and Yungtay Engineering Co. Ltd.
Impact of COVID-19 on the Elevators and Lift market
The COVID-19 pandemic has badly hit the elevators and lift market due to continuous lockdowns, growing trends of work-from-home, and people in general avoiding lifts and escalators. People now prefer to climb stairs even for 20-30 minutes to ensure social distancing as well as have some workouts.
This is posing a big challenge for the market and would require them to think of structural changes in the design and ventilation facility to make it safer in the pandemic. Technologies like voice command to operate the lift can be useful in avoiding the spread of Covid-19. However, it is also important to note that such changes in upcoming lift and elevator systems can be easier to implement than the already installed systems.
According to a market research study by Global Industry Analysts Inc. (GIA), the global market for Elevators and Escalators which was valued at US$66 Billion in the year 2020, is projected to reach a revised size of US$77.1 Billion by 2026, growing at a CAGR of 2.8% over the analysis period.
Elevators, one of the segments analyzed in the report, is projected to record 2.9% CAGR and reach US$72.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, the research firm readjusted the Escalators segment growth and it expects the market to grow at a revised 2.4% CAGR for the next 7-year period.
While the above study claims that the overall industry will face reduced demand in the recent future, there is some segment which may exhibit growth as well. Personal mobility equipments such as stair lifts, wheelchair lifts, and home elevators can be in demand as people are more at home. There are many personal mobility solutions which can help improve accessibility and productivity if you are spending most of your time at home. You can get free information from professional websites like https://silvercross.com/ for home accessibility products including home lifts and home elevators.
