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ELEVATORS & ESCALATORS
LEAD STORY

Growing construction/real estate sector: residential buildings, airports, hotels, offices, and banks.
Commercial and mixed-block development trend is on the rise. In
real estate, trends come and go. In recent years, the pendulum
has shifted back to the mixed block. As a result, mixed block Fast Facts
development has become increasingly popular. There has been  Growing number of high-speed metro projects is one
a rise in the construction of mixed block high-rise buildings, which of the key factors driving the elevator and escalator
can include residential blocks, offices, retail, serviced apartments,
exhibition centers, hotels, casinos, etc. This is a factor driving the market growth.
elevator & escalator market. The increasing demand from end-use  The machine room traction elevator industry share was
sectors such as residential, commercial, and industrial is another over US$38 billion during 2020 globally and will expand
important driver for the growth of the elevators and escalators due to benefits like high speed which is suitable for mid
market. Machines to lift and move heavy objects are required
in industries such as oil & gas, petrochemical, manufacturing, to high-rise structures.
energy & power, and automotive. Such industries use elevators or  Industries such as oil & gas, petrochemical,
escalators to move these heavy objects within the manufacturing manufacturing, energy & power, automotive need
unit. Thus, the increasing demand from these businesses is machines to lift heavy objects. Therefore, the demand
expected to drive the growth of the elevator and escalator market.
for elevators is high in these industries. Manufacturers
Fast-paced urbanization: should work on improving the elevators by adding new
Due to the advantages that urbanization provides such as the features.
increase in efficiency as well as increased access to better  Increasing demand for smart elevators is a key driver
facilities, there is a growing rate of urbanization worldwide. With this
increasing urbanization in both developed as well as developing boosting the growth of the elevator and escalator
regions, the potential, as well as the necessity for more elevators market.
and escalators, are increasing as more public buildings such as

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