Australia Escalators and Elevators Market to grow at a CAGR of 4.95 % until 2026
Growing urbanization and augmented government support are the key factors expected to drive the growth of the Australia Escalators and Elevators Market.
According to TechSci Research report, “Australia Escalators and Elevators Market By Type (Elevator, Escalator & Moving Walkways), By Service (Maintenance & Repair, New Installation, Modernization), By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction ), By Type of Elevator Door (Automatic & Manual), By End User (Residential, Commercial, Infrastructural, Institutional and Others), By Region, Competition, Forecast & Opportunities, 2016-2026F”, the Australia Escalators and Elevators Market is forecast to grow at a GAGR of 4.95% to reach USD1598.74 million by 2026. Growth in the market can be attributed to the rapid increase in urbanization and growing demand for modernized infrastructure coupled with changing lifestyle.With the increase in construction, especially of high-rise buildings, the need for high-class infrastructure and technology has increased. The Australia Elevator and Escalator Market has been primarily influenced by rapid urbanization, the vertical growth of skyscrapers which incorporate shopping complexes, retail shops, and residential apartments. The huge demand for escalators is backed by updated government standards for smart infrastructure. With the increased use in buildings backed by massive construction of office buildings in the country, there has been an increase in deployment of elevators and escalators, and this is expected to leave a positive impact on the overall market growth in the coming years.
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The Australia Escalators and Elevators Market is segmented based on Type, Service, Type of Elevator Door, Elevator Technology, End User and Region. In terms of type, the market can be segregated into Escalator, Elevator, Moving Walkways. Out of these, the elevator segment registered a dominant market share in 2020. This can be attributed to the fact that these elevators are low in cost, have beautiful interior decoration and are specifically designed for transporting passengers, with complete safety measures.
Based on Service, the market is segmented into New Installation, Maintenance and Repair & Modernization. The Maintenance & Repair segment dominated the Australia Escalators and Elevators Market in 2020 as the cost of repair of these elevators is less than the value of that piece of equipment and maintenance acts as preventive measure and increases the lifetime of the equipment.
Based on Type of Elevator Door, the market can be segmented into Automatic and Manual. The Automatic segment is expected to lead the market as they are carefully designed to ensure safety and are an easy access to everyone.
Based on Elevator Technology, the market can be segmented into Traction, Machine Room-Less Traction and Hydraulic. Out of these the traction segment leads the market as the traction elevators use a counterweight to offset the weight of the cab and occupants. With this design, the motor doesn’t have to move as much weight, making it much more energy efficient than hydraulic systems.
Based on End User, the market can be segmented into residential, commercial, industrial, infrastructural, others. The Residential Segment is expected to lead the market due increasing Modernization, industrialization, urbanization, surge in infrastructure projects.
In the Australia Elevator and Escalator Market, New South Wales is the largest contributor with the maximum market share in 2020. New South Wales is dominating the market mainly due to the increase in the number of high-rise buildings in the region.
Kone Elevators Pty Limited, Schindler Lifts Australia Pty Limited, TK Elevator Australia Pty Ltd, Otis Elevator Company Pty Ltd, Hitachi Australia Pty Ltd, Brilliant Lifts Australia Pty Ltd, Shotton Lifts Pty Ltd, Fuji Elevators Australia Pty Ltd, Orbitz Elevators Pty Ltd, IFE Elevators (Australia) Pty Ltd are among the leading players operating in the Australia Escalators and Elevators Market. Companies operating in the market are using organic strategies, partnerships and collaborations to boost their shares in the Australia Escalators and Elevators Market. Significant players in the market are concentrating on accomplishing ideal operational expenses, boosting productivity with high funding in R&D, and merging with small players to remain competitive in the Australia Escalators and Elevators Market.
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“Ongoing technological advancements coupled with new product launches by major players operating in the market is expected to create profitable opportunities for the growth of the Australia Escalators and Elevators Market. The booming construction industry and growing government initiatives for providing mobility and accessibility to the disabled and aged population, rapid urbanization are some of the major factors propelling the growth of the Australia Elevator and Escalator Market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Australia Escalators and Elevators Market By Type (Elevator, Escalator & Moving Walkways), By Service (Maintenance & Repair, New Installation, Modernization), By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction ), By Type of Elevator Door (Automatic & Manual), By End User (Residential, Commercial, Infrastructural, Institutional and Others), By Region, Competition, Forecast & Opportunities, 2016-2026F” has evaluated the future growth potential of elevators and escalators in the Australia Escalators and Elevators Market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the Australia Elevator and Escalator Market.
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