Singapore Elevator and Escalator Market to Undergo Substantial Growth Through 2025
Increasing installation of elevators and escalators
across shopping malls and transit systems are acting as major driving factor
for the growth of Singapore elevator & escalator market.
According to TechSci Research report, “Singapore
Elevator & Escalator Market By Type (Elevator,
Escalator and Moving Walkways), By Service (Maintenance & Repair, New
Installation and Modernization), By Elevator Technology (Traction, Hydraulic
and Machine Room-Less Traction), By Elevator Door Type (Automatic and Manual),
By End User (Residential, Commercial, Institutional, Infrastructural and
Others), By Region, Forecast & Opportunities, 2015- 2025”, Singapore
elevator & escalator market was valued USD 0.10 Billion in 2019 and is anticipated
to be valued USD 0.12 Billion by 2025. Presence of significant number of
high-rise buildings and thriving construction sector of the country are acting
as major growth driver for Singapore elevator
& escalator market. In addition to this, increasing investment by government as well as private
sector companies on infrastructural development is also positively impacting
the elevator & escalator market
growth. Moreover, growth in real-estate sector owing to the rise in
construction of residential building in order to accommodate the growing
population of Singapore is another key factor propelling the growth of elevator
& escalator market in the country. With rise in number of commercial places
such as office spaces, shopping malls and hotels, the market is expected to
grow significantly in the next five years.
Additionally, rising ageing population is leading to growing automation
needs for the convenience of commuters which is leading to increasing
installation of elevators & escalators in the country. Apart from that, introduction
of latest technology and construction of high-rise technology powered buildings
in the country are further boosting the growth of Singapore elevator &
escalator market.
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Market"
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Singapore elevator & escalator market is segmented based on type,
service, elevator technology, elevator door, end user and region. Based on
service, the market can be categorized into maintenance & repair, new
installation and modernization. Among them, the modernization and maintenance
& repair segment together accounted for 58.78% market share, in terms of
value in 2019 and is further expected to maintain its dominance during the
forecast period . The reasons behind the rise in demand for modernization and
maintenance & repair services can be attributed to the strict regulations
introduced by Building and Construction Authority (BCA) regarding periodic
maintenance of elevators and escalators.
Based on end user, the Singapore elevator & escalator market can be
split into residential, commercial, institutional, infrastructural and others.
Among them, the residential sector is anticipated to dominate with a market
share of around 45% on account of expanding high rise residential complexes in
the country and growing installation of elevators in order to save time and
efforts of the residents.
Leading market players in Singapore elevator & escalator market are KONE
Corporation, Hitachi Group, Otis Elevator Company (UTC), Mitsubishi Electric
Corporation, Schindler Holding Ltd., Hyundai Elevator, thyssenkrupp AG and Toshiba
Elevator and Building Systems Corporation. Companies are investing ion latest
technologies and persistent research in order to introduce advanced products
into the market. Moreover, they are also undergoing inorganic growth strategies
such as acquisition of domestic players, partnerships and collaborations in
order to increase their share in Singapore elevator & escalator market.
“Manufacturers are coming-up with fast speed elevators to fulfil the
demand for high-rise buildings. In addition, due to increased urbanization,
Singapore is witnessing high demand for vertical transportation which in turn
is creating the demand for elevators and escalators in the country.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
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“Singapore
Elevator & Escalator Market By Type (Elevator, Escalator and Moving
Walkways), By Service (Maintenance & Repair, New Installation and
Modernization), By Elevator Technology (Traction, Hydraulic and Machine
Room-Less Traction), By Elevator Door Type (Automatic and Manual), By End User
(Residential, Commercial, Institutional, Infrastructural and Others), By
Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Singapore
elevator & escalator market, and provides information and statistics on
market structure, size and trends. The report is designed to provide the
intending clients with cutting-edge market intelligence and help them in taking
sound investment decisions. The report also identifies and analyzes emerging
trends along with essential drivers and key challenges faced by Singapore elevator
& escalator market.
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