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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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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