Rising Industrialization Across Developing Countries to Propel Demand for Elevators Market – Fact.MR Analysis
According to a new study by Fact.MR, the global sales of elevators are estimated to surpass 900 thousand units in 2019. The elevators industry continues to remain influenced by various factors, which range from the resurgent growth in new residential construction, to innovative developments in modern elevator designs such as cloud predictive maintenance and intuitive technologies.
The study opines that demand for elevators shows no signs of abating alongside notable growth in the commercial, residential, as well as industrial construction activities. The elevators industry remains one of the most innovative business areas, influenced by international and national regulatory standards, which have encouraged leading players to introduce ground-breaking developments that lead to significant cost-savings for customers.
What are the Key Growth Drivers of Elevators Market?
- Rapid urbanization and the consequential proliferation of multi-storey buildings will continue to intensify the demand for elevators.
- A massive outpouring of investments in building and construction projects is likely to underpin growth of elevators market.
- Focus on upgrading infrastructure of industrial, commercial, and residential spaces is likely to set a buoyant tone for elevators market in 2019 and beyond.
- Escalating demand for elevators from industrial units for seamless transportation of heavy loads to various floors will continue to boost market revenues through 2029.
What are the Challenges to be Addressed by Key Stakeholders?
- Strict government policies and regulations have been put in place to administer safety and security in elevators. Ensuring conformity to the above-mentioned policies and regulations will continue to exert high pressures on companies.
- Over-the-top demand for top-notch assistance and instant reverts to repairs, replacements, and queries is also posing considerable challenges for companies in terms of keeping up with ever-evolving customer expectations.
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