Elevators and Escalators Market Report Provides Development Factors, Future Trends, Forecast to 2024 | United Technologies Corporation, Kone Corporation, Schindler Holding Ltd., and ThyssenKrupp AG.
Elevators are used to move people and goods between different levels or floors in any building. Escalator on the other hand is a moving staircase, consisting of a circulating belt of steps which conveys people between floors in a public building. The demand for elevators and escalators is increasing significantly in the developing countries, such as China and India.
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The up-surge in urbanization is leading to increasing numbers of modern retail and metro train stations, which is expected to significantly boost the market growth of elevators and escalators. The increased buying power of middle class population is promoting the demand for more spacious and better-equipped apartments globally.
Approximately 40% of the global energy is consumed by buildings. The energy consumption by elevators and escalators in a building varies between 2% – 10%, which necessitates the need of an efficient mobility solution between floors. The industry is therefore incorporating power efficient solutions, which are being installed in green buildings worldwide.
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The overall elevators and escalators market is consolidated with a few players operational at the global level. The major companies operating in the market include United Technologies Corporation, Kone Corporation, Schindler Holding Ltd., and ThyssenKrupp AG.
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