Elevators have become an indispensable part of all types of construction. They are also being installed in restoration of old buildings to make the living spaces convenient. The rise of construction and building industry has augmented the demand for elevators in the past few years. Today, elevators are used in spaces such as hotels, residential sectors, retail outlets, restaurants, and other commercial buildings. The majority of public spaces are using elevators and escalators to make sprawling properties enjoyable. The increasing installation of also come with an aim to helping the elderly people to walk through longer distances without any difficulty.
Urbanization Plays Key Role in Uptake of Elevators and Escalators
The incredible pace of urbanization and the growing pool of geriatrics are the prime growth drivers for the global elevators market. Modernization of existing infrastructure and buildings is also contributing towards growth of the global market. Development of elevators that are energy-efficient in a bid to reduce carbon footprint has also worked in the favor of the overall market. Some of the leading players in the global market are ThyssenKrupp AG, Otis Elevator Company, Hitachi Ltd., Mitsubishi Electric Corporation, and Schindler Holding Ltd.
Integration IoT Sensors Improves Efficiency of Elevators
The integration of Internet of Things in the elevators and escalators has also triggered a remarkable demand for these products. IoT has allowed collection of important data pertaining to the usage of these products along with its analysis to improve the service for its users. Usage of IoT sensors in elevators and escalators has also enabled users to improve the traffic on these better. Thus, introduction of newer technologies is expected to boost the sales of elevators and escalators in the coming years.