Monumental growth of the building and construction industry along with increasing reliance on technology is underpinning growth of elevators market.
/EIN News/ -- Rockville, MD, May 29, 2019 (GLOBE NEWSWIRE) -- 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.
The trend of Building Information Modelling (BIM) continues to remain a key growth determinant of the elevators market, as it involves the rules & regulations and planning infrastructure with digitalization concepts that involves Machine Room Hospital Elevators Companyimplementation of IoT and cloud-based solutions. The elevators industry, studded with innovation, is likely to help manufacturers to identify and resolve future challenges entailed by macro-trends such as rapid urbanization and demographic change.
Growing space constraint associated with the construction of separate commercial and residential buildings, particularly in metro cities, has driven the trend of ‘Mixed-use Development’ in the real-estate sector. This has been creating a fresh room for development and sales of elevators that eliminate the requirement for machine rooms. According to the study, elevator sales in mix block infrastructures will grow at a significant pace, and are estimated to exceed 150 thousand units in 2019.