According to the latest research study by Global Market Insights, Inc, the global elevator ropes market is expected to record 3.8% CAGR during the forecast period 2020-2026

Selbyville, DE -- (SBWire) -- 05/19/2020 --Efficient vertical mobility is a critical component of tall buildings and high-rise structures. Elevators are undeniably the most commonly used mode of transport in the world, well ahead of cars, trains, planes, or any other mode of transportation. A booming urban population, particularly in emerging economies, has propelled the development of commercial and public infrastructure.

These trends suggest a strong demand for elevator systems in the future to facilitate efficient and convenient vertical movement. Global elevator ropes market size is expected to be worth more than US$800 million by 2026. However, the advent of advanced elevator technologies, such as ropeless elevators, is likely to hamper the product demand up to some extent.

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The different types of elevators are hydraulic elevators, machine room (MR) elevators, and machine room less (MRL) elevators. Hydraulic elevators are poised to capture 15% of the revenue share during 2020-2026. Hydraulic elevators serve as a low-cost solution and are generally used in low-rise buildings. However, these elevators consume substantially high amounts of energy compared to other elevator technologies.

Meanwhile, MRL elevators are rapidly gaining prominence due to growing focus towards the adoption of energy-efficient technologies in buildings. Elevator ropes can have an independent wire rope core (IWRC) or a fiber core (FC). Considering the core type, fiber core segment is anticipated to witness higher demand in the future. A fiber core offers superior flexibility and excellent resistance contact pressure.

Governor ropes, traction/hoist ropes, and compensation ropes are the various types of ropes based on functionality. Governor ropes segment is projected to reach a valuation of US$100 million by 2026. These ropes serve as a safety mechanism during rapid movement of an elevator cabin. A fiber core is generally preferred in governor ropes as it offers a greater degree of flexibility. Governor ropes are poised to witness strong demand in the upcoming years, with growing utilization of high-speed passenger as well as service elevators.

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Asia Pacific countries are expected to invest heavily in the development residential as well as commercial infrastructure over the next several years. The region has witnessed an exponential rise in urban population over the past decade. Increased need for energy-efficient high-speed elevator systems will present favorable opportunities to regional manufacturers in coming years.

Further elaborating on the geographical landscape, Europe elevator ropes industry size will be worth more than US$200 million by 2026. The regional growth will be largely driven by growing repairs and maintenance of older buildings and existing elevator systems. In addition, the number of high-rise buildings and skyscrapers continues to rise in countries like the UK, France, and Italy.

The novel COVID-19 pandemic has substantially impacted the construction sector in both developed as well as developing regions, putting infrastructure development activities and several mega projects on hold. As the world begins to recover from the impact of the pandemic, global elevator rope manufacturers are bound to witness lucrative opportunities.

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Global elevator ropes market is moderately fragmented with the presence of key players including Alps Wire Rope Corporation, Rope Mfg. Co. Ltd., Tokyo, PFEIFER DRAKO, Bharat Wire Ropes Limited, Gustav Wolf GmbH, BRUGG Lifting, and Usha Martin.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.