According to the latest research report, the global elevator market is expected to record 4.5% CAGR during the forecast period 2019-2026.

Selbyville, DE -- (SBWire) -- 06/23/2020 --Elevator market outlook is influenced by the increasing developments in the Middle East and Asia Pacific building and construction sector. In the world economy, construction is one of the largest sectors and around USD 10 trillion is spent on construction-related services or goods every year. The construction spending seems to be increasing year after year especially in the developing regions. APAC accounts for half of the global construction industry. Booming construction activities in the developing countries is fueling the demand for building components.

Each time a mall project, high-rise building construction or airport development project is announced, escalators and elevators are the first requirements for the workers. The demand for elevators in the coming years will mainly be driven by expansion of residential and commercial construction, requirement for walkways and escalators in commercial complexes, malls and supermarkets as well as for development of new skyscraper, bridges and others.

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The COVID-19 crisis is negatively impacting engineering and construction sectors due to reverse migration, and disruption of supply chains. However, the building activities will be resume after the situation normalizes. Estimates show that global elevator market size will reach US$135 billion in terms of yearly valuation by 2026.

Convenience features of hydraulic elevators

Hydraulic elevators will experience high demand on account of their ease of convenience and affordability. These elevators generate movement through fluid compression, can travel at a maximum speed of 61 meters per minute and are ideal for application in low- and medium-rise structures with 2-8 story height. Hydraulic lifts demand lesser initial and maintenance costs, are easy to install, compact and occupy less space. As per estimates, hydraulic & pneumatic elevator type will generate revenue of more than USD 25 billion, showcasing a notable growth rate up to 2026.

Demand from industrial applications

In the industrial sector, elevators are suitable for application in transfer of goods or operators within different vertical levels of a facility. Hydraulic and pneumatic elevators are witnessing highly preferred for construction activities due to their lower cost and better weight carrying capacities. Elevators market will gain profit from industrial segment at 3% CAGR through 2026. Rising industrialization in developing countries in recent years along with growing focus on expanding the industrial output and production capacity in China and India has favored the product installation.

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New constructions development in Middle East region

Middle East elevator market share will gain traction over the coming years on account of robust growth of construction industry the region. The major factors behind developments in construction sector are growing urbanization, economic growth, rise in population, upsurge in young workforce and regulatory reforms such as UAE Vision 2021 and Saudi Vision 2030. The region awarded construction projects of more than USD 40 billion in the year 2018.

The construction spending in the region is gradually increasing. The region's pipelined construction projects will account for over USD 1 trillion over the next decade as per the regional economic diversification plan. The recent developments in construction has also attracted a lot of tourism in the Middle East region. Several new and ongoing construction projects will create remarkable growth avenues for global elevators industry.

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