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The global escalator and elevator market size is projected to reach USD 114.65 billion by 2026. It is set to gain traction from the rising demand for sustainable products. Manufacturers are, therefore, striving persistently to develop green labelled products to attract environmentally conscious consumer bases. Green elevators, for instance, are equipped with features, such as water soluble paints, recycled materials, and LED lights. Fortune Business Insights™ published this information in a recent study, titled, “Escalator and Elevator Market Size, Share & Industry Analysis, By Product (Elevators, Escalators and Moving Walkway), By Business (New Equipment, Maintenance and Modernization), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026.” The study further states that the market stood at USD 70.95 billion in 2018. However, it is set to exhibit a CAGR of 6.4% during the forecast period between 2019 to 2026.
ThyssenKrupp Sells its Elevator Division to Consortium for USD 18.7 Billion
In February 2020, ThyssenKrupp AG, a multinational conglomerate based in Germany, announced its decision to sell its elevators division for USD 18.7 billion to a consortium of RAG foundation, Cinven, and Advent. The bidding group won against the rival consortium consisting of the Canada Pension Plan Investment Board, Carlyle, and Blackstone.
This sale would help ThyssenKrupp in becoming one of the most successful organizations. It would not only aid the organization in obtaining an excellent selling price, but would also be able to efficiently complete the transaction. The employees, consumers, as well as the shareholders would benefit from the sale of the elevators units.
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Numerous Upcoming Smart City Projects to Boost Growth
In the emerging economies, the government and well as private agencies are investing huge sums in the development of infrastructure. The governments are taking numerous initiatives to enhance the economy of the particular nations. It is thereby, resulting in the rapid construction of urban infrastructure consisting of airports, ports, schools, and highways. Coupled with this, the development of dams and bridges is set to contribute to the escalators and elevators market growth during the forthcoming years.
Besides, several countries have planned to develop smart cities, which, in turn, would increase the number of skyscrapers and thus, upsurge the demand for elevators and elevators. However, the U.S. Bureau of Labor Statics and Consumer Product Safety Commission states that every year, approximately 17,000 are seriously injured and more than 30 people are killed in accidents involving elevators and escalators. This factor may obstruct market growth.
Key Players Focus on Mergers & Acquisitions to Strengthen Position
The market is highly fragmented and competitive. Renowned companies are mainly engaging in the strategy of mergers and acquisitions, as well as novel product launches to gain the maximum share. They are also striving to follow the latest escalators and elevators market trends to fulfil the demand of their consumer bases.
Fortune Business Insights™ provides a list of all the companies present in the escalators and elevators market. They are as follows:
Noteworthy Industry Development-
Further Reports Findings-
The escalators and elevators market can be segmented in the following way:
Value (USD billion)