Los Angeles, January 21, 2020 - QY Research recently published a report titled, “2020 Global Hydraulic Elevator Market Outlook”. According to the report, the global market scale of hydraulic elevator was valued at around US$621.3 mn in 2019 and it is expected to reach nearly US$574.7 mn by the end of 2025, rising with a CAGR of -1.29% in forecast period.
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Rising Building and Construction Industry to Drive Hydraulic Elevator Market
Rapid urbanization has increased the importance of smart infrastructure, which is boosting modern building and construction projects. Governments are also increasing their spending for the development of both residential and non-residential constructions. Today, most buildings in urban areas are equipped with elevators for ease in vertical transportation. This has increased the growth rate of hydraulic lifts that are cheaper to install, occupy less space, highly effective with heavy loads, consume less energy, and provide a far greater lifting strength. Additionally, they do not require overhead machine room or any other structural requirements as its load is distributed along the load-bearing walls. These factors are playing a major role in augmenting the demand for hydraulic elevators in the construction industry across the globe.
However, slow speed, system overheating, noisier systems, and occasionally rough movement are the factors hampering the growth of the market.
Residential Segment to Register Highest Growth in Global Market
Residential segment will register highest growth in the market as these elevators are usually used in building with five to six floors. Increasing number of residential projects to accommodate the needs of the urban population will boost the global market in the forecast period.
Asia Pacific will observe Robust Growth Owing to Expanding Construction Industry
Expanding construction industry in Asia Pacific will majorly contribute to the development of the global hydraulic elevator market as there is a rising preference for elevators that are both cheap and reliable, in addition to the ones consuming less space.
Manufacturers to Focus on Acquiring Regional Markets in Europe
In 2017, Schindler acquired the family-owned elevator company from Bielefeld, German Dralle Aufzüge GmbH & Co KG. Through this acquisition the company is trying to further complement Schindler Germany’s strategic direction, particularly to increase focus on customers in North Rhine-Westphalia. This acquisition will give the company a strong hold on the German market.
The major manufacturers in the market are Koood Elevator, Otis, Mitsubishi Electric, Yungtay Engineering, Hyundai, Joylive Elevator, Schindler, Fujitec, IGV, DAZO Elevator, ThyssenKrupp, Sicher Elevator, DNDT, and others.
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