The growth of the elevator and escalator industry substantially depends upon the construction outlook of the country. Though, the Singapore elevator and escalator market recorded sluggish growth over the past few years, owing to the declining construction sector, especially in the residential segment. However, it is anticipated to gain significant momentum post-2018. This growth would be majorly attributed to the recovery of the construction sector along with the continuously rising demand for maintenance services by a huge installed base of elevators and escalators in the country.
According to 6Wresearch, the Singapore elevator and escalator market is projected to grow at a CAGR of over 4.2% during 2017-23. The market would be buoyed by commercial segment applications including corporate offices, malls, transit systems, hotels, and hospitals. Moreover, the escalator market segment is demonstrating high growth for the past few years owing to growing automation needs and for the convenience of commuters. Additionally, in terms of the service market, the new installation service segment contributed a majority of the revenue share, nevertheless, the maintenance service segment is estimated to exhibit higher growth during the forecast period; this high growth is accounted to strict norms by Building and Construction Authority (BCA) regarding periodic maintenance of elevators and escalators across all the verticals.
According to Shefali Goel, Senior Research Analyst, Research and Consulting, 6Wresearch, "Singapore elevator and escalator market was previously driven by the installation of elevators and escalators in high-rise buildings. On the contrary, with the rapidly aging population in the country and for convenience of commuters, elevators and escalators are readily being installed in mid to low rise buildings as well."
"Moreover, manufacturers are continuously coming up with up-gradation in elevator and escalator systems. For instance, to meet the demand for high-rise buildings and for time-saving of commuters, companies are coming-up with fast speed elevators such as the introduction of elevators with speeds of up to 420 meters per minute by Fujitec Singapore Corporation Ltd.," Shefali concluded.
According to Suman Gautam, Research Associate, Research and Consulting, 6Wresearch, "Besides construction activity, vertical transportation is one of the key factors complementing the growth of escalator and elevators market. Singapore is a highly urbanized country that is witnessing huge demand for vertical transportation. With more than 80 skyscrapers (140 meters or above) in 2015, the country holds a huge installed base of elevators and escalators which is driving the growth of the maintenance service segment."
"Furthermore, for safety reasons, increasing instances of elevator & escalators related accidents in the country and strict BCA norms, the maintenance service segment is projected to grow over the coming years, which in turn would drive the growth of elevator and escalator market in the country over the next 3-4 years," Suman added.
Some of the major companies in Singapore elevator and escalator market include- Hyundai Elevator, Hitachi, Kone Corporation, Mitsubishi Electric, Otis Elevator, Schindler, and ThyssenKrupp.
"Singapore Elevator and Escalator Market (2017-2023)" provides an in-depth analysis with 38 figures and 6 tables covered in 100+ pages. The report estimates and forecasts the overall Singapore elevator and escalator market by types, services, and verticals such as residential, commercial, and industrial. The report also offers insights on the competitive landscape, companies benchmarking, company profiles, market drivers, and restraints.
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