United Kingdom Elevators and Escalators Market, Competition, Forecast & Opportunities, 2028

The United Kingdom elevators and escalators market is anticipated to grow at a high CAGR during the forecast period.

A device installed in buildings called an elevator is used to transfer and move both people and products from one floor to another. The elevator can be used in various locations, such as apartment buildings, office buildings, malls, hospitals, and others, for lifting people or things from one level to another. In factories and industrial facilities, elevators are also utilized to move supplies, equipment, and completed items between levels. Additionally, a moving stairway that transports people between levels of a building or other structure is known as an escalator. It consists of a motor-driven chain of separately connected steps on a track that rotates on two tracks that maintain the step tread horizontally.

Due to growing urbanization, the rising need for modernized infrastructure, and shifting lifestyles, escalators and elevators are in high demand in the United Kingdom. The proportion of the population living in urban areas is rising quickly, with a shift from small towns toward major cities, including London, Manchester, and others. In addition, several government initiatives have been put in place to encourage urbanization. The development of skyscrapers, housing commercial centers, retail establishments, and residential flats is anticipated to boost the demand for elevators and escalators in the United Kingdom during the coming years.

Advancements in Technology Enhance the Demand for Elevators and Escalators

Companies are implementing a variety of modern technology in elevators because of technical improvements, including Wi-Fi, HVAC systems, and music players. Furthermore, the efficiency of elevator and escalator hoisting machinery has improved with the use of AC and permanent magnet gearless motor technology, allowing for fewer elevator trips and better balance. This advanced technology is likely to propel the demand for elevators and escalators in the United Kingdom during the forecast period. Therefore, the United Kingdom escalators and elevators market is expected to register a significant CAGR during 2024-2028F.

Rising Number of Commercial & Residential Buildings

There is a huge need for escalators and elevators across the nation because of the building industry’s rapid expansion. Residential and commercial building projects are moving forward at a considerably faster pace and are having a favorable impact because of the increasing investment in the infrastructure sector. Approximately 200 high-rise structures were built across the United Kingdom in 2020. Similar trends are being seen across the nation, and it is anticipated that these trends are going to propel the growth of the United Kingdom elevators and escalators market during the projected period.

Growing Demand for High Speed & Machine-Room Less (MRL) Elevators

The advantages of machine room-less elevators include higher energy efficiency, lightweight, more designing alternatives, and optimum utilization of hoist-way space. High-speed traction elevators are becoming increasingly necessary as high-rise office and residential buildings proliferate across the nation. Elevator car space has also increased over the years to accommodate higher traffic moving across multi-storied buildings. The number of floors in the building, which affects elevator speed, has varied significantly throughout time. Machine room-less elevators are being used more often in low-rise and medium-rise buildings because they save space and lower building construction costs. High-speed, ultra-high-speed, and machine-room-free elevators are being introduced by companies in the sector in response to customers’ unique needs to meet the expanding demand.

Growth of the Tourism and Hospitality Sector

The United Kingdom elevators and escalators market has been on the rise as a result of significant expenditures made by the nation in infrastructural growth. The recently concluded world test cricket (WTC) 2023 final was hosted in the United Kingdom in the month of June 2023, which directly enhances the demand of the tourism and hospitality sector across the country. Tourism is one of the nation’s most significant businesses. It was the third-largest service export in 2018 across the country, bringing in 38 million foreign tourists who contributed USD 28 billion to the economy. Additionally, by 2025, it is anticipated that domestic tourism is going to rise by an average of 3% per year. In 2018, British residents took 119 million overnight trips in the UK, totalling 372 million nights away and spending USD 30 billion. Investments in the infrastructure are required to accommodate and entertain the anticipated increase in tourists. The greatest hotel investment in Europe is going to be made with the construction of 130,000 hotel rooms over the next five years. The government’s goal of spreading the advantages of tourism throughout the entire UK is supported by the fact that 75% of these additional rooms are expected to be outside of the city. The public and commercial sectors both make large investments in attractions, including those related to museums, arts, and both architectural and natural heritages. Therefore, the United Kingdom elevators and escalators market is expected to grow during the forecast period.

Upcoming Mega Projects in the Country

In 2020-21, the British government invested USD 126 billion in infrastructure and aimed to deliver better infrastructure in the country to rise the economy and enhance the opportunities for people.

• Hinkley Point C - In Somerset, England, there is a huge building project called the Hinkley Point C nuclear power station (HPC). In 2016, the project was approved. However, it was started in March 2017. The project is two years behind schedule as of May 2022, and the anticipated cost has increased to USD 30-32 billion, which is 50% more than the initial estimate from 2016.
• London Resort - Swanscombe, Kent is home to the projected theme park and resort known as The London Resort. The proposal was initially revealed in 2012. By 2027, the project is expected to be finished.
• One Nine Elms - A mixed-use skyscraper called One Nine Elms is being built in the Nine Elms region of London. The project has a five-star Park Hyatt hotel as well as 494 residential flats. One Nine Elms is anticipated to be one of the UK’s and London’s tallest residential structures when it is finished at the end of 2023.

Challenges: Corrosion of Equipment

The United Kingdom elevators and escalators market faces a significant threat from corrosion. Corrosion is the detrimental effect on a metallic material’s properties that results from that material’s chemical or electromechanical interaction with the environment. The surface, color, and tensile strength of metallic surfaces are negatively impacted by this harmful phenomenon. Repairing or replacing these materials after such deterioration is quite expensive. Additionally, galvanic corrosion is difficult to notice and poses a significant risk to the overall strength of elevators and escalators. The United Kingdom elevators and escalators market is facing a significant challenge as a result of the detrimental impacts of corrosion, which cause consumers avoid using elevators and escalators.

Market Segmentation

The United Kingdom elevators and escalators market is segmented into type, service, elevator technology, elevator door type, and end user. Based on type, the market is segmented into elevator, escalator, and moving walkways. Based on service, the market is segmented into modernization, maintenance & repair, and new installation. Based on elevator technology, the market is segmented into traction, hydraulic, and machine room-less traction. Based on elevator door type, the market is segmented into automatic and manual. Based on end user, the market is segmented into residential, commercial, institutional, infrastructural, and others. Additionally, the market is segmented into regional analyses and divided among England, Scotland, Wales, and Northern Ireland.

Market Players

Major market players in the United Kingdom elevators and escalators market are Kone Plc, Schindler Ltd, Otis Elevator Company, ThyssenKrupp Elevators UK, Orona UK, Specialist Lifting Solutions Ltd, Titan Elevators Ltd, Fujitec UK Ltd, Kleemann Lifts UK Ltd, and Stannah Lifts Holdings Limited among others.

Report Scope:

In this report, the United Kingdom elevators and escalators market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

United Kingdom Elevators and Escalators Market, By Type

• Elevator
• By Elevator Technology
• Traction
• Hydraulic
• Machine Room-Less Traction
• By Elevator Door Type
• Automatic
• Manual
• Escalator
• Moving Walkways

United Kingdom Elevators and Escalators Market, By Service

• Modernization
• Maintenance & Repair
• New Installation

United Kingdom Elevators and Escalators Market, By End User:

• Residential
• Commercial
• Institutional
• Infrastructural
• Others

United Kingdom Elevators and Escalators Market, By Region:

• England
• Scotland
• Wales
• Northern Ireland

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the United Kingdom elevators and escalators market

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