Wilmington, Delaware, United States, April 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global elevator motors market stood at US$ 832.5 Mn in 2022, and is anticipated to reach US$ 1.4 Bn by 2031, expanding at a CAGR of 6% between 2023 and 2031.
Growth of both residential and commercial buildings, especially in developing countries, is expected to drive demand for elevator motors. The global market for elevator motors is growing as a result of rapid urbanization and increased government spending on infrastructure projects.
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Makers of high-speed elevator motors are working toward developing elevator motors for skyscrapers that are smaller in size and operate quietly. Market participants are focusing on the introduction of novel products by incorporating new technologies to enhance elevator features and functioning. Development of novel goods and services is accelerating due to cooperation and collaborations between lift manufacturers, technology companies, and component vendors.
Elevator technology is evolving as building technology advances. Elevators are made to go further, rise faster, be quieter, and offer more comfort. Both DC and AC lift motors are employed in domestic and industrial elevators. Elevators that use less energy and emit fewer pollutants are in high demand across the world. This feature is anticipated to fuel market development in the next few years. Elevator motor manufacturers must adhere to stringent regulatory criteria in several countries to meet the essential requirements for energy efficiency, safety, and environmental regulations.
Key Findings of Market Report
- According to market report, the gearless traction motors segment is projected to lead the global market during the forecast period. Considering these lack gears, gearless traction motors are smaller than geared lift motors. Although these are used for high-speed lifts, these can additionally be utilized in some applications at lesser speeds. Elevators without machine rooms consume significantly less energy than geared motors do. These reduce costs by consuming 70% to 80% fewer kilowatt-hours in real-time applications. Furthermore, gearless traction motors offer a quieter ride and are simple to repair. As opposed to geared systems, gearless motors are more environmentally-friendly, lowering the carbon footprint of a structure. Adoption of gearless traction systems is likely to increase, as advancements in technology make them even more effective and economical.
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Global Elevator Motors Market: Growth Drivers
- Rise in number of high-rise buildings, rapid urbanization, and a growing demand for upgraded facilities are likely to contribute to market demand for transportation motors. In addition to aging infrastructure, several cities throughout the world are experiencing population expansion. The World Economic Forum predicts that by 2050, 80% of the world's population—up from the present 55%—would live in cities. Demand for elevators as well as additional vertical transportation motors is likely to benefit from the population explosion.
- Elevator motor producers are investing significantly in the development of cutting-edge safety measures to reduce accidents and boost the dependability of passenger elevator motors. Smart elevators, which provide improved comfort, reliability, and energy economy, are being included in modern buildings more often. These elevators make use of motor control systems, data analytics, and advanced sensors. Therefore, advancements in technology are anticipated to fuel industry growth between 2023 and 2031.
Global Elevator Motors Market: Regional Landscape
- North America is expected to hold significant market share during the forecast period due to the region's rapid growth in renovation activities, infrastructure development, and construction activities
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Global Elevator Motors Market: Key Players
- The Imperial Electric Company
- Changzhou Fulling Motor Co., Ltd.
- Schindler Elevator Corporation
- Columbus McKinnon Corporation
- The General Electric Company
- LEESON Electric Corporation
Global Elevator Motors Market: Segmentation
Category
- AC Motors
- DC Motors
Type
- Geared Traction Motors
- Gearless Traction Motors
Application
- Residential
- Commercial
Distribution Channel
- Online
- Offline
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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