Industria
Southeast Asia Elevators & Escalators Market by New Installations to Reach 40.3 Thousand Units by 2029 - Australian Market to Reach 6.7 Thousand Units by 2029 - Arizton
The Australian government's Smart Cities Plan delineates its urban vision and a strategy to unlock cities' full potential. In support of this vision, the government has earmarked USD 50 million to facilitate the planning, executing, and developing large-scale infrastructure transformation initiatives. Moreover, the surge in residential and commercial infrastructure investments, particularly in tall building constructions, is expected to fuel sustained demand for elevators and escalators in the Australian market over the long term.
Pneumatic and hydraulic elevators are typically favored for residential structures, particularly those of moderate height. However, they are less suitable for towering skyscrapers.
One notable example is the forthcoming development at 28 Montague Street in Melbourne . This multi-tower complex will encompass 700 residential and hotel units, 24 affordable housing options, and substantial commercial and retail space, representing an investment of approximately $1 million .
In another significant project, CPB Contractors secured a contract from the New South Wales Government for the Stage 3 Redevelopment of the Wagga Wagga Health Service (WWHS). This $107 million endeavor, slated for completion in the latter half of 2023, aims to enhance healthcare accessibility for communities across the broader Murrumbidgee Local Health District.
Given the escalating demand for real estate and affordable housing solutions in Australia , pneumatic elevators are anticipated to witness increased adoption in the coming years.
Between 2021 and 2023, approximately 4,151 escalators experienced faults, resulting in an average of 29 stoppages per escalator. This incurred a total cost of USD 3.8 million for maintenance and repairs. The aging of equipment, compounded by adverse weather conditions such as heavy rain and floods, has been a significant contributing factor driving demand within the service sector of the Australian elevator and escalator market.
Furthermore, the modernization sector in Australia is poised for long-term growth, propelled by adopting a digital economy framework. This approach integrates emerging technologies such as artificial intelligence and cybersecurity, facilitating the digitization of small and medium-sized enterprises (SMEs).
: KONE, Mitsubishi Electric, Schindler, TK Elevator, Hitachi, Otis
: Toshiba Elevator and Building Systems Corporation, Kleemann, Wittur, Stannah Lifts Holdings Ltd, LML Lift Consultants Pty Ltd, Easy Living Home Elevators, Innovative Lift Consulting Pty Ltd, Direct Lifts, Jade Elevator, Simplex Elevators, and Nibav Lifts
How big is the Australia elevator and escalator market?
What will the growth rate be in the Australia elevator and escalator market?
What is the number of installed bases in the Australia elevator and escalator market in 2023?
What are the key opportunities in the Australia elevator and escalator market?
What are the key Australia elevator and escalator market players?
Rapid urbanization in Southeast Asian countries is leading to higher population densities, resulting in a surge in the construction of high-rise residential and commercial buildings. This trend is a significant catalyst for the Southeast Asia elevator and escalator market, as the growing urban landscape necessitates efficient vertical transportation solutions.
Furthermore, the escalating urbanization trend drives demand within the region's elevator and escalator market. To capitalize on this demand and foster innovation, numerous international events in the vertical transportation industry are being organized across East Asian and Pacific nations. These events serve as platforms for companies, manufacturers, and construction enterprises to explore cutting-edge technological and engineering advancements in the field.
The projected rise in international tourism is poised to boost demand within the hospitality sector, consequently driving the need for elevators capable of accommodating 25 to 33 individuals. As the travel and hospitality industries demonstrate robust recovery and growth, stakeholders, including owners and investors, exhibit optimistic perspectives for the sector's future trajectory. In a significant development, Waldorf Astoria Hotels & Resorts, a brand under Hilton, is slated to unveil its inaugural property in Malaysia by 2024. Managed by Hilton, the construction and refurbishment efforts commenced in 2022. Meanwhile, the Gebeng Kuantan International Airport, with an estimated development cost of $0.45 billion , is scheduled to commence construction in 2024, targeting completion by 2026. Situated within the Gebeng industrial precinct and in proximity to the Kuantan Port and the East Coast Rail Link Project (ECRL), the airport project is strategically positioned to serve as an economic hub, attracting potential investors. The escalating tourist influx driving the necessity for hotel constructions across Southeast Asian nations is expected to further stimulate elevator installations in the region in the upcoming years.
: Otis, KONE, Schindler, Hitachi, TK Elevator, Mitsubishi Electric, Fujitec, and Hyundai Elevator
: Sigma Elevators, Toshiba Elevator and Building Systems Corporation, EITA Elevator, Stannah Lifts Holdings Ltd, Nippon Elevator, Dover Elevators, Kalea Elevators, Gylet Elevator, CA M&E Elevator, MASHIBA - Elevators & Escalators, Cibes Lift, iTEK ELEVATOR
How big is the Southeast Asia elevator and escalator market?
What will the growth rate be in the Southeast Asia elevator and escalator market?
What is the number of installed bases in the Southeast Asia elevator and escalator market in 2023?
What are the key opportunities in the Southeast Asia elevator and escalator market?
What are the key Southeast Asia elevator and escalator market players?
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