Chicago, July 15, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the Australia elevator and escalator market is growing at a CAGR of 4.67% from 2022 to 2028. Increasing urbanization, rising demand for high-rise structures, and government focus on infrastructure in key economic cities have propelled Australia’s elevator business to new heights. The smart city plan is also one of the initiatives taken up by the government to develop and create more opportunities in all regions.
Australia Elevator and Escalator Market Report Scope
| REPORT ATTRIBUTES | DETAILS | |
| MARKET SIZE BY NEW INSTALLATIONS (2028) | 6.4 thousand Units | |
| MARKET SIZE BY NEW INSTALLATIONS (2021) | 4.6 thousand Units | |
| CAGR (2021-2028) | 4.67% | |
| MARKET SIZE BY INSTALLED BASE (2028) | 218.4 thousand Units | |
| MARKET SIZE BY MODERNIZATION (2028) | $2.2 billion | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2028 | |
| MARKET SEGMENTATION BY CARRAIGE TYPE | Passenger and Freight | |
| MARKET SEGMENTATION BY CAPACITY | 2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above | |
| MARKET SEGMENTATION BY END-USER | Commercial, Residential, Industrial, and Others | |
| MARKET SEGMENTATION BY TYPE | Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others | |
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Key Highlights
- In 2020, the Australian government established Building 4.0 CRC as part of its cooperative research center initiative. Building 4.0 CRC will drive the construction industry into an efficient, connected, and customer-centric future through deep collaboration and emerging 4th industrial age technology.
- The Australian Government's Smart Cities Plan outlines the government's vision for cities and a strategy for maximizing their potential. The Australian government will contribute $50 million to help with planning and implementation, and construction works of big infrastructure transformation projects.
- The Australian government has indeed established a $1 billion Clean Energy Innovation Fund, which will invest up to $100 million annually in the smart, green technologies and enterprises in Australia. The National Energy Productivity Plan includes several measures to improve the ecological sustainability and resilience, including the National Australian Built Environment Rating System (NABERS) and Minimum Energy Performance Standards (MEPS) for appliances, and updates accordingly to the National Construction Code.
- According to Fire and Rescue New South Wales (NSW) data, elevator rescue number has rose by 80% from 2014. 1,620 people across the New South Wales state were rescued from elevators in 2018. This is a sign that elevators need to undergo regular maintenance to avoid accidents.
- The long-term growth potential of the elevator modernization market in Australia is driven by digital economy approach by integrating emerging technologies like Artificial Intelligence, Cyber security and supporting SME digitization.
- The key players in Australia Elevator & Escalator market are KONE, Otis, TK Elevator Mitsubishi Electric, Schindler, Hitachi, Hyundai Elevator. Top four prominent vendors including KONE, Otis, Schindler and TKE account for 32% of market share in Australia.
Future Cities Planning to Create Long-Term Demand for Elevators and Escalators
- The growing urban population compels governments to create policies and plans to build infrastructure, public transit, commercial and housing projects.
- Australia might require 6.9 million houses, around 3,300 schools, and 1,400 cinema screens and supermarkets each by 2050.
- Urban renewal programs to redevelop existing areas of remaining land and abandoned buildings across cities for commercial or residential construction.
- Melbourne is estimated to cross Sydney’s population in the future to become Australia’s largest city.
- Australia’s population is still growing at a substantial pace due to the impact of COVID-19 and is expected to reach 28 million by 2029.
Key Vendors
- OTIS
- Kone
- Schindler
- TK Elevator
- Hitachi
- Mitsubishi Electric
Other Prominent Vendors
- Toshiba
- KLEEMANN
- WITTUR
- Stannah
- LML Lift Consultants
Market Segmentation
Type
- Hydraulic and Pneumatic
- Machine Room Traction
- Machine Room Less Traction
- Others
Carriage Type
- Passenger
- Freight
Person
- 2-15
- 16-24
- 25-33
- 34 and Above
End-User
- Commercial
- Residential
- Industrial
- Others
Explore our industrial machinery profile to know more about the industry.
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