Newly-released construction elevators market analysis report by Fact.MR reveals that the global sales of construction elevators in 2022 were held at US$ 684.8 Million. With 4.7% projected growth from 2023 to 2033, the market is expected to reach a valuation of US$ 1.1 Billion by the end of forecast period. Construction elevators with 2000 Kg to 4000 Kg capacity is expected to be the significant revenue generator, projected to grow at a CAGR of over 4.1% from 2023 to 2033.
The building sector has a substantial impact on urbanisation, infrastructural development, and worldwide economic progress. As countries around the world try to upgrade their infrastructure and meet the needs of a growing population, spending on construction equipment has dramatically increased. Consider the estimated size of the global market for construction equipment:US$ 157 Billion in 2023, which grew from US$ 148 Billion in the previous year.
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Key Factors Driving the Market:
- Urbanization and Infrastructure Development: Rapid urbanization and increased construction of commercial and residential buildings, as well as infrastructure projects, drive the demand for construction elevators. As cities expand vertically, the need for efficient vertical transportation becomes more critical.
- Tall Building Construction: The construction of skyscrapers and high-rise buildings requires effective vertical transportation solutions to move construction materials, workers, and tools to different floors.
- Safety and Efficiency: Construction elevators enhance safety by reducing the need for workers to carry heavy materials up multiple flights of stairs. They also improve efficiency by reducing construction time and labor costs.
- Regulations and Compliance: Occupational health and safety regulations in many regions mandate the use of safe and efficient vertical transportation systems on construction sites, further driving the adoption of construction elevators.
- Modular Construction: The rise of modular construction, where building components are prefabricated off-site and assembled on-site, increases the need for efficient transportation of these components to various levels of the construction project.
Country-Wise Analysis
Market research on construction lifts in the United States:
The market in the US is anticipated to increase by US$ 83.4 million in absolute terms, reaching a value of US$ 274 million. From 2018 to 2022, the market in the United States experienced a negative CAGR of -2.9%, and from 2023 to 2033, it is anticipated to increase at a CAGR of 3.4%.
Competitive Analysis:
Key players in the construction elevators market are:-
- Alimak Group AB,
- Brand Safway,
- PEGA HOIST,
- STROS,
- Spartan Engineering Industries,
- Gaoli Engineering Machinery,
- XL Industries,
- Electroelsa Srl and GEDA GmbH.
Some of the recent developments in the Construction Elevators market are:
- In August 2022, Alimak Group completed the acquisition of crane and hoist service provider Tall Crane Equipment LTD. The purchase price of the company was announced to be 27 million Canadian dollars on a cash and debt-free basis. The acquisition aimed to expand Alimak’s regional presence in the crane and hoist business.
- In July 2023, VINCI Construction and XL Industries continued their collaboration for the SEINE building with the implementation of a second LL 2500 formwork lift by XL Industries. The tool was assembled in one day to assist the construction activities efficiently.
- In June 2022, a US manufacturer of hoists announced the launch of its new line of material hoist and transport platform MC 1600 VFD. This new version is the only version with two interchangeable basket options and runs on MC 1600 VFD.
- In March 2023, German construction hoists manufacturer GEDA GmbH and French crane company Uperio continued their long-standing collaboration from 2018 with Uperio adding the GEDA’s transport platform to its range.
Segmentation of the Construction Elevators Market:
- By Material Type :
- Up to 2000 Kg
- up to 150 m
- 150 to 250 m
- more than 250 m
- 2000 Kg to 4000 Kg
- up to 150 m
- 150 to 250 m
- more than 250 m
- 4000 Kg and above
- up to 150 m
- 150 to 250 m
- more than 250 m
- Up to 2000 Kg
- By Buyer Type :
- Construction Companies
- Rental Services
- By Elevator Life Stage :
- New Elevators
- Used Elevators
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & ASEAN
- Middle East & Africa
- Oceania
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Market Trends:
- Technology Integration: The construction elevator industry is adopting technology to improve safety and efficiency. This includes features like remote monitoring, real-time tracking, and automated controls.
- Customization: Manufacturers are offering more customizable solutions to meet the unique requirements of different construction projects, including various load capacities and lifting speeds.
- Green Construction: There is a growing emphasis on sustainability in construction. Some construction elevator manufacturers are focusing on energy-efficient designs and materials to reduce the environmental impact of these systems.
- Rental Market: Many construction companies opt to rent construction elevators rather than purchasing them outright, leading to a significant market for rental services.
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