Global Market Research Company US United Kingdom Elevators & Escalators Market Forec | Page 9

Research Methodology
UK Elevators Market to Grow at CAGR 6.5% till 2022
According to a recently released TechSci Research report, “United Kingdom Elevators &
Escalators Market By Type of Carriage, By Type of Machinery, By Type of Door, By End
User, Competition Forecast & Opportunities, 2012 – 2022”, the UK elevators market is
projected to grow at a CAGR 6.5% till 2022, backed by improving living standards, rising
security concerns in commercial and residential complexes and growing demand for smart
elevators with automated access control systems. During the forecast period, the country’s
escalators market is forecast to grow at a CAGR of around 6%, in value terms, on account of
rapid urbanization, shifting focus of retailers to biometric sensor enabled power saving
escalators, accessibility issues with disabled and aged population, etc.
On the basis of machinery, the UK elevators market has been segmented into traction and
hydraulic equipped elevators. Traction equipped elevators are energy efficient, occupy less space
in buildings and have the ability to operate at a variety of speeds. Consequently, volume share
of traction machinery equipped elevators in the UK elevators market is projected to grow further
during 2017 - 2022. In 2016, elevators with automatic doors dominated the UK elevators
market and are anticipated to maintain their market dominance during forecast period as well.
Under guidelines of the Lift and Escalator Industry Association (LEIA), elevators installed at
commercial, residential, government and other institutions in the UK are required to have
automatic doors in order to maintain the security of passengers travelling in elevators.
“Growing residential, commercial and industrial sectors in the UK would require installation of
new escalators and elevators, as well as maintenance and repair services in the future.
Moreover, increasing government initiatives towards building smart cities in the country and
surging competition, which is compelling companies to launch smart and green elevators and
escalators are some of the other factors expected to boost the UK elevators & escalators market
over the coming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
9
© TechSci Research