According to recent research from TechSci – thanks to increased urbanisation, the successful construction industry and growing government initiatives to improve mobility and accessibility to the disabled and elderly – the market for UK elevators is set to grow at 6.5% Compound Annual Growth Rate (CAGR) through to 2022.
These findings are backed by improving living standards, rising security concerns in commercial and residential complexes and a growing demand for smart elevators that come equipped with automated access control systems.
UK elevator machinery has been categorised into traction and hydraulic equipped elevators: traction lift systems are preferable because they are energy efficient, occupy less space in buildings and have the ability to operate at very high speeds. In the UK market, traction elevators are predicted to grow further during 2017-2022 than other systems.
Elevators that are installed at commercial, residential, government and other institutions are required by law to have automatic door systems, which is why they have dominated the market from 2016, and look set to do so for the foreseeable future.
The increasing security concerns have inspired government standards to be put in place that all elevator systems installed in the UK must adhere to. Growing residential, commercial and industrial sectors in the future would require installation of new elevators as well as comprehensive maintenance and repair services to abide with legislation.
Surging competition is compelling companies to launch smart and green elevators to keep up with the governments initiatives towards building smarter, greener, cities. With this information, lift companies can predict the future growth of the UK market, helping them make sound business decisions towards future investments. The report recognises emerging trends in the world of elevators and escalators in regard to essential drivers, challenges, and opportunities present in the UK market.
These trends and predictions from ‘TechSci Research’ – the leading global market research firm – have shined a light into the darkness of the world of lifts so companies in the UK can stay ahead of the curve. These findings will influence the designs of platform lifts, dumbwaiters and elevator systems for the future.