The Sale of Elevator and Escalator Market in Australia to Reach 6.4 thousand Units by 2028 -Arizton

Australia to witness installation of 6.4 thousand units of new elevators and escalators by 2028. The elevators and escalators modernization market size to cross USD 2.2 billion.

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.

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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, increasing 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.

Carseldine Village is a model sustainable development, one of Queensland's first residential developments committed to delivering net zero energy emission freehold terrace homes. Carseldine Village's concept is expected to be developed in six stages over the next three to five years, depending on market demand. The current approved plan allows for a total of 606 homes.

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, and 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

To know more: https://www.arizton.com/market-reports/australia-elevator-and-escalator-market

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This release was published on openPR.