November 30, 2021 06:38 ET | Source: Research and Market Research and Market
Dublin, November 30, 2021 (GLOBE NEWSWIRE) - "Malaysian Elevator and Escalator Market, 2026F by type (elevators, escalators and moving walks), by service (modernization, maintenance and repair and new installation), by elevator Technology, "By elevator door type, by end user, by region" report has been added to ResearchAndMarkets.com's products. In 2020, the Malaysian elevator and escalator market is USD 411.94 million, and it is expected to be at a compound annual rate of 5.44% by 2026 Growth rate growth
The increase in the number of smart cities and the emphasis on enhanced safety features, technological developments by major industry players, and new technologies for elevators using energy-saving regenerative drives are the main factors contributing to the growth of the elevator and escalator market in Malaysia. The growth of the market also depends on the renovation of existing buildings and infrastructure spaces, green and advanced elevators, and the installation of elevators in transportation systems (airports and railways).
All the major players operating in the Malaysian elevator and escalator market have increased their product portfolio through digital and integrated intelligent systems to provide better safety and reliability, and the company is investing in the development of safer new product technologies. A number of government programs have been implemented to promote urbanization, which is expected to increase the country's demand for elevators and escalators. According to elevator technology, the market is divided into traction, hydraulic and machine roomless traction. The Traction & Machine Room-Less (MRL) Traction Machinery division dominates the Malaysian elevator and escalator market, with a cumulative share of 90.32% in 2020.
This is due to the increasingly serious environmental problems associated with hydraulic elevators. In addition, more and more high-rise residential buildings and new commercial space construction activities require faster vertical transportation. By region, the Central Region (West Malaysia) will account for the largest share of the Malaysian elevator and escalator market at 34.90% in 2020, due to increased investment in the construction industry and accelerated urbanization in Selangor and Kuala Lumpur. The modernization, industrialization and urbanization of infrastructure projects and the increasing demand for green elevators are the main driving forces for the growth of the elevator and escalator market in the central region.
Due to the transformation of existing buildings and infrastructure space in order to partially renovate or replace them, the convenience of commuting for the elderly and the disabled, and the upgrade of old elevators to modern elevators, it is expected that there will also be an increase in existing buildings and infrastructure. The need for space. Elevators and escalators in Malaysia during the forecast period. Some of the major players operating in the Malaysian elevator and escalator market include
Years considered in this report:
The Malaysian elevator and escalator market, by type:
Malaysia elevator and escalator market, by service:
The Malaysian elevator and escalator market, according to elevator technology:
Malaysia elevator and escalator market, according to elevator door type:
The Malaysian elevator and escalator market, by end user:
Malaysia elevator and escalator market, by region:
For more information about this report, please visit https://www.researchandmarkets.com/r/kuuujt