DUBLIN–(BUSINESS WIRE)–The “Malaysia Elevators & Escalators Market, By Type (Elevator, Escalator and Moving Walkways), By Service, By Elevator Technology, By Elevator Door Type, By End User, By Region, Competition Forecast & Opportunities, 2017-2027” report has been added to ResearchAndMarkets.com’s offering.
Malaysia Elevators & Escalators Market was valued at USD 544.84 million in 2021 and is anticipated to project robust growth in the forecast period with a CAGR of 5.03% owing to the rapid rise in urbanization and increase in infrastructure, making way for the elevators & escalators market.
An elevator or a lift can be defined as a machine installed in a building to lift, transport, or move people or things from one floor to another. Elevators can be used in various facilities, such as housing estates, commercial buildings, shopping malls, clinics, etc., to move passengers and goods from one level to another. Elevators can also be used in factories and industrial plants to transport goods, machines, and finished goods between different floors.
Escalators or moving staircases are powered by electricity, have a chain and drive sprocket, and are held in place by two tracks. Elevators fall into four categories: traction, hydraulic, machine room less traction.
The Rapid Infrastructure Expansion
Malaysia is presently one of the most urbanized countries in East Asia. Inhabitants from rural areas migrate to urban areas due to the economy and employment shifting from agriculture to industry and services.
The population of Malaysia is increasing, giving rise to the demand for more housing, commercial buildings, social spaces, and infrastructure. Thus, the Malaysian government provides appropriate, high-quality, and affordable housing. Malaysia’s demand for elevators and escalators is driven by rapid urbanization and modernized infrastructure.
Consequently, the Malaysian government actively invests in large-scale infrastructure projects to facilitate urban growth. Moreover, innovative technology significantly improves the infrastructure of urban areas, medical facilities, and various social amenities, attracting people from rural areas.
As a result, an increase in the population of the metropolitan regions leads to a rise in the demand for real estate properties, mall construction, building construction, residential building construction, and so on, increasing the demand for escalators and elevators market in Malaysia.
More smart cities are emerging
The agreement for smart cities includes building information management and intelligent vertical mobility. Digital technologies are used in smart city solutions to fulfil social, environmental, and economic objectives. A world-class smart city may be created using technologies like automated order fulfilment, networked sensors, and many more.
Through its major domestic project “Smart City Plan,” the Malaysian government significantly contributes to the growth of smart cities. The Smart City Plan is a cutting-edge method of managing cities that offers answers to problems and raises the standard of living for city residents.
Over the course of the forecast period, it is anticipated that the country’s market for elevators and escalators will experience further growth due to the rapid increase in urbanization, economic growth, the adoption of new technologies, and the installation of advanced vertical transportation systems.
Advancements in Technologies
Owing to technological advancements, companies present many attractive technologies in elevators, such as Wi-Fi, HVAC systems, music players, etc.
Furthermore, with the utilization of AC and permanent magnet gearless motor technology, the efficiency of elevator hoisting machines has increased, which allows fewer elevator trips and improved balancing of elevators that can contribute to energy savings.
Moreover, this rapid urbanization, economic growth, and integration of modern technologies are forecast to lead Malaysia. In addition, the installation of advanced vertical transportation systems will be expected to further boost the market for elevators & escalators in the country during the forecast period.
As elevator and escalator manufacturers aim to build sustainable products and adopt environmentally friendly strategies due to environmental problems, there has been an escalating demand for green elevators, positively impacting the market growth and driving the elevators & escalators market in Malaysia.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Malaysia Elevators & Escalators Market.
Report Scope:
Malaysia Elevators & Escalators Market, By Type:
Malaysia Elevators & Escalators Market, By Service:
Malaysia Elevators & Escalators Market, By Elevator Technology:
Malaysia Elevators & Escalators Market, By Elevator Door Type:
Malaysia Elevators & Escalators Market, By End User:
Malaysia Elevators & Escalators Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/nrqgdv
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