DUBLIN--(BUSINESS WIRE)--The "Philippines Elevator and Escalator - Market Size and Growth Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
Increasing demand for high-rise structures and the government's focus on infrastructure in key economic cities have propelled the Philippines's escalator and elevator business to new heights.
The Philippines elevator market by the installed base is expected to reach 37.9 thousand units by 2028. The industry has strong expectations as tourism demand will lead to hotel construction, several logistics centers, and an increased commercial market in the Philippines. The expansion of the building sector in the Philippines is directly related to the increase in home elevators. Many households need to install these machines due to the development of private homes, particularly the significant increase in two- and three-story buildings.
The Philippines escalator market by the installed base is expected to reach 13,763 units by 2028, growing at a CAGR of 4.24%. Further, the parallel escalators accounted for the largest market share of around 33.7% in 2021 because of the high preference of people in the commercial sector. The Philippines has ongoing railway projects, the North-South Commuter Railway project (NSCR) and Malolos-Clark Railway Project (MCRP); therefore, many escalators must be installed to reduce congestion among travelers.
- The City of Makati and a joint venture between Philippine Infradev and the Chinese companies Greenland Holdings Group, Jiangsu Provincial Construction Group, and China Harbor Engineering Company are working together on the USD 3.5 billion projects as a public-private partnership (PPP). The major business district of Makati will be served by 10 stations along the 10-kilometer route, which is anticipated to handle about 700,000 passengers daily. This project is expected to be finished by 2025.
- The expansion of Cebu's coworking sector is strongly predicted, with the development of start-ups, solo planners, and BPO companies that need office space quickly to meet their business needs. An estimated 788 BPO firms are comprised of large and small businesses. This number is expected to increase as outsourcing firms play a crucial role and provide more employment opportunities to Filipinos.
- The National AI Plan aims to make the nation a regional AI powerhouse. By 2030, AI's use can potentially boost the Philippine economy by USD 92 billion. The country will construct the government-initiated National Centre for AI Research (NCAIR), which the private sector will manage under the National AI roadmap.
Market Trends and Drivers
Rising Growth Rate Of Digitalization And Increasing Developments In Public Transport
- The New Clark City (NCC), with an approximate area of 9,450 hectares, was planned to transform into an airport-driven urban place focusing on high-end IT-enabled industries, aviation and logistics-related enterprises, tourism, and other sectors. The project is currently under construction, and the financial aid provided for the project was PHP 308.60million (USD 5.5 million).
- By 2024, it is anticipated that the country's information technology industry, which includes cutting-edge technology like artificial intelligence, will have grown to USD 9.4 billion. Additionally, the government's ambitious Build, Build, Build program for infrastructure development continues to fuel demand for IT infrastructure to support its initiatives, parallelly boosting the Philippines elevator and escalator market share.
- Preparatory works for Manila International Airport (MIA) began in 2021. Around 1,700 hectares of land will be developed for the MIA airport in Bulacan, located about 20 kilometers north of the heart of Metro Manila in Bulacan Province. The project is anticipated to be finished by 2024.
- The IT-BPM (Business process management) sector's office space demand increased by 39,000 square meters in the first quarter of 2022, overcoming the challenges due to Covid -19 situation. It is estimated that yearly, between 2023 and 2026, the supply of office spaces will reach 543,3300 square meters boosting the Philippines elevator and escalator market growth.
- Hydraulic and Pneumatic
- Machine Room Traction
- Machine Room Less Traction
- Industrial Elevators
- 2-15 Persons
- 16-24 Persons
- 25-33 Persons
- 34 Persons and Above
- Public Transit
- Multi Parallel
- Public Transit
- Institutional Sector
- Hyundai Elevator
- TK Elevator
- Mitsubishi Electric
Other Prominent Vendors
- Toshiba Elevator and Building Systems Corporation
- Cibes Lift Group
- HD Home lift solutions Corp
- Dazen Elevator
- Kalea Lifts
For more information about this report visit https://www.researchandmarkets.com/r/q3u8yl
Laura Wood, Senior Press Manager
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