Elevator Ropes Market Size, Share, Leading Players and Analysis up to 2025
October 27, 2021
Stratview Research has recently published a report on Elevator Ropes Market segmented by Size, Share, Trend, Forecast, & Industry Analysis – 2020-2025. The objective of the market experts at Stratview Research is to conduct a thorough analysis of the ‘Elevator Ropes’ and put a detailed knowledge about the industry and business attractiveness, revenue, market size, segmentation, growth and restraining factors so that the user gets in depth information about the industry and the business from a past, current and a future perspective and can potentially invest capital for further growth.
Additionally, the report covers a variety of established and emerging start-ups and organisations operating in the industry. As a result, the report provides a comparative analysis by presenting the user with various aspects of the markets discussed in the report.
Covid-19 Analysis -
Nationwide lockdowns have impacted, and halted productions, supply of raw materials sourcing disruption has affected the balance in the supply of finished products. This report aims to cover all the aspects of how the pandemic has affected the business in the Elevator Ropes market and how has the subsequent lockdowns inflamed the industry scenario and what are the areas that needs urgent action and re-planning.
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Segment-wise analysis
The report encompasses in-depth segmentations like regional segmentation, segmentation by product types, application-wise segmentation, geographical segmentation and thereby gives the user an overview of the effectiveness of the segmentation by various classes.
Based on the core type, the market is segmented as fiber core and independent wire rope core. The fiber core segment is projected to maintain its dominance over the forecast period owing to the high demand for low to medium loading applications. Flexibility and durability offered by fiber core will also augment the segmental growth over the forecast period.
Based on the functionality type, the market is segmented as traction/hoist, governor, and compensation. The traction/hoist segment accounted for the largest share by functionality type in 2019 and is expected to maintain its dominance owing to growing demand from low to medium rise buildings.
Based on the elevator type, the market is segmented as machine room elevator, machine room less elevator, and hydraulic elevator. The machine room less elevator segment accounted for the largest share by elevator type in 2019 and is expected to maintain its dominance owing to low maintenance cost and low installation cost associated with such elevators. Furthermore, such elevators also occupy comparatively less space and thus, are profitable to builders.
In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period. The Asia-Pacific’s market is expected to grow with a lucrative CAGR due to growing construction of high-rise buildings in the region especially in China, India, and Japan.
Market Insights
Elevator ropes market is likely to witness an impressive CAGR of 3.9% during the forecast period. The prime factor that is contributing to the demand for elevator ropes is the growing high-rise building construction across the globe.
Key Players in the Elevator Ropes Market
The following are the key players in the Elevator Ropes market.
- BRUGG Lifting AG
- WireCo WorldGroup
- Gustav Wolf GmbH
- Bharat Wire Ropes Limited
- PFEIFER DRAKO Drahtseilwerk GmbH
- Usha Martin
- Tokyo Rope Mfg. Co. Ltd.
- Alps Wire Rope Corporation
- Jiangsu Safety Steel Wire Rope Co., Ltd
- Loos & Co. Inc.
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