Global Elevator Ropes Market Revenue Will Hit USD 800 Million By 2026

30-Mar-2020 | Facts and Factors

Findings from Facts and Factors report “Elevator Ropes Market By Core Type [Fiber Core (FC) and Independent Wire Rope Core (IWRC)], By Functionality (Traction/Hoist, Governor, and Compensation), By Elevator Type [Machine Room (MR) Elevator, Machine Room Less (MRL) Elevator, and Hydraulic Elevator], And By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global elevator ropes market exceeded USD 600 Million in 2019. The market is expected to grow at a CAGR of around 3.5% and is anticipated to hit USD 800 Million by 2026.

Elevator rope is a thick set of metal-based wires twisted to form a helical shape string. The rope assists an elevator cab to move to and fro throughout the elevator shaft. Elevator ropes are mainly composed of long wires, cores, and strands. The demand for elevator ropes across the globe is mounting due to the growing number of smart city projects and constantly rising population count. Thus, to meet the requirements for a growing population, various governments have been approving the vertical establishment of residential and commercial sectors from the past few years. For instance, the building and construction sector in the Asia Pacific region is growing splendidly, which in turn flourishes the elevator market in that particular region. The Asia Pacific elevator market valuation surpassed USD 50 Billion and is projected to grow at around 5% CAGR in the coming years. However, ropeless elevator systems are gaining prominence and act as substitutes for rope-operated elevator systems, which is one of the major factors hampering the global elevator ropes market.

Browse the full “Elevator Ropes Market By Core Type [Fiber Core (FC) and Independent Wire Rope Core (IWRC)], By Functionality (Traction/Hoist, Governor, and Compensation), By Elevator Type [Machine Room (MR) Elevator, Machine Room Less (MRL) Elevator, and Hydraulic Elevator], And By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" https://www.fnfresearch.com/global-elevator-ropes-market-by-core-type-fiber-1006

By core type, the elevator ropes with fiber core segment will witness the highest CAGR during the forecast period

The demand for fiber core-based elevator ropes is projected to increase significantly during 2020–2026. The synthetic or natural fibers in the elevator wire core offer elasticity to the elevator ropes and provide resistance to contact pressure. Fiber core-based ropes are considered suitable for carrying & holding low to medium load. Owing to the aforementioned characteristics, the fiber core segment is likely to grow at a considerable CAGR of over 4% during the upcoming few years.

By elevator type, the machine room-less (MRL) elevators segment expects huge demand in the forthcoming years

The demand for machine room-less (MRL) elevators is expecting to rise significantly throughout the study timeframe. The anticipated growth is attributed to the increased preference over machine room and hydraulic elevators, as MRL elevators do not occupy more space and are easy to install.

Report Scope

Some of the key players driving the global elevator ropes market are Mak Kee International H.K. Limited, Gustav Wolf GmbH, Tokyo Rope Mfg. Co. Ltd., Bekaert, Usha Martin, WireCo WorldGroup, Loos & Co. Inc., BRUGG Lifting AG, KISWIRE LTD, Bharat Wire Ropes Limited, and Alps Wire Rope Corporation, among others.

This report segments the global elevator ropes market as follows:

Global Elevator Ropes Market: Core Type Segmentation Analysis

• Fiber core (FC)
• Independent wire rope core (IWRC)

Global Elevator Ropes Market: Functionality Segmentation Analysis

• Traction/Hoist
• Governor
• Compensation

Global Elevator Ropes Market: Elevator Type Segmentation Analysis

• Machine room (MR) elevator
• Machine room-less (MRL) elevator
• Hydraulic elevator

Global Elevator Ropes Market: Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • Germany
  • The UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

About Us:

Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds. Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.

Contact Us:

Facts & Factors

Global Headquarters

Level 8, International Finance Center, Tower 2,
8 Century Avenue, Shanghai,
Postal - 200120, China
Tel: +86 21 80360450

Email: [email protected]

Web: https://www.fnfresearch.com