Norway Elevator Market by Type (Passenger elevator, Freight elevator and Others), by Technology (Traction and Hydraulic), by Service (New Installation, Maintenance and Modernization), by Capacity (Less than 1500 kg, 1500 to 2500 kg, 2501 to 4000 kg and More than 4000 kg) by Speed (Less than 1 M/S, Between 1 to 4 M/S and More than 5 M/S), by Deck type (Single Deck and Double Deck), by Designation Control (Smart and Conventional), by Door Type (Automatic and Manual) and by Application (Residential, Commercial and Industrial) - Opportunity Analysis and Industry Forecast, 2024 –2030
Industry: Construction & Manufacturing | Publish Date: 29-Mar-2024 | No of Pages: 129 | No. of Tables: 95 | No. of Figures: 60 | Format: PDF | Report Code : N/A
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Market Definition
Norway Elevator Market size was valued at USD 435.98 million in 2023, and is predicted to reach USD 768.94 million by 2030, at a CAGR of 7.3 % from 2024 to 2030. The elevator market embodies a vibrant sector that encompasses the conception, production, installation, and upkeep of elevator systems. Ranging from traditional traction elevators to state-of-the-art smart solutions, this market presents a diverse range of vertical transportation options tailored to meet the unique needs of various buildings and infrastructure projects. Key players within the elevator market include manufacturers, suppliers, contractors, architects, building proprietors, and facility managers.
Manufacturers persistently innovate to elevate elevator performance, safety standards, and sustainability practices, while suppliers furnish essential components and materials essential for system assembly. Moreover, sustainability considerations, such as energy efficiency and material recyclability, are increasingly integrated into elevator design and operation, aligning with broader environmental goals and sustainable building principles. Consequently, the elevator market stands as a pivotal pillar of vertical mobility, enhancing functionality, accessibility, and sustainability across buildings and urban environments worldwide
Presence of Key Players Within the Region is Fuelling the Growth of the Market
The expansion efforts of Mitsubishi Electric and Mitsubishi Electric Building Solutions Corporation (MEBS) into the European market directly relate to the elevator market growth in Norway. Mitsubishi Electric's identification of the building systems business, including elevators and escalators, as a key growth area in its medium-term growth plan through 2025 signifies a strategic focus on the vertical mobility sector. As Norway experiences urbanization and infrastructure development, there is an increasing demand for the maintenance and renewal of elevators and escalators. Mitsubishi Electric's endeavour to expand its business in Norway align with this growing demand, reflecting its intention to capture a large share of the Norwegian elevator market.
Increasing Demand for Urban Infrastructure Development is Propelling the Market Growth
In Norway, where urbanization and infrastructure development are on the rise, there is a growing need for vertical mobility solutions like elevators and escalators. Mitsubishi Electric's strategic move to emphasize the building systems business aims to cater to the evolving needs of Norway's urban landscape. By positioning itself as a prominent player in the country's elevator market, Mitsubishi Electric aims to provide innovative solutions and meet the rising demand for vertical mobility solutions not only in Norway but also across Europe. This strategic alignment underscores the company's commitment to addressing the changing dynamics of Norway's urban environment and its broader implications for the elevator market.
High Initial Costs Obstruct Market Growth Within the Region
The substantial expenses associated with the installation, upkeep, and enhancement of elevators pose barriers to market expansion. From the initial installation outlay to the ongoing maintenance charges and the need for upgrades to meet safety regulations and enhance energy efficiency, building proprietors encounter significant financial challenges. These difficulties are particularly formidable for owners situated in economically disadvantaged areas or within older structures. As a result, the heightened costs linked with elevators impede market growth across various regions.
Integration Of Artificial Intelligence (AI) Within elevators is Expected to Create Future Opportunities for The Market
The incorporation of AI-driven predictive maintenance into the elevator sector presents a compelling prospect, revolutionizing maintenance and operational procedures through AI advancements. By analysing data gleaned from elevator sensors, AI algorithms can predict maintenance requirements in advance, minimizing downtime and maximizing elevator uptime. This proactive strategy not only prolongs the lifespan of elevator components but also improves safety by anticipating unforeseen breakdowns and optimizing resource distribution, leading to substantial cost reductions for elevator companies. Moreover, well-maintained elevators heighten user satisfaction, thereby elevating the overall experience for building occupants and visitors. Embracing AI-driven predictive maintenance empowers elevator firms to stay competitive and uphold service excellence in an ever-changing market landscape.
Competitive Landscape
The Norway elevator market comprises various market players, such as Schindler, Otis Elevator Company, TK Elevator (TKE), Kone Corporation, Hitachi Ltd., Fujitec Co., Ltd, Hyundai elevator Co., Ltd, Mitsubishi Electric Corporation, Toshiba elevator and Building Systems Corporation, Winone elevator Company Limited and others.
Norway Elevator Market Key Segments
By Type
-
Passenger elevator
-
Freight elevator
-
Others
By Technology
-
Traction
-
Machine Room [MR] Traction
-
Machine Roomless [MRL] Traction
-
-
Hydraulic
By Service
-
New Installation
-
Maintenance
-
Modernization
By Capacity
-
Less than 1500 kg
-
1500 to 2500 kg
-
2501 to 4000 kg
-
More than 4000 kg
By Speed
-
Less than 1 M/S
-
Between 1 to 4 M/S
-
More than 5 M/S
By Deck Type
-
Single Deck
-
Double Deck
By Designation Control
-
Smart
-
Conventional
By Door Type
-
Automatic
-
Manual
By Application
-
Residential
-
Commercial
-
Industrial
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 435.98 Million |
|
Revenue Forecast in 2030 |
USD 768.94 Million |
|
Growth Rate |
CAGR of 7.3% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
Schindler
-
Otis Elevator Company
-
TK Elevator (TKE)
-
Kone Corporation
-
Hitachi Ltd.
-
Fujitec Co., Ltd
-
Hyundai Elevator Co., Ltd
-
Mitsubishi Electric Corporation
-
Toshiba Elevator and Building Systems Corporation
-
Winone Elevator Company Limited
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