Latest news with #KONE
Yahoo
20-05-2025
- Business
- Yahoo
KONE recognized among Vietnam's best at Sao Khue Award 2025 for pioneering service robot API
HANOI, Vietnam, May 20, 2025 /PRNewswire/ -- KONE, a global leader in the elevator and escalator industry, has been awarded the Sao Khue Award 2025 for its smart service robot application programming interface (API) solution. This recognition marks the company's second Sao Khue Award, following its first win in 2023 for the KONE 24/7 Connected Services innovation. Organized by the Vietnam Software and IT Services Association (VINASA), this annual award is among the most prestigious honors in Vietnam's information technology sector, and this year set a record with 198 awarded solutions. King Cheng, Managing Director of KONE Vietnam, says: "Receiving our second Sao Khue Award is not just an honor – it is a testament to our unwavering commitment to people flow innovation and impact. Through cutting-edge technology such as service robot API and deep collaboration with partners, we are proud to be shaping cities in Vietnam that are not only more connected and efficient, but also more livable for generations to come." KONE's service robot API leverages Internet of Things (IoT) technology to connect autonomous robots with the company's elevator control system, enabling them to call elevators and navigate seamlessly across multi-floor buildings. By utilizing real-time data on elevator position, direction, and operational status, the API ensures smooth, efficient robot movements. This technology is ideal for service-intensive environments such as hospitals, medical facilities, hotels, and airports, supporting various service robots such as cleaning, delivery, and ushering. Currently being pioneered at Phenikaa University Hospital (Hanoi), the API-enabled delivery robots transport medicines and medical supplies 24/7 across different hospital floors via the cloud-connected KONE MiniSpace™ DX class elevators. This innovation significantly reduces staff workload, allowing medical teams to focus on patient care. As part of the broader KONE digital platform, the API services are hosted on the Amazon Web Services (AWS) cloud platform, offering seamless access to KONE equipment and data. This cloud-based approach ensures scalability, reliability and cost-effective integration with existing digital infrastructure. Like its other digital solutions, KONE's API service is certified to ISO 27001:2022 standards for information security management, providing robust data security and cybersecurity. This makes it a reliable solution for enhancing automation and operational efficiency in high-traffic environments. Aligning with the green and digital transformation trend supporting Vietnam's sustainable development goals, KONE has actively introduced practical innovations such as KONE DX digital elevators, KONE 24/7 Connect predictive maintenance solution, and KONE UltraRope® ultra-light carbon fiber elevator cables. In 2024, KONE received the industry's first LOTUS Green Product Certification from the Vietnam Green Building Council for all its 18 elevator and escalator products. That same year, it was featured in the Top 50 Corporate Sustainability Awards by Nhip Cau Dau Tu magazine, acknowledging its commitment to environmental sustainability and technological innovation in creating smarter, green building solutions. About KONE At KONE, our purpose is to shape the future of cities. As a global leader in the elevator and escalator industry, we move two billion people every day, making their journeys safe, convenient, and reliable with smart and sustainable People Flow®. In 2024, KONE had annual sales of EUR 11.0 billion, and at the end of the year over 60,000 employees in close to 70 countries. KONE class B shares are listed on the Nasdaq Helsinki Ltd. (HEL: KNEBV). View original content to download multimedia: SOURCE KONE Southeast Asia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
KONE recognized among Vietnam's best at Sao Khue Award 2025 for pioneering service robot API
HANOI, Vietnam, May 20, 2025 /PRNewswire/ -- KONE, a global leader in the elevator and escalator industry, has been awarded the Sao Khue Award 2025 for its smart service robot application programming interface (API) solution. This recognition marks the company's second Sao Khue Award, following its first win in 2023 for the KONE 24/7 Connected Services innovation. Organized by the Vietnam Software and IT Services Association (VINASA), this annual award is among the most prestigious honors in Vietnam's information technology sector, and this year set a record with 198 awarded solutions. King Cheng, Managing Director of KONE Vietnam, says: "Receiving our second Sao Khue Award is not just an honor – it is a testament to our unwavering commitment to people flow innovation and impact. Through cutting-edge technology such as service robot API and deep collaboration with partners, we are proud to be shaping cities in Vietnam that are not only more connected and efficient, but also more livable for generations to come." KONE's service robot API leverages Internet of Things (IoT) technology to connect autonomous robots with the company's elevator control system, enabling them to call elevators and navigate seamlessly across multi-floor buildings. By utilizing real-time data on elevator position, direction, and operational status, the API ensures smooth, efficient robot movements. This technology is ideal for service-intensive environments such as hospitals, medical facilities, hotels, and airports, supporting various service robots such as cleaning, delivery, and ushering. Currently being pioneered at Phenikaa University Hospital (Hanoi), the API-enabled delivery robots transport medicines and medical supplies 24/7 across different hospital floors via the cloud-connected KONE MiniSpace™ DX class elevators. This innovation significantly reduces staff workload, allowing medical teams to focus on patient care. As part of the broader KONE digital platform, the API services are hosted on the Amazon Web Services (AWS) cloud platform, offering seamless access to KONE equipment and data. This cloud-based approach ensures scalability, reliability and cost-effective integration with existing digital infrastructure. Like its other digital solutions, KONE's API service is certified to ISO 27001:2022 standards for information security management, providing robust data security and cybersecurity. This makes it a reliable solution for enhancing automation and operational efficiency in high-traffic environments. Aligning with the green and digital transformation trend supporting Vietnam's sustainable development goals, KONE has actively introduced practical innovations such as KONE DX digital elevators, KONE 24/7 Connect predictive maintenance solution, and KONE UltraRope® ultra-light carbon fiber elevator cables. In 2024, KONE received the industry's first LOTUS Green Product Certification from the Vietnam Green Building Council for all its 18 elevator and escalator products. That same year, it was featured in the Top 50 Corporate Sustainability Awards by Nhip Cau Dau Tu magazine, acknowledging its commitment to environmental sustainability and technological innovation in creating smarter, green building solutions. About KONE At KONE, our purpose is to shape the future of cities. As a global leader in the elevator and escalator industry, we move two billion people every day, making their journeys safe, convenient, and reliable with smart and sustainable People Flow®. In 2024, KONE had annual sales of EUR 11.0 billion, and at the end of the year over 60,000 employees in close to 70 countries. KONE class B shares are listed on the Nasdaq Helsinki Ltd. (HEL: KNEBV). View original content to download multimedia: SOURCE KONE Southeast Asia Sign in to access your portfolio
Yahoo
15-05-2025
- Business
- Yahoo
Indonesia Elevator and Escalator Market Forecast Report 2025-2030: Integration of AI to Unlock Future Opportunities, Sustainable Construction Practices to Be a Major Demand Driver
Schindler, TK Elevators, Otis, KONE, and Mitsubishi Electric are the top manufacturers in the Indonesian elevator and escalator market. Other prominent players in the Indonesia elevator and escalator market are Hitachi Ltd., Fujitec Co., Ltd, Hyundai Elevator Co., Ltd., Toshiba Elevator and Building Systems Corporation, Sigma Elevator, Ife Elevators Co., Ltd, Sicher Elevator Co., Ltd., BLT Brilliant Lifts & Escalators Pvt. Ltd., Tokyo Elevator Indonesia, and others. These leading players continuously innovate to provide state-of-the-art technology, ensuring safety, efficiency, and sustainability. Indonesian Elevator and Escalator Market Dublin, May 15, 2025 (GLOBE NEWSWIRE) -- The "Indonesia Elevator and Escalator Market Size & Growth Forecast 2025-2030" report has been added to Indonesia Elevator and Escalator Market was valued at 10,257 Units in 2024, and is projected to reach 12,886 Units by 2030, rising at a CAGR of 3.88%. The modernization marketfor elevators and escalators in Indonesia is projected to reachUSD 231.8 million by 2029. TheIndonesia elevators marketis projected to reach aninstalled base of 152 thousand units by 2030. In 2024,residential sector elevatorsheld the largest market share, despite challenges from low purchasing power caused by high interest rates. A recovery is expected in 2025, supported bygovernment expenditureon the development of theNusantara Capital City. Themachine room-less traction segmentled the market due to its strong popularity. TheIndonesia escalators marketis expected to reach aninstalled base of 25 thousand units by 2030. In 2024,commercial buildingsaccounted for the largest share, driven by a growing pipeline ofcommercial and mixed-use projects. Theparallel escalators segmentheld the largest share, reflecting the high preference for commercial escalator solutions. MARKET DRIVERS & OPPORTUNITIES Integration of Artificial Intelligence (AI) Expected to Unlock Future Opportunities in the Indonesia Elevator and Escalator Market The integration of AI in the Indonesia elevator and escalator industry reflects a growing trend in the modernization of urban infrastructure. AI-driven solutions enhance safety, efficiency, and user experience in public and private transportation systems. AI monitors real-time data from sensors installed in elevators and escalators to predict and prevent potential malfunctions. This reduces downtime and improves the reliability of equipment. Companies like KONE and Otis have already implemented AI-based predictive maintenance globally, including in Asia-Pacific regions like Indonesia. Sustainable Construction Practices to Be a Major Demand Driver Indonesia's growing emphasis on modular construction, particularly in the housing market, is creating opportunities in the Indonesia elevator and escalator market. This shift is closely tied to the country's move toward sustainable building practices, supported by collaborations between the government and the private sector. With a housing deficit of 12.7 million units, especially in urban centers like Jakarta and Surabaya, the government has launched initiatives such as the three-million-house program under the National Affordable Housing Program (NAHP). Modular construction, with its faster build times and cost-efficiency, is positioned as a key solution to address this housing shortage. Rapid Urbanization Is Driving the Demand for Infrastructure and Supports Indonesia Elevator and Escalator Market Growth Urbanization has become prominent in Indonesia, transforming cities like Jakarta, Surabaya, and Medan over the decades. According to the Central Statistics Agency (BPS), 56.7% of Indonesia's population resided in urban areas by 2020, a significant increase from 49.8% in 2010. IKN is projected as a new economic hub, expected to contribute USD 180 billion to Indonesia's GDP and create 4 million jobs by 2045. Early signs of transformation are already visible in East Kalimantan, where economic growth accelerated from 4.48% in 2022 to 6.22% in 2023, driven primarily by the construction sector. Booming Manufacturing Sector Driving Demand Indonesia's manufacturing sector has emerged as a base of the nation's economic growth, contributing significantly to its GDP and attracting substantial foreign direct investment (FDI). With its large domestic market, and government-led incentives, Indonesia has positioned itself as a key player in the global manufacturing landscape. Indonesia's nickel reserves are driving significant international projects. In April 2024, Huayou Cobalt's subsidiary, Huaneng New Material Indonesia, began construction of a precursor production facility in the Weda Bay Industrial Park. This initiative is a key component of Huayou's strategy to establish an integrated nickel supply chain, enhancing its competitiveness in the new energy materials sector. Furthermore, the rise of these production hubs has driven increased demand for elevators and escalators, critical for supporting the infrastructure of modern manufacturing facilities. As more plants are established across Indonesia, the need for vertical transportation solutions will grow, fueling the expansion of the Indonesia elevator and escalator market. INDUSTRY RESTRAINTS Skilled Labor Shortage in The Country to Hamper the Demand In 2024, this outflow of talent became a common phenomenon, particularly among the younger generation. According to an IMF report, the country's unemployment rate stood at 5.2% in April 2024, with many graduates struggling to secure jobs domestically. The migration of skilled workers abroad has created a pronounced skills gap, making it difficult for industries to find and retain qualified labor. This shortage is expected to hinder domestic innovation and infrastructure development, including the installation and maintenance of the Indonesia elevator and escalator market. Declining Middle-Class Population in Indonesia The decline in Indonesia's middle-class population has emerged as a significant concern, highlighted during the Economic Outlook 2025 conference in 2024, hosted by the National Research and Innovation Agency (BRIN). According to data from the Central Statistics Agency, the trend began during the COVID-19 pandemic in 2020 and has persisted in the years since. The primary drivers of this decline include increasing economic pressures such as higher taxes and rising living costs. Middle-class households have faced significant challenges, including increased income tax rates, additional levies like TAPERA (a mandatory savings program for housing), and taxes on sweetened food and beverages. These factors have constrained their economic capacity, reducing discretionary spending and investment. KEY QUESTIONS ANSWERED What is the number of installed bases in the Indonesia elevator and escalator market in 2024? What will be the growth rate of the Indonesia elevator and escalator market? How big is the Indonesia elevator and escalator market? What are the key opportunities in the Indonesia elevator and escalator industry? What are the key Indonesia elevator and escalator market players? Key Attributes: Report Attribute Details No. of Pages 115 Forecast Period 2024 - 2030 Estimated Market Value in 2024 10257 Units Forecasted Market Value by 2030 12886 Units Compound Annual Growth Rate 3.8% Regions Covered Indonesia Elevators Market in Indonesia Market Overview Growth in Sky-Scrappers Key Infrastructure Projects Under Construction Product Life Cycle of Elevators (Age of Elevators) Elevators Market Size: New Installation & Installed Base Market Segmentation: Elevators Machine Carriage Type Capacity End-users Escalator Market in IndonesiaElevators Market Size: New Installation & Installed Base Market Segmentation: Escalator Product End-user VENDOR LANDSCAPE Key Vendors Otis KONE TK Elevator Schindler Mitsubishi Electric Hitachi Hyundai Elevator Fujitec Other Prominent Vendors Toshiba Elevator and Building Systems Corporation (TELC) Sigma Elevators IFE Elevators Sicher Elevator Co., Ltd. BLT BRILLIANT LIFTS & ESCALATORS PVT. LTD. SJEC Fuji Hengda Elevator Indonesia Tokyo Elevator Indonesia Lamda Elevator CANNY ELEVATOR CO., LTD. FUJI GLOBAL ELEVATOR Elevator Market Segmentation Machine Type Hydraulic and Pneumatic Machine Room Traction Machine Room Less Traction Others Climbing Elevators Industrial Elevators Carriage Type Passenger Freight Capacity 2-15 Persons 16-24 Persons 25-33 Persons 34 Persons and Above End-User Commercial Residential Industrial Others Public Transit Institutional Infrastructural Escalator Market Segmentation Product Type Parallel Multi Parallel Walkway Crisscross End-User Public Transit Commercial Others Institutional Sector Infrastructure Industrial For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Indonesian Elevator and Escalator Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-04-2025
- Business
- Yahoo
Southeast Asia Elevator and Escalator Market Report 2025-2030 - Market Projected to Reach 46,579 Units by 2030, Growing at a CAGR of 3.87%
Southeast Asian Elevator & Escalator Market Dublin, April 07, 2025 (GLOBE NEWSWIRE) -- The "Southeast Asia Elevator & Escalator Market - Size & Growth Forecast 2025-2030" report has been added to Southeast Asia Elevator & Escalator Market was sized at 37,087 units in 2024, and is projected to reach 46,579 units by 2030, rising at a CAGR of 3.87%. Increasing demand for high-rise structures across Southeast Asian countries has propelled the region's elevator business to new heights. One of the primary drivers is the region's rapid urbanization and growing tourism sector. This has led to a surge in the construction of high-rise buildings, both residential and commercial, which requires efficient vertical transportation solutions like elevators and escalators. However, inflationary pressures, increasing construction costs, and skilled labor shortages are a few challenges faced by the Southeast Asian region and can hamper the Southeast Asia elevator and escalator market. Despite the ongoing challenges, the region is projected to witness strong growth in its construction sector, fueled by increased infrastructure spending. Mitsubishi Electric, Otis Elevator, TK Elevator, Schindler Group, and Kone Corporation are the top manufacturers in the Southeast Asia elevator and escalator market. Other prominent players in the Southeast Asia elevator and escalator market are Hitachi Ltd., Fujitec Co., Ltd, Hyundai Elevator Co., Ltd., Toshiba Elevator and Building Systems Corporation (TELC), Sigma Elevator, Cibes Lift Group, Sec Elevator Co., Ltd., Nippon Elevator and others. These leading players continuously innovate to provide state-of-the-art technology, ensuring safety, efficiency, and sustainability. Recent Developments in the Southeast Asia Elevator and Escalator Market In 2024, KONE introduced the High-Rise MiniSpaceT DX elevator in the Southeast Asia elevator and escalator market. This advanced elevator is designed to serve buildings exceeding 60 floors, offering enhanced energy efficiency, customization options, and sustainability features. In March 2024, Otis received a contract to refurbish 290 older escalators at 32 MRT stations on the Northeast Line (NEL) and the North-South and East-West lines (NSEWL) in Singapore, from 2026 with completion by 2032. In August 2024, Otis unveiled its Gen3T connected elevator platform at its Platform for Indonesia, Thailand Malaysian markets. In 2024, Mitsubishi Electric Building Solutions Corporation announced its new elevator type, NEXIEZ-Fit Passenger which combines superior cost performance with carefully selected specifications. In September 2024, KONE announced its New 2025-2030 Strategy Rise. Moreover, in December 2024, KONE announced the launch of its High-Rise MiniSpaceTM DX elevator. KEY HIGHLIGHTS The Southeast Asia elevators market by the installed base is expected to reach 674 thousand units by 2030. Elevators used in the residential sector accounted for the largest share in 2024, despite low purchasing power due to high interest rates. The market is set to recover in 2025 pertaining to high government expenditure on construction projects. The machine room-less traction segment accounted for the largest market share due to its high popularity. The Southeast Asia installed base escalators market is expected to reach 93.1 thousand units by 2030. Escalators used in the commercial sector accounted for the largest share in 2024 due to increasing public transit projects in the pipeline. The parallel escalators segment accounted for the largest market share in 2024 due to the high construction of commercial buildings. The modernization market in the Southeast Asia elevator and escalator market is expected to reach USD 838.2 million by 2030. In 2025, the government of Thailand announced plans for an extensive transport infrastructure plan for 2025-2026, aiming to position the country as a regional transport hub. With a total budget of USD 7.42 billion, the initiative includes 223 projects for 2025 and 64 projects for 2026. In January 2025, the government of Indonesia approved a budget of USD 2.94 billion for the second phase of developing its new capital, Nusantara, from 2025 to 2029. This followed an initial investment of USD 5.36 from 2022 to 2024, focused on building essential infrastructure. In 2025, Vietnam's tourism and hotel market, especially in Ho Chi Minh City, is projected to grow significantly. Business tourism will also play a major role, with modern facilities attracting international events. Therefore, Ho Chi Minh City aims to become a top tourism destination in Southeast Asia in 2025. SOUTHEAST ASIA ELEVATOR & ESCALATOR MARKET DRIVERS & OPPORTUNITIES Integration of Artificial Intelligence (AI) and Innovation Opens Up Opportunities The integration of AI in the Southeast Asia elevator and escalator market is attributed to the growing trend in the renovation and development of urban infrastructure. AI-driven solutions enhance safety, and efficiency, and improve customer experience in public and private transportation systems. In December 2024, in Kuala Lumpur, Otis announced that it will install its Otis SkyRise and three Otis AriseT elevators for the Chin Hin Group Property Dawn KLCC mixed-used building, which is scheduled to be completed in 2029. Investment in Smart and Green City Initiatives Southeast Asia is witnessing a smart city boom with an estimated 100 million people expected to move from rural areas to cities by 2030, fueled by rapid urbanization, which is expected to propel the Southeast Asia elevator and escalator market over the forecast period. Singapore is reported to be Asia's smartest city, the country is developing a national digital twin to better urban management. The 3D maps and subsurface model, created by the Singapore Land Authority, are helping in the management of infrastructure and assets. Increased Public Infrastructure Expenditure Across Southeast Asia Southeast Asian countries have been witnessing an increasing construction boom as a result of rapid urbanization. In Indonesia, as of 2023, 58.57% of the population lived in urban areas, up from 51% in 2010. Furthermore, urbanization is estimated to reach 59.6% by 2025. Thailand's construction sector boom, on the other hand, is being driven by its Eastern Economic Corridor Initiative (EEC). Under the "Build, Better, More" program, total infrastructure expenditures have been allocated USD 26 billion in the executed 2024 budget. The Philippines is making significant progress in infrastructure, including massive bridge-building projects, expanded road networks, and modernized airports. A Boom in the Manufacturing Sector Drives Southeast Asia Elevator and Escalator Market Growth Southeast Asia has become an attractive destination for manufacturing due to multiple factors. For instance, foreign direct investments into ASEAN economies rose to USD 236 billion in 2023. Vietnam is the manufacturing hub for electronics production and is a key player in the region. The country witnessed a surge in electronics exports by 38% in Q1 2024. Additionally, the Philippines also reported a 4.5% year-on-year growth in manufacturing production in Q1 2024. Additionally, through its Manufacturing 2030 plan, Singapore aims to increase manufacturing output by 50% by 2030 end, emphasizing both physical and digital transformation. INDUSTRY RESTRAINTS Skilled Labor Shortage and Aging Population to Hamper The DemandSoutheast Asian countries are facing a significant skilled labor shortage, particularly in the construction, manufacturing, technology & innovation sectors, which is expected to negatively affect the Southeast Asia elevator and escalator market growth. In 2024, in Indonesia, the outflow of talent became a common phenomenon, particularly among the younger generation. According to an International Monetary Fund (IMF) report, the country's unemployment rate stood at 5.2% in April 2024, with many graduates struggling to secure jobs domestically. Furthermore, Malaysia is also grappling with a labor shortage. As of November 2024, this shortage led to a freeze on new foreign worker quotas, further pressurizing industries such as manufacturing and construction that rely heavily on skilled Construction Costs Across the RegionSoutheast Asia is witnessing a surge in construction costs, attributed to increasing raw material prices, skilled labor shortage & rising wages, supply chain disruption, geopolitical issues, land prices & development costs, interest rates, and regulatory & environmental compliance policies. As of 2024, Singapore ranked as the fourth-most expensive construction market in Asia with mega-projects like Changi Airport Terminal 5 and new integrated resort developments anticipated to further drive up costs. Additionally, increasing building material prices is a key factor leading to high construction costs. For instance, in 2023, Malaysia's Real Estate and Housing Developers' Association (Rehda) reported a significant increase in building material prices in 2023. Such factors collectively are projected to hamper the Southeast Asia elevator and escalator market ASIA ELEVATOR & ESCALATOR MARKET VENDOR LANDSCAPE Key Vendors Otis KONE TK Elevator Schindler Mitsubishi Electric Hitachi Hyundai Elevator Fujitec Other Prominent Vendors Toshiba Elevator and Building Systems Corporation Sigma Elevator IFE Elevators Co. Fuji Elevator Co. Tokyo Elevators & Escalators (Pvt) Ltd. Lamda Elevator Kalea Lifts Cibes Lift Nachaleeti Group ECOLIFT Elevator & Escalator Corportation Nippon Elevator SEC Co. Philippines, Inc. CE Elevator Sdn Bhd DELFAR Elevator Co. Wiitrac Elevator Sdn Bhd CA M&E Elevator Gylet Shin Han Elevator Co., Ltd. KEY QUESTIONS ANSWERED How big is the Southeast Asia elevator and escalator market? What is the number of installed bases in the Southeast Asia elevator and escalator market in 2024? What are the key opportunities in the Southeast Asia elevator and escalator market? What will be the growth rate of the Southeast Asia elevator and escalator market? What are the key Southeast Asia elevator and escalator market players? Key Attributes: Report Attribute Details No. of Pages 142 Forecast Period 2024 - 2030 Estimated Market Value in 2024 37087 Units Forecasted Market Value by 2030 46579 Units Compound Annual Growth Rate 3.8% Regions Covered Asia Pacific Report Scope: Elevator Market Segmentation by Machine Type Hydraulic and Pneumatic Machine Room Traction Machine Room Less Traction Others Climbing Elevators Industrial Elevators Carriage Type Passenger Freight Capacity 2-15 Persons 16-24 Persons 25-33 Persons 34 Persons and Above End-User Commercial Residential Industrial Others Public Transit Institutional Infrastructural Escalator Market Segmentation by Product Type Parallel Multi Parallel Walkway Crisscross End-User Public Transit Commercial Others Institutional Sector Infrastructure Industrial Segmentation by Region Indonesia Thailand Philippines Malaysia Singapore Rest of Southeast Asia For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Southeast Asian Elevator & Escalator Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
Globe and Mail
07-03-2025
- Business
- Globe and Mail
Strong Growth Expected in the Philippines Elevator and Escalator Market with 3.55 Thousand New Installations by 2030
"Philippines Elevator and Escalator Market Research Report by Arizton" According to Arizton's latest research report, the Philippines elevator and escalator market is growing at a CAGR of 4.35% during 2024-2030. To Know More, Click: Report Summary Market Size by New Installations (2030): 3.55 Thousand Units Market Size by New Installations (2024): 2.75 Thousand Units CAGR – New Installations (2024-2030): 4.35% Market Size by Installed Base (2030): 59.77 Thousand Units Market Size by Modernization (2030): $52.56 Million Historic Year: 2021-2023 Base Year: 2024 Forecast Year: 2025-2030 The Philippines elevator and escalator market is experiencing strong growth. This growth is driven by rapid urbanization, infrastructure development, and a booming construction sector, particularly high-rise buildings. Government initiatives, such as the Build Better More (BBM) program and the approval of 194 infrastructure projects, support market expansion. The growing real estate sector, particularly in secondary cities, and the demand for modernization and maintenance of aging buildings also contribute to market growth. Additionally, the tourism sector's development of foreign-operated hotels and the adoption of AI in vertical transportation further boost the industry. Despite challenges like inflation, rising construction costs, and labor shortages, the market is poised for continued growth, supported by increased infrastructure spending and a strong demand for vertical transportation solutions. AI Integration in the Philippines Elevator and Escalator Market Driving Market Expansion The integration of Artificial Intelligence (AI) into the Philippines elevator and escalator market is unlocking new opportunities for growth and modernization of urban infrastructure. AI-driven solutions enhance the safety, efficiency, and overall user experience of vertical transportation systems. By using real-time data from sensors, AI predicts and prevents potential malfunctions, reducing downtime and boosting equipment reliability. Global companies like KONE and Otis have already adopted AI-based predictive maintenance systems in the region, including the Philippines, demonstrating the technology's potential. Additionally, the recent bid win by IFE Elevator for the IBIS Style Hotel Malate Project highlights AI's role in driving market expansion, with plans to design and implement advanced passenger and freight elevators using AI technology. This move further accelerates the market's growth by improving operational performance and expanding the adoption of AI in vertical transportation. Surge in Demand for 2-15 Passenger Elevators Amidst Philippines Infrastructure Growth The demand for 2-15 passenger elevators in the Philippines is increasing, primarily driven by growth in the residential and commercial sectors. These elevators are particularly prominent in airports, residential buildings, and mixed-use developments. The Philippine government's infrastructure program, which includes 186 flagship projects valued at approximately $163 billion, is expected to significantly reshape the real estate market by 2025. Additionally, the development of more master-planned communities near public transportation projects, such as airports and railways, will further drive the demand for 2-15 passenger elevators. Key infrastructure projects like the Tops Redevelopment Project in Cebu and the Tagbalai Heights Amenities in Cebu City are also expected to contribute to this growing demand. In August 2024, Otis unveiled its Gen3™ connected elevator platform at its 'Platform for Possibility' launch event in Southeast Asia. In 2024, Mitsubishi Electric Building Solutions Corporation announced its new elevator type, NEXIEZ-Fit, which is an elevator that combines superior cost performance with carefully selected specifications. In December 2024, KONE announced the launch of its High-Rise MiniSpaceTM DX elevator in Southeast Asia. The elevator comes with KONE UltraRope®, which is 80% lighter than traditional steel rope and three times more durable. Key Vendors Otis KONE TK Elevator Schindler Mitsubishi Electric Hitachi Hyundai Elevator Fujitec Aritco Sigma Elevators Cibes Lift ECOLIFT Elevator & Escalator Corportation Nippon Elevator SEC Elevator Co., Ltd. Dazen Elevator Kalea Lifts Philippines Elevator Market Segmentation by Machine Type Hydraulic and Pneumatic Machine Room Traction Machine Room Less Traction Others Climbing Elevators Industrial Elevators Carriage Type Passenger Freight Capacity 2-15 Persons 16-24 Persons 25-33 Persons 34 Persons and Above End-User Commercial Residential Industrial Others Public Transit Institutional Infrastructural Escalator Market Segmentation by Product Type Parallel Multi Parallel Walkway Crisscross End-User Public Transit Commercial Others Institutional Sector Infrastructure Industrial Key Questions Answered in the Report: How big is the Philippines elevator and escalator market? What is the number of installed bases in the Philippines elevator and escalator market in 2024? What will be the growth rate of the Philippines elevator and escalator market? What are the key opportunities in the Philippines elevator and escalator market? What are the key Philippines elevator and escalator market players? Check Out Some of the Top Selling Reports of Your Interest: Indonesia Elevator And Escalator - Market Size & Growth Forecast 2025-2030 Malaysia Elevator And Escalator Market - Size & Growth Forecast 2025-2030 Why Arizton? 100% Customer Satisfaction 24x7 availability – we are always there when you need us 200+ Fortune 500 Companies trust Arizton's report 80% of our reports are exclusive and first in the industry 100% more data and analysis 1500+ reports published till date Post-Purchase Benefit 1hr of free analyst discussion 10% off on customization About Us: Arizton Advisory and Intelligence is an innovative and quality-driven firm that offers cutting-edge research solutions to clients worldwide. We excel in providing comprehensive market intelligence reports and advisory and consulting services. We offer comprehensive market research reports on consumer goods & retail technology, automotive and mobility, smart tech, healthcare, life sciences, industrial machinery, chemicals, materials, I.T. and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts. Arizton comprises a team of exuberant and well-experienced analysts who have mastered generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports. Media Contact Company Name: Arizton Advisory & Intelligence Contact Person: Jessica Email: Send Email Phone: +1 3122332770 Country: United States Website:
