Latest news with #MitsubishiElectricBuildingSolutionsCorporation
Associated Press
30-04-2025
- Business
- Associated Press
Mitsubishi Electric Acquires Irish Elevator Company Ascension Lifts
TOKYO--(BUSINESS WIRE)--Apr 30, 2025-- Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it has acquired all shares of Ascension Lifts Limited, an Irish elevator company based in Dublin, through its wholly owned subsidiary Motum AB, headquartered in Stockholm, Sweden, on April 29. Mitsubishi Electric and its Tokyo-based subsidiary Mitsubishi Electric Building Solutions Corporation are expanding their worldwide business in elevator maintenance and renewal, which is expected to enjoy growing demand in the building systems sector, one of Mitsubishi Electric's priority growth businesses. In the mature European market, the demand for maintenance and renewal services is forecast to grow against the backdrop of aging elevators and escalators and heightened environmental awareness. In response, the two companies plan to create an operational structure capable of accelerating the delivery of value to customers. Ascension Lifts, which has been operating in the Irish elevator market for many years, has excellent technical capabilities and know-how for multi-brand maintenance and renewal, as well as a strong customer network. Through this acquisition, Mitsubishi Electric and Mitsubishi Electric Building Solutions will strengthen their business base in the Irish market by expanding their business domain into maintenance and renewal, starting with the use of Ascension Lifts's maintenance stock, and promote their strategy for expanding the elevator and escalator business in the European market. For the full text, please visit: View source version on CONTACT: Customer Inquiries Global Business Development Group Strategic Planning Office (LBS) Mitsubishi Electric Corporation Tel: +81-3-3218-2950 Inquiries Takeyoshi Komatsu Public Relations Division Mitsubishi Electric Corporation Tel: +81-3-3218-2332 [email protected] Communications Division Mitsubishi Electric Building Solutions Corporation Tel: +81-3-6206-5030 [email protected] KEYWORD: IRELAND SWEDEN UNITED KINGDOM JAPAN ASIA PACIFIC EUROPE INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY OTHER MANUFACTURING HARDWARE BUILDING SYSTEMS PUBLIC TRANSPORT TECHNOLOGY TRANSPORT MANUFACTURING SOURCE: Mitsubishi Electric Corporation Copyright Business Wire 2025. PUB: 04/30/2025 03:30 AM/DISC: 04/30/2025 03:29 AM
Globe and Mail
11-02-2025
- Business
- Globe and Mail
Malaysia Elevator & Escalator Market Growth Forecast Report 2024-2030: 3.54 Thousand Units of New Installation Predicted
"Malaysia elevator and escalator market research report by Arizton" According to Arizton's latest research report, the Malaysia elevators & escalators market is growing at a CAGR of 4.72% during 2024-2030. Report Scope: Market Size by New Installations (2030): 3.54 Thousand Units Market Size by New Installations (2024): 2.69 Thousand Units CAGR – New Installations (2024-2030): 4.72% Market Size by Installed Base (2030): 106.57 Thousand Units Market Size by Modernization (2030): $130.65 Million Historic Year: 2021-2023 Base Year: 2024 Forecast Year: 2025-2030 Malaysia Elevators and Escalators Market Shows Strong Growth Trajectory The elevators and escalators market in Malaysia is on a strong growth path, fueled by several key factors contributing to its expansion. Rapid urbanization and infrastructure development are driving the demand for vertical transportation solutions, especially in high-rise residential and commercial buildings. The growing real estate sector, supported by a favorable regulatory environment and government initiatives, is further boosting the need for advanced elevators and escalators. Tourism also plays a significant role, with the government's efforts to promote the sector driving foreign investment in the hospitality industry. Additionally, the increasing need for modernization and maintenance of aging buildings, particularly in urban areas like Kuala Lumpur, is contributing to the demand for elevator upgrades. Technological advancements, such as the integration of artificial intelligence (AI) in vertical transportation systems, are shaping the future of the market. A recent example is the launch of the AI-driven Nibav Series 4 smart home lift in Malaysia. Furthermore, real estate developers remain optimistic about the property market, supported by anticipated economic growth, stable interest rates, and legislative changes aimed at improving affordability and housing supply. The overall outlook for the Malaysia elevators and escalators market remains positive, with strong growth expected in the coming years. Recent Developments in the Malaysia Elevator and Escalator Market In August 2024, Otis unveiled its Gen3™ connected elevator platform at its 'Platform for Possibility' launch event in Kuala Lumpur. 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 September 2024, Kone announced its New 2025-2030 Strategy 'Rise'. AI Integration in Elevators and Escalators: Unlocking Future Market Opportunities in Malaysia The integration of artificial intelligence (AI) in elevators and escalators is transforming the industry, particularly in Malaysia, as part of the broader trend toward modernizing urban infrastructure. AI-driven solutions are enhancing safety, efficiency, and user experience by monitoring real-time data from sensors, predicting potential malfunctions, and preventing downtime. Leading companies like KONE, Otis, and Mitsubishi Elevator are already embracing AI technology. For example, Otis launched its Gen3 digitally connected elevator in Southeast Asia, incorporating advanced digitization and machine learning to ensure seamless updates and adaptability. Similarly, KONE's DX Class lifts utilize AI to store and analyze data, improving lift maintenance and reducing malfunctions. These innovations are expected to create significant growth opportunities in the Malaysia elevators and escalators market, boosting both operational reliability and user satisfaction. Rising Demand for Hydraulic and Pneumatic Elevators in Malaysia's Growing Construction Market As Malaysia experiences significant growth in both residential and non-residential construction, hydraulic and pneumatic elevators are expected to see higher demand in 2025. Hydraulic elevators, although energy-intensive, remain essential in buildings with lower heights, while pneumatic elevators are gaining popularity in residential projects due to their space-saving and mobility benefits. A prime example of Malaysia's booming construction sector is Sunsuria Bhd's proposed Nadi @ TAR project, a high-rise mixed-use development with office and retail spaces, set to be completed by the end of 2025. Additionally, innovations like TK Elevator's MAX platform, which integrates cloud-based data for building operations, are enhancing vertical mobility systems, offering property owners and managers streamlined operations and improved accessibility. This growing focus on advanced construction projects and building management systems is driving the demand for diverse elevator solutions in Malaysia's evolving market. Key Vendors Otis KONE TK Elevator Schindler Mitsubishi Electric Hitachi Hyundai Elevator Fujitec Toshiba Elevator and Building Systems Corporation Stannah Lifts Holdings Ltd EITA Elevator Stannah Lifts Holdings Ltd Nippon Elevator DOVER Elevators CE Elevator Delfar Elevator Wiitrac Elevator Dong Yang Elevator Nibav Lifts 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 The Arizton Advisory & Intelligence market research report provides valuable market insights for industry stakeholders, investors, researchers, consultants, and business strategists aiming to gain a thorough understanding of the Malaysia elevator and escalator market. Request for Free Sample to get a glance of the report now: What Key Findings Will Our Research Analysis Reveal? How big is the Malaysia elevator and escalator market? What will be the growth rate of the Malaysia elevator and escalator market? What is the number of installed bases in the Malaysia elevator and escalator market in 2024? What are the key opportunities in the Malaysia elevator and escalator industry? What are the key Malaysia elevator and escalator market players? Thailand Elevator and Escalator Market - Size & Growth Forecast 2025-2030 Asia Pacific Elevator and Escalator - Market Size & Growth Forecast 2024-2029 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. 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