Latest news with #TKElevator
Zawya
06-08-2025
- Business
- Zawya
Alat, TK Elevator get key regulatory approvals for $186mln Saudi JV
Alat, a unit of Saudi sovereign wealth fund PIF, and TK Elevator (TKE), a global leader in vertical transportation and urban mobility, today (August 5) confirmed receipt of all statutory and regulatory approvals required to close their €160 million ($186.3 million) joint venture (JV) and Alat's 15% equity investment in TKE. These approvals mark the completion of the intent first announced in February 2025. The JV will be headquartered in Saudi Arabia and will, over time, locally manufacture elevators, escalators and moving walks for the kingdom and the wider Mena market. Supported by a local product-development center, it will be the first elevator and escalator manufacturing operation in Saudi Arabia by a global company, fully aligned with PIF's economic-diversification agenda. The JV will also act as TKE's sales and service entity in Saudi Arabia. TKE will contribute advanced technology, manufacturing expertise and world-class safety methodology. The JV will serve as an innovation hub, featuring a product-development center and a training facility that complements TKE's SEED Campus. Together, TKE and the JV will create a regional International Technical Services team to provide technical support and third-party maintenance under the TKE Universal Service proposition. On the key approvals, Amit Midha, CEO of Alat, said: "Today's announcement marks a decisive step in positioning Saudi Arabia as a global center for advanced manufacturing. Our partnership with TK Elevator will localise cutting-edge mobility technology, create high-value skilled jobs, and cultivate world-class expertise within Saudi talent, further strengthening Saudi Arabia's emerging advanced manufacturing cluster." "Together, we will power the Kingdom's giga-projects and export sustainable innovation throughout the region. This partnership will fulfill Vision 2030 and advance Alat's mandate to build a world-class manufacturing hub for advanced technologies. Paving the way for future collaborations that support this ambition," he stated. Uday Yadav, CEO of TK Elevator, said: "Finalising the joint venture and welcoming Alat as a long-term shareholder positions TK Elevator to meet surging demand for innovative mobility solutions during Saudi Arabia's development super-cycle and beyond." "We are excited to deepen this multi-dimensional partnership and shape the smart cities of the future together," he stated. This TK Elevator transaction, he said, was the third strategic deal Alat has completed, following the finalisation of its SoftBank and Lenovo partnerships, underscoring the company's mandate to become a global hub for advanced, sustainable manufacturing. "Through such partnerships, Alat is accelerating localisation, technology transfer and export-led growth from Saudi Arabia to the world," he added.- TradeArabia News Service Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Yahoo
26-06-2025
- Business
- Yahoo
UK Elevators & Escalators Market Forecast Report 2025: Market Set to Reach 9,874 Units by 2030, with 3.11% CAGR During 2024-2030
The UK Elevators & Escalators Market, sized at 8,218 units in 2024, is projected to reach 9,874 units by 2030, with a CAGR of 3.11%. Notable developments include Otis's installation of 26 VT units at One Exchange Square and KONE's modernization of Liverpool's rail network escalators. Trade tensions due to US tariffs impact costs, potentially boosting demand for locally manufactured products. Segments like machine roomless traction dominate due to space efficiency, while urbanization and AI integration provide growth opportunities. Major players include Otis, KONE, TK Elevator, and Schindler, navigating challenges such as construction cost hikes and skilled labor shortages. UK Elevators & Escalators Market Dublin, June 26, 2025 (GLOBE NEWSWIRE) -- The "UK Elevators & Escalators Market - Size & Growth Forecast 2025-2030" report has been added to UK Elevators & Escalators Market was sized at 8,218 Units in 2024, and is projected to reach 9,874 Units by 2030, rising at a CAGR of 3.11%. SEGMENTATION INSIGHTS The U.K. elevator market by the installed base is expected to reach 393 thousand units by 2030. The machine roomless traction segment accounted for the largest market share due to its space-saving design, energy efficiency, and ability to support green building initiatives. The U.K. installed base escalators market is expected to reach 14 thousand units by 2030. Escalators used in the commercial sector accounted for the largest share in 2024 due to increasing retail 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 U.K. elevator and escalator market is expected to reach USD 344.18 million by 2030. Elevator and Escalator Market News In June 2024, Otis installed 26 vertical transportation (VT) units at One Exchange Square, a 13-story office building at London's Broadgate Campus. The units included four LinkTM escalators, seven platform lifts, and fifteen Gen2 lifts. The elevator has facilities such as Compass 360 destination-dispatch system, EMS PanoramaTM 2.0 elevator-management system, and Internet of Things connectivity with Otis ONETM. KONE won the order to modernize escalators along Liverpool's commuter rail network in 2024. The order comprises the complete replacement of fourteen escalators with KONE EcoMod 140, which is energy-efficient and can transport 7,300 passengers per hour. The modernization project is expected to be completed in Q4 2026. IMPACT OF TARIFF The U.S. administration implemented a high baseline tariff, introducing 10% on goods from all countries, which was effective from April 5, 2025. Additionally, higher reciprocal tariffs were imposed on specific trading partners, including the European Union and the U.K., which was effective from April 9, 2025. The U.S. government announced a temporary pause in tariff hikes, but the situation remains uncertain after 90 days, with a 10% minimum tariff in effect. This trade tension significantly impacts the manufacturer of the U.K. elevator and escalator market, which significantly imports motor parts, lumber, and other raw materials from different countries. The U.K. imports significant amounts of aluminum, copper, and other raw materials from China and other countries such as Canada & Mexico. These added costs are likely to be passed on to U.K. consumers, causing a notable increase in the prices of elevators & escalators. As a result, demand for locally manufactured elevators & escalators is expected to grow. Major elevator & escalator companies such as Otis, KONE, Schindler & others are importing raw materials & motor parts from China and the Japanese market. The surge in tariff rates is expected to increase the prices of elevators & escalators manufactured by them. However, in May 2025, the U.K. decided not to impose tariffs on imported copper, lumber, and aluminum from the U.S. UK ELEVATOR AND ESCALATOR MARKET OPPORTUNITIES & DRIVERS Integration of Artificial Intelligence (AI) in the U.K. Elevator and Escalator Market is Expected to Create Opportunities in the Market The integration of AI in the U.K. elevator and escalator market 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 IoT-enabled sensors attached to escalators and elevators to anticipate and stop problems before they happen. This improves equipment reliability and drastically cuts downtime. AI-based predictive maintenance systems have been implemented in several U.K. commercial and residential buildings by multinational corporations with significant operations in the U.K., including KONE and Otis. Urbanization and Population Growth in the U.K. Rapid urbanization and rising population are key drivers of the construction market. By 2024, the population is expected to reach approximately 36 million people, with 84.4% living in urban areas. This urbanization requires extensive development in housing, infrastructure, and utilities, thereby supporting the U.K. elevator and escalator market growth. In addition, the U.K. government is investing to support population growth, focusing on housing, healthcare, education, and infrastructure. In 2024-2025, over 6.64 billion has been allocated for Affordable housing to address the growing demand. It is also investing in healthcare, and millions of dollars are expected to be allocated in the market. Growing Investments in the U.K.'s Housing Sector The housing sector in the U.K. is experiencing strong and stable growth, supporting high demand for new homes and active government initiatives to make housing more affordable. Urban regeneration projects and a growing focus on sustainable construction are creating modern, eco-friendly communities across cities and towns. The sector is appealing to significant domestic and international investment, which leads to innovation and developed building standards. Furthermore, the U.K. government revealed a USD 2.66 billion investment to build 18,000 new affordable homes, with construction expected to begin in March 2027 and be finished by June 2029. This investment is part of the high demand for affordable housing programs. Moreover, they also planned to allocate more funds for 2026-27 and the coming years, ensuring constant support is available for the construction of affordable housing. Expansion and Development of the Growing Airport Industry The U.K. is actively developing its transport industry to improve global connectivity, supporting the rising passenger demand as well as economic growth. Major airports in the country are undergoing large-scale upgrades, including runway expansion, terminal enhancements, and digital infrastructure improvements. These developments aim to strengthen the U.K.'s position as a leading international aviation hub while also creating new jobs and boosting the economy. It is taking steps to address airport capacity issues by investing in airport expansion projects at Heathrow, Gatwick, and Luton airports in 2025. Such steps are projected to support the U.K. elevator and escalator market growth. Meanwhile, London City Airport has been approved for an expansion that will accommodate up to 9 million passengers every year by 2031. In addition, London Stansted is also investing USD 1.47 billion in terminal expansions and improvements to passenger services. In addition, the UK has the third-largest aviation network in the world, behind China and the United States, and London's airports serve more routes than any other European city. INDUSTRY RESTRAINTS High Construction Cost in the United Kingdom In the U.K., the cost of construction has risen in recent years. Industry reports advise that construction costs have risen by around 15-20% since 2020, mainly due to the rising prices of resources such as steel, timber, and cement. These price increases have been intensified by supply chain disruptions affected by the pandemic, as well as ongoing geopolitical tensions affecting global trade. In 2024, the U.K.'s construction industry recorded a real term of 0.7% primarily due to high price increases, rising construction material costs and energy prices, and a significant weakness in the residential construction sector. Furthermore, the rise in construction costs is also impacting U.K. housing prices. It's making it more expensive to buy a new home, as developers are passing on the increased costs to buyers. Moreover, they are facing a challenging era, as they try to balance the need to build new homes and commercial properties with rising costs. Skilled Labor Shortage and Regulatory Challenge The U.K.'s ambitious Vision 2030 focuses on infrastructure development, which is facing significant challenges due to a severe shortage of skilled labor, particularly in the installation and maintenance of elevators and escalators, and can subsequently hamper the U.K. elevator and escalator market growth. Additionally, the U.K. construction sector is facing a general skills shortage, with 62% of organizations reporting difficulty finding workers with the right skills. This is particularly important in the construction industry, which needs at least 225,000 additional workers by 2027. The construction, manufacturing, and industrial sectors are now facing a shortage of skilled employees with the right qualifications or experience. The construction market is experiencing insistent labor shortages, particularly among bricklayers, carpenters, electricians, and plumbers. These shortages have led to project delays and increased costs. UK ELEVATOR AND ESCALATOR MARKET VENDOR LANDSCAPE Key Vendors Otis KONE TK Elevator Schindler Mitsubishi Electric Hitachi Stannah elevators Fujitec Other Prominent Vendors Toshiba Elevator and Building Systems Corporation Delfar Elevator Co., Ltd. Orona KLEEMANN Cibes Lift Aritco Key Attributes: Report Attribute Details No. of Pages 120 Forecast Period 2024 - 2030 Estimated Market Value in 2024 8218 Units Forecasted Market Value by 2030 9874 Units Compound Annual Growth Rate 3.1% Regions Covered United Kingdom 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 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 UK Elevators & Escalators 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
Zawya
03-06-2025
- Business
- Zawya
TK Elevator snaps up key Kuwait International Airport contract
Kuwait - TK Elevator (TKE) has announced that it has been awarded a major package (Package 3) covering the aircraft aprons and taxiways and service buildings at the Kuwait International Airport (KWI). The scope of work includes the supply, delivery, installation, and a two-year maintenance contract of 55 passenger boarding bridges. This agreement reinforces TKE's position as a premier infrastructure partner in the Middle East, thus leveraging its long-standing relationship with KWI, said TKE in a statement. The new Terminal 2, under construction by Limak Insaat and overseen by the Kuwait Ministry of Public Works, features an iconic design by Foster + Partners, and is set to become a major hub in the Gulf region. Covering 750,000 sq m with a roof area of 315,000 sq m, it will significantly increase Kuwait International Airport's capacity to handle 25 million passengers annually, it stated. TKE said its solutions will enable seamless passenger flow and play a vital role in enhancing operational efficiency and ensuring a seamless passenger experience, thus contributing to Kuwait's growing position as a key regional air hub. TKE's 55 custom-designed PBBs, featuring a unique steel and glass design and tailored width specifications, will seamlessly accommodate all aircraft types – from Code C (for example A320 or B737) to code F (eg A380 or B 747-8), it stated. On the key contract win, Ignacio Madinah, the CEO of Airport Solutions at TK Elevator, said: "Our reputation for service and product excellence, customisation capabilities and maintenance expertise combined with our extensive experience in large-scale infrastructure projects, makes us a trusted partner." "We are proud to support Kuwait Airport in their expansion, realizing Kuwait's new airport development project's ambition to become a key hub in the Middle East," he stated. This contract highlights TKE's commitment to excellence and innovation in the airport equipment sector. It builds on a longstanding relationship with Kuwait Airport, including previous PBB installations at the Amiri Terminal, Terminal 4, and Terminal 5. TKE's ongoing contributions demonstrate its dedication to enhancing operational efficiency and passenger experience, aligning with Kuwait Airport's strategic vision. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
02-06-2025
- Business
- Trade Arabia
TK Elevator snaps up key Kuwait International Airport contract
TK Elevator (TKE) has announced that it has been awarded a major package (Package 3) covering the aircraft aprons and taxiways and service buildings at the Kuwait International Airport (KWI). The scope of work includes the supply, delivery, installation, and a two-year maintenance contract of 55 passenger boarding bridges. This agreement reinforces TKE's position as a premier infrastructure partner in the Middle East, thus leveraging its long-standing relationship with KWI, said TKE in a statement. The new Terminal 2, under construction by Limak Insaat and overseen by the Kuwait Ministry of Public Works, features an iconic design by Foster + Partners, and is set to become a major hub in the Gulf region. Covering 750,000 sq m with a roof area of 315,000 sq m, it will significantly increase Kuwait International Airport's capacity to handle 25 million passengers annually, it stated. TKE said its solutions will enable seamless passenger flow and play a vital role in enhancing operational efficiency and ensuring a seamless passenger experience, thus contributing to Kuwait's growing position as a key regional air hub. TKE's 55 custom-designed PBBs, featuring a unique steel and glass design and tailored width specifications, will seamlessly accommodate all aircraft types – from Code C (for example A320 or B737) to code F (eg A380 or B 747-8), it stated. On the key contract win, Ignacio Madinah, the CEO of Airport Solutions at TK Elevator, said: "Our reputation for service and product excellence, customisation capabilities and maintenance expertise combined with our extensive experience in large-scale infrastructure projects, makes us a trusted partner." "We are proud to support Kuwait Airport in their expansion, realizing Kuwait's new airport development project's ambition to become a key hub in the Middle East," he stated. This contract highlights TKE's commitment to excellence and innovation in the airport equipment sector. It builds on a longstanding relationship with Kuwait Airport, including previous PBB installations at the Amiri Terminal, Terminal 4, and Terminal 5.
ME Construction
22-04-2025
- Business
- ME Construction
TK Elevator transforms Madrid Airport as first fully remote-operated hub with MAX Automate
Technology TK Elevator transforms Madrid Airport as first fully remote-operated hub with MAX Automate By By PBB control, MAX Automate streamlines processes, enhances safety through advanced sensor and camera technology, and promotes sustainability by reducing vehicle movements and associated emissions TK Elevator (TKE) has implemented its MAX Automate system at Adolfo Suárez Madrid-Barajas Airport in Spain. The technology is said to have made Madrid the world's first major airport to remotely operate a total of 129 Passenger Boarding Bridges (PBBs) across its five terminals. By PBB control, MAX Automate streamlines processes, enhances safety through advanced sensor and camera technology, and promotes sustainability by reducing vehicle movements and associated emissions, said the firm. Adolfo Suárez Madrid-Barajas Airport, Spain's biggest airport, is one of the top five European airports and one of the busiest airports in the world. In 2024, it welcomed over 66m passengers. With the new MAX Automate system, the airport will be even more efficient for travelers. It'll be simpler, safer, and better managed, making journey smoother, said a statement. 'MAX Automate represents a paradigm shift in airport operations,' said Ignacio Medina, CEO of Airport Solutions at TK Elevator. 'By pioneering this system in Madrid, we've demonstrated how PBB automation can be implemented at scale and our commitment to driving digital transformation in the aviation industry. This solidifies TKE's position as a leader in the PBB automation path. MAX Automate is an innovation that keeps evolving, pushing airports to move beyond traditional operations and adopt digital technologies that will shape the future of seamless, efficient airport management.' MAX Automate integrates hardware and software for airport operations, offering three customisable levels of enhancement. The Remote Control System will assist operators to remotely control multiple PBBs from a single control station, eliminating the need for operator transfers. The Automatic Docking Assistance employs stereo cameras and advanced artificial vision algorithms to ensure precise and safe docking. The Remote Automatic Docking Assistance combines remote operation with automatic docking, providing convenience and reliability. At Madrid Airport, the Remote Control System is operated from three dedicated control rooms, allowing staff to connect to and control all 129 PBBs. This approach optimises docking procedures, reduces turnaround times – a major cost factor in the industry and eliminates the need for operators to move between stands. The system further enhances operational efficiency by minimising downtime and enabling docking upon receiving the 'OK handling' signal. Beyond operational improvements, MAX Automate enhances safety by reducing human intervention during docking, lowering the risk of incidents and damage to PBBs and aircraft. Staff can become more specialised, opening new career paths for employees with disabilities. Sustainability is another advantage, as fewer operator transfers lead to reduced vehicle usage on the apron, CO₂ emissions and supporting airports in meeting their environmental goals. As the step towards PBBs, MAX Automate underscores TK Elevator's commitment to delivering innovative, fully integrated solutions. This lays airport operations and foundation for further advancements in airport automation and digitalisation, the company concluded.
