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Elevator Ropes Market Report
The Elevator Ropes Market is segmented by Core Type (Fiber Core, Independent Wire Rope Core), by Functionality Type (Traction/Hoist, Governor, and Compensation), by Elevator Type (Machine Room Elevator, Machine Room Less Elevator, and Hydraulic Elevator), and by Region ...
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
Elevator ropes market is likely to witness an impressive CAGR of 3.9% during the forecast period. The prime factor that is contributing to the demand for elevator ropes is the growing high-rise building construction across the globe.
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Elevator Ropes Market – Snapshot |
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Growth |
3.9% for the next five years |
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Key Core Type |
Fiber Core |
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Lucrative Functionality Type |
Traction/Hoist |
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Major Elevator Type |
Machine Room Less Elevator |
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Region with the highest demand |
Asia-Pacific |
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Key Players |
BRUGG Lifting AG, WireCo WorldGroup, Gustav Wolf GmbH, Bharat Wire Ropes Limited, PFEIFER DRAKO Draht Seilwerk GmbH, Usha Martin, Tokyo Rope Mfg. Co. Ltd., Alps Wire Rope Corporation, Jiangsu Safety Steel Wire Rope Co., Ltd, and Loos & Co. Inc. |
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Based on the core type, the market is segmented as fiber core and independent wire rope core. The fiber core segment is projected to maintain its dominance over the forecast period owing to the high demand for low to medium loading applications. Flexibility and durability offered by fiber core will also augment the segmental growth over the forecast period.
Based on the functionality type, the market is segmented as traction/hoist, governor, and compensation. The traction/hoist segment accounted for the largest share by functionality type in 2019 and is expected to maintain its dominance owing to growing demand from low to medium rise buildings.
Based on the elevator type, the market is segmented as machine room elevator, machine room less elevator, and hydraulic elevator. The machine room less elevator segment accounted for the largest share by elevator type in 2019 and is expected to maintain its dominance owing to low maintenance cost and low installation cost associated with such elevators. Furthermore, such elevators also occupy comparatively less space and thus, are profitable to builders.
In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period. The Asia-Pacific’s market is expected to grow with a lucrative CAGR due to growing construction of high-rise buildings in the region especially in China, India, and Japan.
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Elevator ropes are an element of elevator system that assists in the movement of elevator cab. Elevator ropes consist of wires, core and strands. Such ropes are available in various dimensions depending on its core type.
The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Elevator Ropes Market Research Report – Features |
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Market Segmentation |
4 |
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Regions Covered |
4 |
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Countries/Sub-Regions Covered |
17 |
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No. of Figures & Tables |
>150 |
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Company Profiles |
10 |
The elevator ropes market is segmented into the following categories.
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Some of the major players of elevator ropes market are-
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Market Segmentation
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com
The elevator ropes market is expected to witness an impressive growth of 3.9% CAGR in the foreseeable future.
BRUGG Lifting AG, WireCo WorldGroup, Gustav Wolf GmbH, Bharat Wire Ropes Limited, PFEIFER DRAKO Drahtseilwerk GmbH, Usha Martin, Tokyo Rope Mfg. Co. Ltd., Alps Wire Rope Corporation, Jiangsu Safety Steel Wire Rope Co., Ltd, and Loos & Co. Inc are among the key players in the elevator ropes market.
Asia-Pacific is expected to be the largest elevator ropes market in the coming five years.
The fiber core segment is projected to maintain its dominance over the forecast period.
The traction/hoist segment is expected to remain dominant in the elevator ropes market in the coming years.
