Elevator Ropes Market Analysis | 2022-2027

Market Insights

"The elevator ropes market is estimated to grow at a steady CAGR of 5.0% during the forecast period to reach a value of USD 706 million in 2027".

Want to know more about the market scope? Register Here.

Market Dynamics

Introduction

Elevator rope, also known as elevator wire rope, is made up of wires, strands, and a core made of fiber or steel. It is a vital part of an elevator system as it helps in the elevator cab movement.

Market Drivers

Exponential growth in the infrastructure industry is driving the growth of building & construction activities, which, in turn, is escalating the demand for elevator ropes. The global rise in urbanization and population has fuelled the construction of residential and commercial structures, which is expected to further boost the demand for elevators including their ropes, in the coming years.

Market Restraint

The primary restraint for the ropes market will be the shift toward the adoption of ropeless elevators. Elevator ropes are more prone to damage from vibrations because of their low-damping properties. The unquestionable advantage of ropeless elevators requiring less space will also play a significant role in the change of market trend, diluting the penetration of elevator ropes in the market.

COVID-19 Impact

The rapid spread of COVID-19 in 2020, crippled the world economy, and almost every industry suffered significant losses. Along with the construction industry, the market for elevator ropes also witnessed a decline. However, the market made a strong comeback in 2021 and experienced healthy growth of about 5.3%.

Segments' Analysis

By Application Type

"The hoist segment dominate the market during the forecast period".

• The market is bifurcated into the hoist, compensating rope, governor, and control (door closing rope).
• Among these application types, hoist dominates the market. The hoist is made of high-strength material as it is attached to the elevator cab and counterweights. Growing population and rapid urbanization have increased the demand for low- to medium-rise buildings, making hoists the dominant application over the forecast period.

Want to get more details about the segmentations? Register Here

By Core Type

"Fiber core ropes hold a larger share of the market and are also expected to witness higher growth during the forecast period".

• The market is segmented into fiber core and independent wire rope core.
• Fiber core offers greater flexibility and durability than independent wire rope core. Increasing demand for low to medium-rise buildings is likely to act as the major growth driver for the segment.

Regional Analysis

"Asia-Pacific is expected to remain the largest market for elevator ropes during the forecast period".

• The region is likely to witness the highest growth in the coming years. Developing economies, such as China and India, are experiencing substantial growth in construction activities, which, in turn, is acting as the growth driver for the elevator ropes market.
• North America and Europe are also likely to offer healthy growth opportunities over the forecast period.

Know the high-growth countries in this report. Register Here.

Key Players

The following are the key players in the Elevator Ropes Market (arranged alphabetically).

• Alps Wire Rope Corporation
• Bridon-Bekaert (The Ropes Group)
• BRUGG Lifting AG
• Gustav Wolf GmbH
• Jiangsu Safety Steel Wire Rope Co., Ltd.
• KISWIRE LTD.
• Loos & Co. Inc.
• PFEIFER DRAKO Drahtseilwerk GmbH
• Santini Funi Srl
• Usha Martin

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Report Features

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.

What Deliverables Will You Get in this Report?

Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s elevator ropes market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a 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 books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across the 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 to sales@Stratviewresearch.com.