Singapore Elevator and Escalator Market Size & Growth Forecast 2022-2028

Name: Singapore Elevator and Escalator - Market Size & Growth Forecast 2022-2028
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SINGAPORE ELEVATOR AND ESCALATOR MARKET IS EXPECTED TO GROW AT A CAGR OF 3.19% DURING 2022-2028.

Singapore Elevator and Escalator Market Size (Volume)

Installation Base
New Installation Type
Modernization (In Billion)
Maintenance (In Billion)

Singapore Elevator Market Size (Volume)

Installation Base
New Installation Type
Modernization & Maintenance (In Million)

Singapore Escalator Market Size by Volume

Installation Base
New Installation Type
Modernization & Maintenance (In Million)

Singapore Elevator and Escalator Market Size, Share, & Trends Analysis Report by

Elevator Market Segmentation

Machine Type: Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others
Carriage Type: Passenger and Freight
Capacity: 2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
End-User: Commercial, Residential, Industrial, and Others (Public Transit, Institutional, and Infrastructural)

Escalator Market Segmentation

Product Type: Parallel, Multi Parallel, Walkway, and Crisscross
End-User: Public Transit, Commercial, and Others (Institutional Sector, Infrastructure & Industrial)

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022–2028

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Most Exhaustive Report

108 Pages

18 Tables

60 Charts

1 Regions

1 Countries

13 Companies

6 Market Segment

SINGAPORE ELEVATOR AND ESCALATOR MARKET REPORT SCOPE

Report Attribute	Details
MARKET SIZE BY NEW INSTALLATIONS (2028)	2.6 thousand units
MARKET SIZE BY NEW INSTALLATIONS (2021)	2.0 thousand units
CAGR (2021-2028)	3.19%
MARKET SIZE BY INSTALLED BASE (2028)	89.8 thousand units
MARKET SIZE BY MODERNIZATION (2028)	USD 156.2 Million
BASE YEAR	2021
FORECAST YEAR	2022-2028
MARKET SEGMENTATION BY CARRAIGE TYPE	Passenger and Freight
MARKET SEGMENTATION BY CAPACITY	2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
MARKET SEGMENTATION BY END-USER	Commercial, Residential, Industrial, and Others (Public Transit, Institutional, and Infrastructural)
MARKET SEGMENTATION BY MACHINE TYPE	Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others

MARKET INSIGHTS

Singapore elevator and escalator market was valued at 2.1 thousand units in 2021 and is expected to reach 2.6 thousand units by 2028, growing at a CAGR of 3.19% from 2021 to 2028. Increased urbanization, rising demand for high-rise structures, and the government's focus on infrastructure in key economic cities have propelled Singapore's elevator business to new heights.

Sustainable Construction Practices and Lift Upgradation Program to Boost demand for i-Installation of Elevators in Residential and Commercial Buildings.

The 1,074-unit Avenue South Residence comprises two 192-meter-tall, 56-story towers and five low-rise energy-efficient buildings. According to the project's builders, the PPVC (Prefabricated Prefinished Volumetric Construction) approach increased this project's productivity in terms of personnel and time savings by roughly 40%. By the second quarter of 2023, Avenue South Residence is anticipated to be finished.
The Lift Upgrading Program (LUP) is one of HDB's three programs to revitalize mature housing estates and provide residents with solutions to some of their more pressing needs. One concern in HBD blocks that are older than 30 years may be the lack of lift access on all floors, as older blocks tend to have lifts that only stop at floors. Through the LUP, older flats can be fitted with new lift shafts and lifts to allow residents on every floor to access the lifts, thereby leaving new buyers' worries to rest.
A total of 1,100 new replacement flats will be constructed by HDB at Woodlands Street 13 so that homeowners can maintain their familiar surroundings and relationships with their neighbors. The replacement flats' construction will start in the third quarter of 2023 and should be finished by the fourth quarter of 2027.

Governments Effort to Expand Infrastructure Across Nation to Increase Demand for New Installations.

As of March 2020, the government of Singapore had allotted $43.5 billion in investment in sustainable infrastructure, subways, and light rail as a part of the smart nation initiative, which will create demand for elevators.
Besides public housing developments, there are also various significant developments in the pipeline, such as MRT projects, including the Cross Island Line (Phases 2 & 3) and its Punggol Extension and the Downtown Line Extension to Sungei Kadut, the Toa Payoh Integrated Development, redevelopment of Alexandra hospital and a new integrated hospital at Bedok.
Manufacturing companies in Singapore began more than 1,300 initiatives to modernize and change their companies through Enterprise Singapore during the lockout period between January and August 2020. Compared to the same period in 2019, this indicates a 65% rise. The primary transformational areas were technology implementation, automation, remote monitoring, and digitalization solutions.
Existing airports are being upgraded, or new airports are being built. For instance, improvements are being made to the facilities at Changi Airport in Singapore. The 1,080-hectare Changi East project will include the airport's Terminal 5. Following the start of the Covid-19 pandemic and the ensuing decline in demand for air travel, the 50 million capacity Terminal 5 was put on hold in June 2020.

Regulations for Maintenance of Elevators and Escalators in Singapore by Building Construction Authority to Create Demand

The long-term growth potential of the elevator modernization market in Singapore is driven by integrating emerging technologies like 5G technology, artificial intelligence, cyber security, and supporting SME digitization.
Maintenance and Modernization accounted for 81.9% and 18.1%, respectively, for 2021.
The Building Maintenance and Strata Management (BMSM) Act is a regulatory framework specifying the regular and proper maintenance of lifts and escalators to ensure they are safe for use. The existing lift and escalator maintenance provisions under the BMSM Act will be transferred to the Building Control Act (BCA). Some new changes would include Plan Submission requirements for Elevators & Escalators.
In 2019, Hitachi introduced an advanced lift remote monitoring and maintenance service in Singapore, providing real-time operational data about the lifts and implementation of preventive maintenance.

KEY HIGHLIGHTS IN THE REPORT

The goal of having 5G coverage for 50% of the country by the end of 2022 and for the entire country by 2025 is one of many initiatives the government has put in place to assist Singapore's vision of being a global leader in 5G innovation and applications. Among the series of investments by the Infocomm Media Development Authority and National Research Foundation is a $40 million investment towards creating an open and inclusive 5G ecosystem in the country.
One of the major contributing factors toward the success of the Singapore government's implementation of the policy for transformation into the smartest nation in the last ten years is the widespread adoption of IoT technology and integration into the various public facilities, infrastructure, and government administration.
The Republic of Singapore's Housing & Development Board ("HDB") awarded the 28th term contract for the supply and installation of lifts to Hitachi Elevator Asia Pte. Ltd. Singapore in 2021. This is the most significant order ever placed for the Singapore-based lifts and escalators division of the Hitachi company. 300 lifts will be supplied, delivered, and installed in HDB buildings by Hitachi Elevator Asia.
As one of the largest scale deployments of a smart lift monitoring solution to date, ST Engineering has announced that their non-intrusive AGIL Smart Lift Monitoring solution would gradually be placed on lifts in Singapore. The cloud-based AGIL Smart Lift Monitoring solution, supported by attempted smart sensor technology, uses remote diagnostics and edge analytics. The business uses edge analytics and remote diagnostics to enhance lift maintenance. Its cutting-edge rope sensor technology enables quick deployment and provides professionals with the tools to perform lift rope tensioning correctly and efficiently to maximize rope life.
New integrated tourism development in Jurong Lake District is being developed by the Singapore Tourism Board (STB). The STB seeks integrated development plans that feature an engaging combination of attractions, hotels, retail, F&B, and entertainment, with themes centered on technology, edutainment, sustainability, and wellness. In keeping with Singapore's Green Plan 2030 and its status as the nation's premier urban sustainability model, the Jurong Lake District.
Ministry of National Development Committee of Supply has unveiled various initiatives to accelerate the built environment sector's transformation. These include the upgraded Green Mark Incentive Scheme for Existing Buildings, the new Integrated FM/Aggregated FM Grant, and more money for the Cities of Tomorrow Program and the Green Buildings Innovation Cluster Program. Existing programs like the iBuildSG Joint Scholarship and Sponsorship Scheme and the Productivity Innovation Project Incentive Scheme have also been extended. The government will invest $184 million to speed up industrial transformation toward a built environment sector that is more robust and prepared for the future.

VENDOR LANDSCAPE

Asia, Europe, and North America account for significant supplier share by providing prefabricated components to TKE.

The key players in Singapore Elevator & Escalator market are KONE, Otis, Hyundai Elevator, TK Elevator, Mitsubishi Electric, Hitachi, and Schindler.
The top 4 prominent vendors, including Mitsubishi, Schindler, TKE, and KONE, account for 36% of the market share in Singapore.
MESP (Mitsubishi Elevator Singapore Pte) equips employees with the necessary skills and knowledge to provide safe people transportation systems in public and private housing, as well as commercial complexes, through the establishment of a new technical training center and strategic alliances with the Institute of Technical Education and the Building & Construction Authority.

Singapore Elevator and Escalator - Market Size & Growth Forecast 2022-2028

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Frequently Asked Questions

HOW BIG IS THE SINGAPORE ELEVATOR AND ESCALATOR MARKET?

Singapore Elevator & Escalator market by new installations accounted for 2.1 thousand units in 2021, which is expected to reach 2.6 thousand units by 2028.

WHO ARE THE KEY COMPANIES IN THE SINGAPORE ELEVATOR AND ESCALATOR MARKET?

KONE, Mitsubishi Electric, TKE, Hitachi, Hyundai Elevator, Otis, Fujitec, and Schindler

WHAT ARE THE GROWTH FACTORS FOR THE SINGAPORE ELEVATOR MARKET?

Growth in skyscrapers and ongoing urbanization drive the demand for new elevator installations across Singapore.

IN SINGAPORE, HOW MANY ELEVATORS AND ESCALATORS WERE INSTALLED IN 2021?

78.1 thousand units of elevators and escalators were installed in Singapore in 2021.

WHAT WILL BE THE GROWTH RATE OF THE SINGAPORE ELEVATOR AND ESCALATOR MARKET DURING THE FORECAST PERIOD?

The Singapore escalator and elevator market is expected to grow at a CAGR of 3.19% during 2021-2028.

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Singapore Elevator & Escalator market by new installations accounted for 2.1 thousand units in 2021, which is expected to reach 2.6 thousand units by 2028.

Base Year: 2021

Forecast Year: 2022-2028

Scope: The report considers the present scenario of the Singapore elevator & escalator market and dynamics for 2022−2028. It covers a detailed overview of several industry growth enablers, restraints, and trends. The study includes the volume and value sales with a segment analysis of Singapore's elevators & escalators market.

Key Vendors

OTIS
Kone
Schindler
TK Elevator
Hitachi
Mitsubishi Electric
Fujitec
Hyundai Elevator

Other Prominent Vendors

Toshiba
Sigma
Stannah
Gylet Elevators
CA M&E Elevators

Segmentation by Machine Type

Hydraulic and Pneumatic
Machine Room Traction
Machine Room Less Traction
Others

Segmentation by Carriage Type

Passenger
Freight

Segmentation by Capacity

2-15 Persons
16-24 Persons
25-33 Persons
34 Persons and Above

Segmentation by End-User

Commercial
Residential
Industrial
Others
- Public Transit
- Institutional
- Infrastructural

Section 1 – Introduction

• Market Scope
• Market Snapshot of Elevators
• Market Snapshot of Escalators
• Executive Summary

Section 2 – Singapore Elevators Market
Future Outlook -Singapore Elevator Market By Volume

2.1- Singapore Escalators Market- By Segments

2.1.1- Singapore Escalators Market, By Volume
Singapore Escalators Market Size and Forecast, Volume (Units), 2019–2028

2.1.1.1. Singapore Elevators Market, By Type
Hydraulic and Pneumatic , Market Size and Forecast, Volume (Units),2019–2028
Machine Room Traction, Market Size and Forecast, Volume (Units), 2019–2028
Machine Room Less Traction, Market Size and Forecast, Volume (Units), 2019–2028
Others, Market Size and Forecast, Volume (Units), 2019–2028

2.1.1.2. Singapore Elevators & Escalators Market by Carriage Type
Passenger, Market Size and Forecast, Volume (Units), 2019–2028
Freight, Market Size and Forecast, Volume (Units), 2019–2028

2.1.1.3. Singapore Elevators Market by Persons
2-15 Persons, Market Size and Forecast, Volume (Units), 2019–2028
16-24 Persons, Market Size and Forecast, Volume (Units), 2019–2028
25-33 Persons, Market Size and Forecast, Volume (Units), 2019–2028
34 Persons and Above, Market Size and Forecast, Volume (Units), 2019–2028

2.1.1.4. Singapore Elevators Market by End Users
Commercial, Market Size and Forecast, Volume (Units), 2019–2028
Residential, Market Size and Forecast, Volume (Units), 2019–2028
Industrial, Market Size and Forecast, Volume (Units), 2019–2028
Others, Market Size and Forecast, Volume (Units), 2019–2028

Section 3- Singapore Escalators Market
Future Outlook - Singapore Escalators Market by Volume

3.1- Singapore Escalators Market- By Segments

3.1.1- Singapore Escalators Market, By Volume
Singapore Escalators Market Size and Forecast, Volume (Units), 2019–2028

3.1.1.1 Singapore Escalator Market by Type
Parallel, Market Size and Forecast, Volume (Units) , 2019–2028
Multi-parallel, Market Size and Forecast, Volume (Units) , 2019–2028
Walkway, Market Size and Forecast, Volume (Units) , 2019–2028
Crisscross, Market Size and Forecast, Volume (Units) , 2019–2028

3.1.1.2 Singapore Escalator Market by End users
Commercial, Market Size and Forecast, Volume (Units), 2019–2028
Public Transit, Market Size and Forecast, Volume (Units), 2019–2028
Others, Market Size and Forecast, Volume (Units), 2019–2028

Section 4 Singapore Elevators & Escalators Market, By service (Maintenance & Modernization)

Section 5-Geographical Analysis
Key Economic cities in Singapore

Section 6- Market Dynamics
• Market Drivers, Opportunities, Restraints, Trends

Section 7 – Technological Development
Section 8– Competitive Landscape
1. Company Profile of major Vendors
2. Other Prominent vendors

Section 9 – Report Summary
1. List of Abbreviations

Section 10– Appendix (Report Scope & Definition)
1. Research Methodology
2. Market Definition, Inclusion & Exclusion

1. Singapore Elevator & Escalator Installed Base by Volume 2018-2028 (Units)
2. Singapore Elevator & Escalator New Installations by Volume 2018-2028 (Units)
3. Market Share 2021: Maintenance
4. Market Share 2021: Modernization
5. Elevators and Escalators Installed Base : Volume (Units in Thousands)
6. Elevators and Escalators New Installations: Volume (Units in Thousands)
7. Global Elevators & Escalators Market: Products & Services 2021: New installations
8. Maintenance market: Global regions vs Asia Pacific Q1 2022
9. Installed base of elevators by volume (units )
10. New Installations of elevators by volume (units )
11. Maintenance & Modernization Value($Million)
12. Maintenance & Modernization 2021(%)
13. Installed base of escalators by volume (units )
14. New Installations of escalators by volume (units )
15. Maintenance & Modernization Value($Million)
16. Maintenance & Modernization 2021(%)
17. Installed base and New installations of Elevators (Units)
18. New Installations of Elevators (Units)
19. Extended elevator life cycle
20. Average life expectancy of elevator components
21. Average life expectancy of elevator components
22. Hydraulic & Pneumatic Elevators Installed base and New Installations (Units)
23. Machine Room less Traction Elevators Installed base and New Installations (Units)
24. Machine Room Traction Elevators Installed base and New Installations (Units)
25. Others Machine Elevators Installed base and New Installation (Units)
26. Installed base and new installations of Passenger Elevators (Units)
27. Installed base and new installations of Freight Elevators (Units)
28. Installed base and new installations of 2–15 persons elevators (Units)
29. Installed base and new installations of 16-24 persons elevators (Units)
30. Installed base and new installations of 25-33 persons elevators (Units)
31. Installed base and new installations of 34 persons and above elevators (Units)
32. Installed base and new installations of Commercial Elevators (Units)
33. Installed base and new installations of Residential Elevators (Units)
34. Installed base and new installations of Industrial Elevators (Units)
35. Installed base and new installations of other end-user Elevators (units)
36. Installed base and new installations of escalators (Units)
37. New installations of escalators (Units)
38. Installed base and new installations of Parallel Escalators (Units)
39. Installed base and new installations of Multi parallel Escalators (Units)
40. Installed base and new installations of Moving Walkway Escalators (Units)
41. Number of Hotels
42. Installed base and new installations of Criss cross Escalators (units)
43. Installed base and new installations of Public Transit Escalators (Units)
44. Installed base and new installations of Commercial Escalators (Units)
45. Upcoming Industrial space
46. Installed base and new installations of Other End user Escalators (units)
47. Singapore Elevators & Escalators Maintenance Market ($ Mn)
48. Singapore Elevators & Escalators Modernization Market ($ Mn)
49. Elevator Modernization Timeline
50. Elevators and Escalators market : Top cluster share Singapore 2020
51. Percentage share by type of dwellings- 2020
52. Market share 2020(% share)
53. Mitsubishi, total sales by segment2020(%share)
54. TKE total sales 2020-2021($billion)
55. Schindler, total sales 2017-2020($billion)
56. Hitachi, total sales by segment 2020 (% share)
57. KONE, total sales by segment 2020(%share)
58. Otis total sales 2019-2021($billion)
59. Hyundai, sales 2018-2020($billion)
60. Fujitec net sales 2017-2021

LIST OF TABLES

1. Number of tall buildings by countries
2. Top 10 tall buildings in Singapore
3. By Machine, New Installations, Total Incremental Opportunity, 2021-2028
4. By Carriage Type, New Installations, Total Incremental Opportunity, 2021-2028
5. By Capacity (Persons), New Installations, Total Incremental Opportunity, 2021-2028
6. By End User, New Installations, Total Incremental Opportunity, 2021-2028
7. By Product, New Installations, Total Incremental Opportunity, 2021-2028
8. By End User, New Installations, Total Incremental Opportunity, 2021-2028
9. Expected life span of components under regular maintenance and if equipment is manufactured by major OEM
10. Contract value awarded by sector ($million)
11. Developments/ projects
12. Elevators market size & forecast, by type (Units)
13. Elevators by Carriage Type Market Size & Forecast (Units)
14. Elevators market size & forecast, by persons (Units)
15. Elevators by End-Users Market Size & Forecast(Units)
16. Escalators market size & forecast, by type (Units)
17. Escalators market size & forecast, by end users(Units)
18. List of abbreviations

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Singapore Elevator and Escalator - Market Size & Growth Forecast 2022-2028

SINGAPORE ELEVATOR AND ESCALATOR MARKET IS EXPECTED TO GROW AT A CAGR OF 3.19% DURING 2022-2028.

Most Exhaustive Report

SINGAPORE ELEVATOR AND ESCALATOR MARKET REPORT SCOPE

MARKET INSIGHTS

KEY HIGHLIGHTS IN THE REPORT

VENDOR LANDSCAPE

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