Global Assisted Reproductive Technology Market Size research report 2022 offers in-depth assessment of revenue growth, market definition, segmentation, industry potential, influential trends for understanding the future outlook and current prospects for the market.
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Elevators And Escalators Market Growth Size, Value Competitive Landscape 2022-2030
Market Analysis
Elevator & escalator market size was estimated at USD 77.86 billion in 2019 and is projected to reach USD 120.43 billion by 2027, at a CAGR of 6.3% from 2022 - 2030.
Elevators and escalators are two unavoidable aspects of human life. Elevators and escalators are a must-have in any building due to the variety of malls and skyscrapers. Busy time schedules and an increased number of aging population necessitate the facility of escalators and elevators in residential apartments across the globe. According to the United States Census Bureau, the aging population (those over the age of 65) accounted for 8.5% of the overall global population in 2015, and this figure is expected to rise to 12.0% by 2030.
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The growing demand from end-use sectors such as residential, commercial, and hospitals is one of the key factors driving the elevators and escalators industry's growth. Furthermore, the government's increased emphasis on high-rise infrastructure, combined with the growing need for rapid transit, is expected to accelerate the growth of the global elevators and escalators industry. Furthermore, continuous investment in infrastructure development at public places such as railway stations, airports, shopping malls, and so on is expected to boost demand for Elevators And Escalators Market Growth during the forecast period. Tourism is another industry that drives demand for elevators and escalators in strategic locations for the comfort and convenience of tourists visiting the respective countries.
COVID-19 Impact on the Global Elevators and Escalators Market
The elevators and escalators industry has been adversely affected in recent months as a result of lockdowns enforced in the majority of countries due to the COVID-19 outbreak in December 2019. Several nations, including Italy, the United States, and India, have experienced curfew-like circumstances in which companies (other than essential services) were not permitted to operate. Furthermore, the COVID-19 outbreak has delayed the construction industry's growth in recent months, triggering delays that can be traced to many disrupted supply chains. To prevent the spread of the virus, most commercial building projects were ordered to be halted. These factors have significantly impacted the demand for elevators and escalators in recent months. The elevator and escalator manufacturers, as well as the overall construction industry, are expected to face a number of difficulties, as most commercial projects are likely to be left unfinished or delayed due to supply chain disturbances, cash flow constraints, workforce unavailability, and production shutdown. The halt in construction operation at project sites has added to the financial pressures on many manufacturers and developers.
The demand for elevators and escalators is expected to rise in the coming months as many governments plan to lift the lockdowns gradually. As the lockdowns gradually end, the construction industry is expected to expand, but not at the same rate as in previous years. As commercial projects resume around the world, demand for elevators and escalators is expected to rise in the coming months. The elevators and escalators market is projected to recover in the first quarter of 2021 and rise at a substantial CAGR over the next five years, with China leading the global market.
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Market Segmentation
The global elevators and escalators industry has been segmented into type, service, elevator technology, and end-user.
Based on type, the global elevators and escalators market has been segmented into elevators, escalators, and moving walkways.
Based on service, the global elevators and escalators market has been segmented into new installation and maintenance & repair.
By elevator technology, the global elevators and escalators market has been segmented into traction, machine room-Less, and hydraulic.
Based on end-user, the global elevators and escalators market has been segmented into residential and non-residential.
Regional Analysis
Geographically, the global elevators and escalators industry has been divided into four major regions such as Europe, North America, Asia Pacific and the Rest of the World.
In 2016, the Asia Pacific region held the largest market share and is expected to rise at the fastest CAGR during the review period. The growing demand from the residential and construction sectors is the primary factor driving the market's expansion. Government regulations that are more supportive of the market are also fueling its development. In India, for example, the government announced numerous major policy measures, including the Real Estate Act 2016, an amendment to the Benami Transactions Act, a 100% deduction in profits for affordable housing construction, a change in arbitration rules for construction firms, and many others. These policies would help to improve the country's construction industry and increase market demand. Asia Pacific's main markets are China, Japan, India, and Singapore. China is one of the region's most important markets.
Key Players
The prominent players in the global elevators and escalators market include KONE Corporation (Finland), Sigma Elevator Company (Korea), Otis Elevator Company (U.S.), United Technologies (U.S.), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Toshiba Elevator And Building Systems Corporation (Japan), Stein Ltd (Russia), PAPPAS Elevators (Russia), Gulf Elevator & Escalator Co. Ltd. (Saudi Arabia) and Electra Ltd. (Israel).
Summary
The global elevators and escalators market is predicted to grow at a CAGR of 6.01% from 2020 to 2027 (forecast period). Rapid urbanization, changing demographics, and increased construction activity around the world are anticipated to drive rapid growth in the global elevators and escalators industry.
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Industry News
It was in 2020 that transition was steady and supposed to be unexpected. The year made tremendous changes to almost every aspect of our everyday lives. Certainly this has not been the concern of the vertical transport industry. Vertical transport was a priority of the global pandemic. Lifts and escalators were the subject of conversations on renovation and revival of buildings for their critical function.
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Otorhinolaryngology Devices Market Development and Demand Forecast Report 2030
Otorhinolaryngology, also known as otolaryngology, is a medical discipline involving the assessment, diagnosis, treatment, and management of diseases or any other abnormality related to the ears, nose, and throat (ENT), along with those in the head and neck. This medical practice is regarded as one of the oldest, dating back to the 19th century, when medical professionals found the interconnected system between the head and neck. Along with the management of ENT conditions, otorhinolaryngologists are trained to perform plastic and reconstructive surgeries.
ENT surgeons or physicians treat people suffering from functional diseases, which affect the senses and activities such as speaking, drinking, eating, hearing, swallowing, and breathing. They are qualified to perform surgeries on complex and delicate tissues within the human body, near the head and neck regions. Multiple techniques are being developed in this field that require different tools and devices for examining conditions and treating them. This will play a major role in driving the otorhinolaryngology devices market globally in the coming years.
These devices include surgical devices, diagnostic devices, and hearing devices. Among these, the device type with the highest demand is hearing devices. It is due to the surging cases of ear injury, whereafter people often suffer from hearing loss. The growing geriatric population also suffers from hearing problems, which supports the growth in the usage of hearing devices. As per the UN, the number of people aged 65 and above will increase to 1.5 billion by 2050 from 727 million in 2020, thus hinting at a huge demand for hearing aids in the coming years.
Furthermore, the rising number of product approvals and enhancements in technologies will push the demand for otorhinolaryngology devices. The elderly form one of the largest consumer groups for the healthcare, medical devices, and pharmaceutical industries. As per the U.S. Bureau of Labor Statistics, people aged 65 and above account for the highest spending on healthcare, even though their total expenditure on all commodities and services is way lower than of people in the age group of 35–64, the largest spenders in the country.
As a result, the usage of otorhinolaryngology devices is burgeoning in ambulatory surgical centers (ASCs), hospitals, and other healthcare settings. Since ASCs offer minimally invasive surgical procedures, the demand for otorhinolaryngology devices in these settings is predicted to increase on a massive scale. Moreover, ASCs provide patients with the convenience of having surgeries safely without being admitted to a proper hospital. This way, they offer a cost-effective service and a less-stressful environment than hospitals to patients, which will drive the demand for otorhinolaryngology devices.
In the coming years, North America is expected to dominate the otorhinolaryngology devices market. P&S Intelligence attributes this to the rising incidence of hearing loss and associated disorders and the growing geriatric population. In addition, the increasing preference for minimally invasive ENT surgeries and the rising number of manufacturers in this region are helping boost the sale of such devices. Significant otorhinolaryngology device manufacturers are Olympus Corporation, Acclarent Inc., Sonova Holdings AG, Karl Storz SE & Co. KG, and Smith & Nephew plc.
Hence, it can be said that the increasing prevalence of ENT diseases will boost the demand for otorhinolaryngology devices in the coming years.
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