Elevator ropes market analysis
Prominent global market players include Bharat Wire Ropes Limited, Loos &Co. Inc., Jiangsu Safety Steel Wire Rope Co. Ltd. and Gustav Wolf GmbH, among several others. Mentioned below are some the notable factors that may impact global elevator ropes market revenue growth in the coming years:
Urbanization in Europe
Increasing number of high-rise buildings and skyscrapers in regions such as Europe will propel the developments in elevator ropes industry. Comparatively high disposable income among people in the region is steering the demand for advanced residential buildings that are technologically equipped.
Reports estimate that, by the end of 2026, Europe elevator ropes industry size will be valued at USD 200 million. Increasing repair and maintenance of elevators in Europe is another prominent factor amplifying the demand for the products in the region.
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Demand for hydraulic elevator
Hydraulic elevators have gained widespread traction over the years due to their cost-effectiveness as compared to other alternatives. By 2026, hydrauhlic elevators segment is expected to account for 15% of the total elevator ropes market share. They are widely found in low rise buildings across the emerging nations in Asia Pacific.
Machine room-less elevators are showing unprecedented demand due to the increasing space constraints for the building owners. The growing presence of buildings particularly in the urban areas has led to the construction of cramped building owing to less space. Reduced cost of installation and maintenance is a major factor complementing the adoption of these elevators.
Wide variety of elevator ropes
Fiber core elevator ropes are witnessing demand due to their ability to provide superior resistance against contact pressure and superior flexibility in handling. FC elevator ropes comprise of superior flexibility and provide resistance to contact pressure. The wire core is mainly made of synthetic or natural fiber materials.
Governor ropes act as a safety mechanism during the fast movement of an elevator cabin. As per reports, by the end of 2026, governor ropes are expected to generate a market revenue of over USD 100 million.
Industrialization in Asia Pacific
Increasing establishment of foreign companies in regions such as Asia Pacific due to FDI inflow and the availability of relatively cheaper cost of labor and raw material is propelling regional demand for commercial and industrial complexes. Consistent demand from such projects will foster elevator ropes industry trends.
Comparative improvement in the rate of affordability among people in countries like China, India, Singapore, Japan, and Thailand is leading to the construction of tall buildings and skyscrapers. Moreover, an increase in tourism in the region is resulting in the establishment of hotels and other forms of accommodation, driving the need for robust elevator solutions.
Author Name : Shreshtha Dhatrak