USD 655.2 million
Elevator Ropes Market Size, Share, Growth Analysis, By Core(Fiber core (FC), Independent wire rope core (IWRC)), By Elevator(Machine room (MR) elevator, Machine room less (MRL) elevator, Hydraulic elevator), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2156 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Elevator Ropes Market Insights
Global Elevator Ropes Market size was valued at USD 655.2 million in 2022 and is poised to grow from USD 681.41 million in 2023 to USD 932.55 million by 2031, growing at a CAGR of 4% during the forecast period (2024-2031).
In recent years, the demand for vertical expansion in both residential and commercial structures has surged due to global urbanization and population growth. This trend is poised to significantly amplify the need for elevators and, consequently, elevator ropes in the years ahead. Prominent countries like India and China are anticipated to witness substantial increases in construction-related investments, thereby boosting lift sales in the region.
This trajectory will play a pivotal role in driving the market growth of elevator ropes. The rise in energy-efficient buildings, coupled with the growing demand for high-speed lifts, is expected to further fuel the demand for elevator ropes.
However, a notable restraint on these ropes in the foreseeable future is the rising popularity of ropeless elevators. Elevator ropes exhibit limited damping qualities, rendering them more susceptible to damage from vibrations.
The elevator industry is undergoing a digital transformation similar to numerous other sectors. Building owners and facility managers can now harness sophisticated elevator data in practical and meaningful ways. Innovations like the green lift, equipped with high-efficiency permanent magnet (PM) and gearless motor systems, exemplify energy-efficient advancements.
Lightweight, lubrication-free, PU-coated steel belts are being employed in elevators and escalators for improved energy efficiency compared to conventional steel wire ropes. As the industry evolves, these advancements may reshape the conventional functions of lifts in contemporary buildings.
US Elevator Ropes Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Fiber core (FC)
Fastest Growth
Fiber core (FC)
Growth Rate
4% CAGR
Global Elevator Ropes Market ($ Mn)
Country Share for Asia Pacific Region (%)
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Elevator Ropes Market Segmental Analysis
The global elevator ropes market is segmented on the basis of core, elevator, region. By core, the market is segmented into fiber core (FC), independent wire rope core (IWRC). By elevator, the market is segmented into machine room (MR) elevator, machine room less (MRL) elevator, hydraulic elevator. By functionality, the market is segmented into traction/hoist, governor, compensation. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Elevator Ropes Market Analysis By Functionality
In the context of the elevator ropes market, the traction/hoist ropes hold considerable significance. These ropes are strategically connected, with one end attached to the lift cab and the other to a counterweight. Functionally, they are positioned within grooves on the driving sheave, which is actuated by a motor. This mechanical motion, often facilitated by a brake system with or without a gearbox, generates the frictional force between the grooves and the ropes. Consequently, this interaction causes the ropes to facilitate the movement of the lift cab, enabling it to ascend and descend as required. Traction/Hoist ropes form an integral part of the elevator's propulsion system, and their precision is pivotal in ensuring smooth and controlled vertical transportation.
Within the elevator ropes market, the Governor ropes serve as a crucial safety component. Typically situated either within the hoistway or overhead, the governor plays a pivotal role in monitoring and maintaining elevator safety. The presence and proper functioning of governor ropes are instrumental in averting potential accidents and upholding the highest standards of elevator safety.
Elevator Ropes Market Analysis By Core
Notably, the global market for fiber core (FC) lift ropes is poised to exhibit the most rapid expansion within the projected time frame. This accelerated growth can be attributed to the mounting demand for high-speed lifts, especially in response to the rising popularity of energy-efficient buildings. These trends are expected to significantly propel the demand for lift ropes in the market.
Global Elevator Ropes Market By Product
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Elevator Ropes Market Regional Insights
Forecasts indicate that Asia-Pacific is positioned to maintain its status as the largest market for elevator ropes worldwide throughout the projected period. Moreover, this region is anticipated to experience the most substantial growth trajectory in the coming years. This projection finds its basis in the burgeoning construction activities observed in emerging economies like China and India, which in turn is fueling an escalating demand for elevator ropes, thus facilitating market expansion.
Looking forward, both North America and Europe are poised to present robust growth prospects. In North America, this trend is driven by the concerted efforts of regional governments to bolster their transportation infrastructure through strategic investments. Notably, the implementation of extensive infrastructure development projects across the region is poised to significantly augment the demand for elevators, subsequently catalyzing the expansion of the elevator ropes market.
Similarly, in Europe, infrastructure rejuvenation efforts and advancements in transportation systems are set to stimulate demand for elevators, thereby positively influencing the elevator ropes market. The construction of smart buildings and the need for efficient vertical transportation within urban spaces further contribute to the market's growth in the region.
Global Elevator Ropes Market By Geography
- Largest
- Fastest
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Elevator Ropes Market Dynamics
Elevator Ropes Market Drivers
Infrastructure Development
- Government initiatives to enhance transportation infrastructure, especially in developing countries, are boosting the demand for elevators and elevator ropes.
Energy-efficient Buildings
- High-speed elevators are becoming more popular as energy-efficient buildings gain popularity, necessitating the use of sophisticated and effective elevator ropes.
Innovations in Elevator Technology
- Specialized elevator ropes are essential to accommodate developments in elevator technology, such as intelligent elevator systems and IoT integration.
Elevator Ropes Market Restraints
Rise of Ropeless Elevators
- To enable these developments, specialized elevator ropes are required, which is being driven by advancements in elevator technology including intelligent elevator systems and IoT integration.
Complex Installation and Maintenance
- It can be difficult and expensive to construct and maintain elevator ropes, which might be a barrier, especially in areas where there is a lack of qualified workers.
High Initial Costs
- High-quality elevator ropes can be expensive, leading to higher initial costs for elevator manufacturers and building developers.
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Elevator Ropes Market Competitive Landscape
The global elevator ropes market features a competitive landscape characterized by a mix of established industry leaders, innovative players, and regional manufacturers. Market participants are continually engaged in enhancing their product portfolios, developing advanced materials, and focusing on customer-centric solutions to maintain a competitive edge.
Prominent companies such as PFEIFER Holding GmbH, Tokyo Rope Mfg. Co., Ltd., and Bridon-Bekaert Ropes Group are driving the market with their extensive experience and global presence. These key players emphasize research and development to introduce technologically advanced elevator ropes that meet safety regulations, durability standards, and energy efficiency requirements.
Elevator Ropes Market Top Player’s Company Profiles
- PFEIFER Holding GmbH (Germany)
- Tokyo Rope Mfg. Co., Ltd. (Japan)
- Bridon-Bekaert Ropes Group (United Kingdom)
- WireCo WorldGroup (United States)
- Gustav Wolf GmbH (Germany)
- Teufelberger Holding AG (Austria)
- Jiangsu Fasten Elevator Rope & Sling Co., Ltd. (China)
- Jiangsu Langshan Wire Rope Co., Ltd. (China)
- Yale Cordage Inc. (United States)
- Usha Martin Limited (India)
- DSR Wire Corp. (South Korea)
- RopeBlock B.V. (Netherlands)
- ArcelorMittal S.A. (Luxembourg)
- CASAR Drahtseilwerk Saar GmbH (Germany)
- Siam Brothers Vietnam JSC (Vietnam)
- Guizhou Wire Rope Co., Ltd. (China)
- Ropes for Cranes (Poland)
- Lanko Trading Co., Ltd. (Thailand)
- ArcelorMittal WireSolutions (Belgium)
- Tadano Ltd. (Japan)
Elevator Ropes Market Recent Developments
- In March 2023, Kiswire Corporation announced that it had signed a contract to supply elevator ropes to a major elevator manufacturer in China.
- In February 2023, Gustav Wolf announced the launch of its new line of elevator ropes that are designed to be more durable and energy-efficient than traditional elevator ropes.
- In January 2023, Usha Martin announced the opening of a new manufacturing facility in India.
Elevator Ropes Key Market Trends
- Demand for Energy-efficient Elevator Ropes: With the focus on sustainable buildings, there is a growing demand for elevator ropes that are not only durable but also energy-efficient, contributing to reduced operational costs.
- Market Consolidation: The elevator ropes market is witnessing consolidation as larger manufacturers acquire smaller companies to expand their product portfolio and geographical presence.
- Integration of Advanced Materials: Elevator rope manufacturers are exploring advanced materials like high-strength synthetic fibers and specialized coatings to enhance rope performance and durability.
Elevator Ropes Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global elevator ropes market analysis, the global elevator ropes market is poised for substantial growth driven by urbanization, infrastructure development, and the demand for energy-efficient vertical transportation systems. Asia-Pacific is expected to maintain its dominance due to surging construction activities in countries like China and India. North America and Europe are also set to witness significant growth, fueled by infrastructure upgrades and transportation investments. However, the rise of ropeless elevator systems poses a challenge to conventional elevator ropes. Trends like material innovation, customization, safety enhancements, and digitalization are reshaping the market. Established players like PFEIFER Holding GmbH and Tokyo Rope Mfg. Co., Ltd., along with regional manufacturers and startups, contribute to the competitive landscape. As the industry focuses on sustainability and safety, elevating performance, durability, and safety standards, those who adapt to evolving market demands and technological advancements are poised to capitalize on the burgeoning opportunities in the global elevator ropes market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 655.2 million |
| Market size value in 2031 | USD 932.55 million |
| Growth Rate | 4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Elevator Ropes Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Elevator Ropes Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Elevator Ropes Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Elevator Ropes Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Elevator Ropes Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Elevator Ropes Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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