According to the most recent hydraulic elevators market research, the hydraulic elevator market should see neutral growth in the short term thanks to the negative impact of Covid on the economy. However, what will start to drive growth in the market is the demand for lower maintenance costs and improved safety.
Safety of Hydraulic Elevators
Hydraulic elevators are the vertical transportation of choice for residential buildings because of their safety and low maintenance costs. Using a system where the car is not suspended in the air like traction elevators, people feel more comfortable in hydraulic elevators. The hydraulic system is safely sustained by a hoist mounted on the machine room so that the entire structure of the building helps support the cab when in motion.
Also, in the case where rescue is required, operations are conducted more easily due to the constant support. Although the neutral growth caused by the pandemic will affect the market in the short term, the advantage of the hydraulic elevators will help secure growth in the coming periods.
Benefits of Residential Hydraulic Elevators
The oil-based lifting technology of hydraulic elevators has proven to be a robust device to move people in low to mid-rise buildings over the past few decades. They offer a more simplistic design than traction elevators, so they are more affordable. Both installation and maintenance for hydraulic elevators continue to remain cost-effective thanks to their durability and life expectancy of over 20 years.
With two decades of expected service before major upgrades are required, developers view hydraulic elevators as a reliable, budget-friendly solution. Because they have fewer working parts than the traction elevator, they have less risk for breakdowns and the need for costly replacements and repairs. A big draw for property management companies is that the hydraulic manufacturers lose fewer proprietary parts, so they aren’t as limited on finding an elevator contractor to service them.
Forecasted Market Growth
Market research reports show the hydraulic elevator market is expected to increase by USD 586.46 million between 2020-2024. Year over year growth should reach 1.34%. One of the driving factors behind predictions is the solution for situations where drilling a hole to accommodate cylinders is not possible. In this case, hole-less hydraulic elevators are available. Companies such as Mitsubishi Electric and Schumacher Elevator Co. manufacture hole-less hydraulic elevators designed for above-ground installation. The impact these elevators have will be much more prominent than holed and roped hydraulic elevators.
Another strong influence on the hydraulic elevator market is the demand in the Asia-Pacific market. It accounts for 42% of the growth expected in the sector. As well, rapid urbanization in hand with suburban expansion will increase construction of low-and mid-rise buildings throughout the region which will help fuel demand for hydraulic elevators.
Since these elevators provide efficient transportation for up to six floors, they are the elevator of choice for this type of building project. The main Pan Asian companies increasing demand are China and India. However, despite its large market share, Asia-Pacific growth is still expected to be less than North America.