According to Arizton’s latest research report, the Singapore elevator and escalator market is growing at a CAGR of 3.52% during 2024-2030.
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Report Summary
Market Size by New Installations (2030): 1.52 Thousand Units
Market Size by New Installations (2024): 1.24 Thousand Units
CAGR – New Installations (2024-2030): 3.52%
Market Size by Installed Base (2030): 85.51 Thousand Units
Market Size by Modernization (2030): $146.07 Million
Historic Year: 2021-2023
Base Year: 2024
Forecast Year: 2025-2030
Singapore Elevator & Escalator Market Overview
The Singapore elevator and escalator market is poised for steady growth, with new installations expected to reach 1,527 units by 203. Key growth drivers include rapid urbanization, infrastructure development, and the expansion of the real estate sector, with increasing demand for vertical transportation in high-rise buildings. Government initiatives like the Draft Master Plan 2025 and strong foreign direct investment (FDI) also contribute to market expansion. Additionally, the need for modernization and maintenance of aging buildings boosts demand for elevator and escalator services. The tourism sector's growth, supported by programs like the Tourism Development Fund, is further fueling investment in hospitality infrastructure. Technological advancements, including AI integration, also support market growth. However, challenges such as inflation, labor shortages, and land scarcity may impact the market. Despite this, the Building and Construction Authority (BCA) expects substantial construction demand in the coming years, ensuring continued market growth.
Recent Developments in the Singapore Elevator and Escalator Market
- In August 2024, Otis unveiled its Gen3™ connected elevator platform at its ‘Platform for Possibility’ launch event in Southeast Asia.
- Furthermore, in 2024, Mitsubishi Electric Building Solutions Corporation announced its new elevator type, NEXIEZ-Fit’, which is an elevator that combines superior cost performance with carefully selected specifications.
- Moreover, in December 2024, KONE announced the launch of its High-Rise MiniSpaceTM DX elevator in the Southeast Asia market. The elevator comes with KONE UltraRope®, which is 80% lighter than traditional steel rope and three times more durable.
Growth in Demand for 16-24 Person Elevators Driven by Healthcare Sector Expansion
Companies like KONE and Mitsubishi Electric offer elevators with capacities of 16–24 passengers, such as KONE's Highrise MiniSpace elevators, which can carry up to 1,600 kg or 24 people at speeds of 4 m/s. The growing investment in healthcare facilities is driving demand for elevators with these capacities.
In 2024, the Singapore government announced plans to advance its healthcare sector, including the redevelopment of Alexandra Hospital into a larger 1,300-bed facility. The project, starting in 2028, will span 10 years and include two additional high-rise buildings. Additionally, two new hospitals, the Eastern General and Community Hospitals, are set to be completed by 2029-2030. These projects are expected to significantly increase the demand for 16-24 person elevators in Singapore.
Infrastructure Development Drives Elevator Demand in Singapore’s West and North-East Regions
The West Region of Singapore, home to heavy industries like petrochemicals, is a key economic hub with major international companies operating on Jurong Island and Pulau Bukom. The Jurong Lake District, which features industrial parks and high-tech industries, is seeing significant construction, increasing the demand for elevators. Notably, the Jurong East Integrated Transport Hub, a major development in the western region's second CBD, includes a 27-storey and an eight-storey block and is expected to be completed by 2027.
The North-East region is also undergoing substantial infrastructure development, including the Punggol Digital District (PDD), a 50-hectare business district that will feature residential and commercial spaces. Additionally, the North-South Corridor project, slated for completion between 2027 and 2029, will enhance connectivity between the northern regions and the city, supporting increased demand for vertical transportation solutions across Singapore.
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Key Vendors
- Otis
- KONE
- TK Elevator
- Schindler
- Mitsubishi Electric
- Hitachi
- Hyundai Elevator
- Fujitec
- Toshiba Elevator and Building Systems Corporation
- Sigma Elevator
- Stannah Lifts Holdings Ltd
- CA M&E Elevator
- Gylet
- IFE ELEVATORS CO., LTD.
Elevator Market Segmentation by
Machine Type
- Hydraulic and Pneumatic
- Machine Room Traction
- Machine Room Less Traction
- Others
- Climbing
- Elevators
- Industrial Elevators
Carriage Type
- Passenger
- Freight
Capacity
- 2-15 Persons
- 16-24 Persons
- 25-33 Persons
- 34 Persons and Above
End-User
- Commercial
- Residential
- Industrial
- Others
- Public Transit
- Institutional
- Infrastructural
Escalator Market Segmentation by
Product Type
- Parallel
- Multi Parallel
- Walkway
- Crisscross
End-User
- Public Transit
- Commercial
- Others
- Institutional Sector
- Infrastructure
- Industrial
Key Questions Answered in the Report:
How big is the Singapore elevator and escalator market?
What will be the growth rate of the Singapore elevator and escalator market?
What are the key opportunities in the Singapore elevator and escalator market?
What is the number of installed bases in the Singapore elevator and escalator market in 2024?
What are the key Singapore elevator and escalator market players?
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