Singapore Elevators & Escalators Market to Grow at 3% CAGR 2022-2027

Strategic Insights -

The Singapore elevators and escalators market is expected to experience significant growth, driven by increased urbanization and the government's focus on infrastructure development in key economic cities. The implementation of the Green Buildings Innovation Cluster (GBIC) initiative aims to increase the adoption of energy-efficient technologies in vertical transportation, further propelling market growth.

Key Takeaways:

  • The market will grow at a CAGR of over 3% during 2022-2027, driven by urbanization and government initiatives.
  • The Green Buildings Innovation Cluster (GBIC) initiative will create opportunities for energy-efficient technologies in vertical transportation, contributing to market growth.
  • The government's investment in sustainable infrastructure and public transportation will create demand for elevators, especially in residential sectors.
  • The Lift Upgrading Program (LUP) aims to provide residents with access to lifts on all floors in older HDB blocks, addressing concerns for new buyers.
  • Manufacturing companies in Singapore have initiated over 1,300 transformation initiatives to modernize and change their companies, focusing on technology implementation, automation, and digitalization.
  • The Building Maintenance and Strata Management (BMSM) Act will be ported over to the Building Control Act (BC Act), with new changes including Plan Submission requirements for Elevators & Escalators.
  • The government has unveiled initiatives to accelerate the built environment sector's transformation, including an upgraded Green Mark Incentive Scheme and a new Integrated FM/Aggregated FM Grant.
  • The top 4 prominent vendors in the market, including KONE, Mitsubishi, Schindler, and TKE, account for 36% of the market share.

Statistics:

  • The Singapore elevators and escalators market will grow at a CAGR of over 3% during 2022-2027.
  • The government has pledged $43.5 billion (EUR38.5 billion) investment in sustainable infrastructure, subways, and light rail as part of the smart nation initiative.
  • The Lift Upgrading Program (LUP) will be implemented in older HDB blocks, targeting blocks over 30 years old.
  • Manufacturing companies in Singapore initiated over 1,300 transformation initiatives during the lockout period between January and August 2020.
  • The top 4 prominent vendors in the market, including KONE, Mitsubishi, Schindler, and TKE, account for 36% of the market share.
  • The government will invest $184 million to accelerate industrial transformation in the built environment sector.

Sources:

  • GLOBE NEWSWIRE (via COMTEX), "Singapore Elevators & Escalators Market to Grow at 3% CAGR 2022-2027" (August 29, 2022)
  • Arizton's research report, "Singapore Elevators & Escalators Market Report" (August 2022)
  • Enterprise Singapore, "Manufacturing companies in Singapore: Modernization and transformation initiatives" (2020)
  • Ministry of National Development, "Committee of Supply: Built Environment Sector" (2022)
  • Building Maintenance and Strata Management (BMSM) Act
  • Building Control Act (BC Act)