Feb 09, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Elevator Ropes Market.

It was estimated prior to this unanticipated outbreak that the Elevator Ropes Market is likely to witness an impressive CAGR of 3.9% during the forecast period. The prime factor that is contributing to the demand for elevator ropes is the growing high-rise building construction across the globe.

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Elevator ropes are an element of elevator system that assists in the movement of elevator cab. Elevator ropes consist of wires, core and strands. Such ropes are available in various dimensions depending on its core type.

The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

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Segment Analysis

Based on the core type, the market is segmented as fiber core and independent wire rope core. The fiber core segment is projected to maintain its dominance over the forecast period owing to the high demand for low to medium loading applications. Flexibility and durability offered by fiber core will also augment the segmental growth over the forecast period.

Based on the functionality type, the market is segmented as traction/hoist, governor, and compensation. The traction/hoist segment accounted for the largest share by functionality type in 2019 and is expected to maintain its dominance owing to growing demand from low to medium rise buildings.

Based on the elevator type, the market is segmented as machine room elevator, machine room less elevator, and hydraulic elevator. The machine room less elevator segment accounted for the largest share by elevator type in 2019 and is expected to maintain its dominance owing to low maintenance cost and low installation cost associated with such elevators. Furthermore, such elevators also occupy comparatively less space and thus, are profitable to builders.

In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period. The Asia-Pacific’s market is expected to grow with a lucrative CAGR due to growing construction of high-rise buildings in the region especially in China, India, and Japan.

Key Players:

Key players operating in the global Elevator Ropes market are-

  • BRUGG Lifting AG
  • WireCo WorldGroup
  • Gustav Wolf GmbH
  • Bharat Wire Ropes Limited
  • PFEIFER DRAKO Drahtseilwerk GmbH
  • Usha Martin
  • Tokyo Rope Mfg. Co. Ltd.
  • Alps Wire Rope Corporation
  • Jiangsu Safety Steel Wire Rope Co., Ltd
  • Loos & Co. Inc

Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

The Elevator Ropes analysis report discusses the following heads in great detail:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis
  • COVID-19 Impact Assessment
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
  • Market trend and forecast analysis
  • Market segment trend and forecast
  • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
  • Attractive market segments and associated growth opportunities
  • Emerging trends
  • Strategic growth opportunities for the existing and new players
  • Key success factors

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