July 05, 2022 17:20 ET | Source: Arizton Advisory and Intelligence Arizton Advisory and Intelligence
Chicago, July 05, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the Japan elevator and escalator market is expected to grow at a CAGR of 3.6% from 2022 to 2028. The growing demand for urban transportation and governmental efforts to boost tourism and expand transportation infrastructure will propel rail and metro construction across the country, which will push demand for new installation of elevators and escalators.
Freight elevators are quite large and have a wide range of applications for transportation of goods, including industrial truck loading, and car transport. Therefore, growing need for safer mode of freight transportation is likely to drive the demand for this segment. In addition, freight lifts have high weight load capacities, and they offer structural support to transport heavy loads without human error.
Japan Elevator and Escalator Market Report Scope
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The elevator market in Japan is expected to witness rapid growth during the forecast period, owing to development projects such as Redevelopment of Shibuya and ‘Redevelopment Tokyo’.
The anticipated building projects for the World Expo 2025 in Osaka and the construction of the Chuo Shinkansen maglev line have boosted the importance of infrastructure maintenance and urban redevelopment in the construction sector throughout the projection period.
Government’s Smart City Initiative to Boost Demand for Elevators
Having an elevator installed in residential areas offers convenience and luxury. Home elevators have a variety of appealing features such as safety, emergency light, alarm, slack chain, battery backup, hoistway and door interlocks, emergency stop switch, upper landing hatch cover with safety sensors and more that can be pitched to potential buyers as benefits. Toyota is developing a 175-acre smart city near Mount Fuji in Japan, which is about 62 miles away from Tokyo. This future city will serve as a test bed for technologies such as robotics and AI.
Growth in Skyscrapers to Drive Demand for New Elevators
The growth of high-rise construction or skyscraper infrastructure led to innovations by the OEMs, from carbon-fiber cables to magnetic systems. These innovations allow elevators to move sideways and introduce new options for big building designs. Japan plans to build a 1,148 feet tall, supertall wooden skyscraper in Tokyo, and it is expected to be completed by 2041.
Fujitec received an order for 44 escalators and 68 elevators in Tokyo for the development of Toronamon-Azabudai, a skyscraper complex, which is currently under construction. Fujitec’s double-deck elevator, which has two cars attached in a vertical alignment will be included in this project. This project began in 2019, and it is projected to be completed in 2023.
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