What is Global Geared Traction Motors in Elevator Market?
The Global Geared Traction Motors in Elevator Market is a fascinating and complex field that is constantly evolving. It refers to the global market for geared traction motors used in elevators. These motors are a critical component of any elevator system, providing the power necessary to lift and lower the elevator car. They work by using a gear and pulley system to generate traction, which moves the elevator car up and down. The market for these motors is influenced by a variety of factors, including the overall health of the global economy, the rate of urbanization, and the demand for new and upgraded elevator systems. As cities around the world continue to grow and develop, the need for efficient and reliable elevator systems is only expected to increase, driving demand for geared traction motors. However, the market is also subject to challenges, such as the need for ongoing maintenance and the potential for mechanical failures. Despite these challenges, the market for geared traction motors in elevators remains robust and is expected to continue growing in the coming years.
AC Motors, DC Motors in the Global Geared Traction Motors in Elevator Market:
The Global Geared Traction Motors in Elevator Market is divided into two main categories: AC Motors and DC Motors. AC Motors, or Alternating Current Motors, use an alternating current to generate power. They are known for their efficiency and durability, making them a popular choice for many elevator systems. On the other hand, DC Motors, or Direct Current Motors, use a direct current to generate power. They are known for their high starting torque and precise speed control, making them ideal for applications where these characteristics are important. Both types of motors have their advantages and disadvantages, and the choice between the two often depends on the specific requirements of the elevator system. Despite their differences, both AC and DC Motors play a crucial role in the Global Geared Traction Motors in Elevator Market, contributing to its growth and development.
Residential, Commercial in the Global Geared Traction Motors in Elevator Market:
The Global Geared Traction Motors in Elevator Market finds its usage in various areas, notably Residential and Commercial. In the residential sector, these motors are used in elevators installed in multi-story apartments, condominiums, and private homes. They ensure a smooth and comfortable ride for residents, making it easier for them to move between different floors. In the commercial sector, geared traction motors are used in elevators in office buildings, shopping malls, hotels, and other commercial establishments. They play a crucial role in ensuring the efficient movement of people and goods, contributing to the overall productivity and profitability of these establishments. The use of geared traction motors in both residential and commercial elevators is a testament to their versatility and reliability.
Global Geared Traction Motors in Elevator Market Outlook:
The future outlook of the Global Geared Traction Motors in Elevator Market is promising. In 2022, the market was valued at US$ 910 million. It is projected to reach a value of US$ 1302.3 million by 2029, indicating a steady growth. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period of 2023 to 2029. This projected growth is a reflection of the increasing demand for geared traction motors in elevators, driven by the ongoing urbanization and development of cities around the world. As more and more buildings are constructed, the need for efficient and reliable elevator systems will continue to grow, driving the demand for geared traction motors. This growth is expected to be steady and sustained, indicating a healthy and robust market.
| Report Metric | Details |
| Report Name | Geared Traction Motors in Elevator Market |
| Accounted market size in 2022 | US$ 910 in million |
| Forecasted market size in 2029 | US$ 1302.3 million |
| CAGR | 4.5% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
|
| Segment by Application |
|
| Production by Region |
|
| Consumption by Region |
|
| By Company | Changzhou Fulling Motor Co, Ltd, Columbus McKinnon Corporation, Global Partner Elevator, LEESON Electric Corporation, Nidec Motor Corporation, Schindler Elevator Corporation, Siemens AG, GE, The Imperial Electric Company, ZIEHL-ABEGG SE |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
