U.K. Vertical-Transportation Market Expected to Grow
According to the latest research report by Arizton reported by GlobeNewswire, the U.K. elevators and escalators market is expected to grow at a compound annual growth rate (CAGR) of 4.7% during 2022-2028. In 2021, the modernization segment of the U.K. elevators and escalators market accounted for a revenue share of US$135.9 million, which is expected to grow at a CAGR of 3.05% to reach US$167.7 million in 2028. Also, the market was valued at 9,300 units in 2021 and is expected to reach 12,800 units by 2028. The construction of high-rise buildings has increased considerably in the U.K. in recent years in both the height and number of buildings, and the pipeline of high-rise buildings across the country is around 549 buildings, of which approximately 58% are in London, according to GlobeNewswire. The U.K. has just 33 high-rise buildings that exceed a height of 150 m. According to the Council on Tall Buildings and Urban Habitat, the U.K. has the third-tallest buildings in Europe and the 22nd-tallest buildings worldwide based on the number of buildings with an elevation of 150 m and above. The report also shows that, according to the World Bank, the population across the U.K. will rise by 25% from a little over 61 million to almost 77 million by 2060. This surge in the country’s urban population will result in congestion, particularly in the commercial sector, and drive demand for escalators.