About Elevator Wire Rope
Elevator wire rope is engineered and made of steel, it looks like a parallel strands construction which helps in reducing the incidence and manages the weight of the elevators. It has higher redundancy and detectability with good bending life helping in ensuring safety. Usually, an elevator wire rope has about 150 strands which makes it stronger and flexible giving it longer service life. It consists of two types of core namely fiber core (FC) both natural fiber & synthetic fiber and independent wire rope core (IWRC).
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The Elevator Wire Rope market is poised for continued growth driven by increasing urbanization, technological advancements, and safety concerns. We can expect even more advanced materials and technologies for ropes, further integration with digital systems, and development of AI-powered predictive maintenance solutions. The focus will be on ensuring the longevity, reliability, and safety of elevator ropes, contributing to a secure and efficient vertical transportation network. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Gustav Wolf GmbH (Germany), YuanBo Engineering Co., Ltd. (China), N.V. Bekaert S.A. (Belgium), Pfeifer Drako Ltd (United Kingdom), KIS Wire (South Korea), Wirerope Works, Inc. (United States), Usha Martin (India), Casar Drahtseilerei GmbH (Germany) and Fatzer AG (Switzerland) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Bridon International Plc (United Kingdom), Wireco WorldGroup (United Kingdom), Bekaert (Belgium) and ThyssenKrupp Steel Europe AG (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Elevator Wire Rope market by Type (Fiber Core (FC) {Natural Fiber and Synthetic Fiber} and Independent Wire Rope Core (IWRC)), Application (Residential, Commercial and Industrial) and Region.
On the basis of geography, the market of Elevator Wire Rope has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Strands, the sub-segment i.e. Seale(1-9-9) will boost the Elevator Wire Rope market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Elevators, the sub-segment i.e. Traction Elevators will boost the Elevator Wire Rope market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The popularity of Fiber Core (FC) in Elevator Wire Rope
Market Growth Drivers:
Need for Redundancy and Detectability in the Elevator Ropes for Managing Heavy Weights and Safety and Growing Demand for Elevator in Commercial and Residential Buildings
Challenges:
Managing and Handling Related Issues with Elevator Wire Rope
Restraints:
Corrosion Related Risks Associated with Elevator Wire Rope and High Cost Involved in Elevator Wire Rope
Opportunities:
Surging Demand for Traction Elevator for Commercial Usage will Boost the Elevator Wire Rope Market
Market Leaders and their expansionary development strategies
In December 2023, ThyssenKrupp Elevator announces a strategic partnership with a leading steel company to develop next-generation, corrosion-resistant elevator ropes with extended lifespan and reduced maintenance needs.
In February 2023, WireCo WorldGroup collaborates with a research institute to develop new high-strength, lightweight materials for elevator ropes, aiming for increased efficiency and energy savings.
"Standards such as ISO 4344 and EN 12385-5 refer to this tensile designation in place of iron, traction, and EHS grade which are commonly used in the United States. 1180/1770 or 1370/1770 grade has no equivalent in these International Standards as its lower tensile strength has generally made it obsolete in most hosting applications. While some older equipment may still specify Iron Grade for Governor Rope application, most newer equipment is using 1180/1770 material."
Key Target Audience
Elevator Wire Rope Manufacturers, Elevator Wire Rope International Traders, Elevator Wire Rope Distributors and Suppliers, Research and Development Institutes, Potential Investors, Regulatory Bodies, Upstream and Downstream Buyers and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.