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Elevators & Escalators Market worth $183.2 billion by 2026 – Exclusive Report by MarketsandMarkets™
According to the new market research report “Elevators & Escalators Market by Type (Elevators, Escalators, Moving walkways), Service (New installation, Maintenance & Repair, and Modernization), Elevator Technology (Traction, Machine-Room-Less, & Hydraulic), & End-use Industry – Global Forecast to 2026″, published by MarketsandMarkets™, the global Elevators and Escalators Market size is projected to grow from USD 134.4 billion in 2021 to USD 183.2 billion by 2026, at a CAGR of 6.4% from 2021 to 2026. The demand from the construction industry, rapid urbanization, and the rising number of high-rise buildings are some of the major drivers of the elevators & escalators market in emerging economies of the Asia Pacific region. This has contributed to an increase in the sales of these products. Growth in the market will also be driven by changing demographic trends, such as the rising aging population and increase in the middle-class population, which demand better living standards.
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In terms of value, the elevator type segment is estimated to lead the elevators and escalators market in 2020.
Elevator, by type, accounted for the largest market share in the elevators and escalators market. Elevators can be described as any platform, either open or enclosed, which is useful to lift people or freight to different floors within a building. The first elevator was operated by steam power. In 1871, the first hydraulic elevator was introduced. Hydraulic elevators used water pressure as the source of power. Since then, elevators have gained popularity, and the first commercially successful electric elevator was installed in 1889. The elevator car is constructed with a steel framework, which makes it both durable and strong. Even the sides of a passenger elevator car are made from steel sheets and are trimmed on the inside with decorative paneling. The flooring of an elevator car may be tiled or carpeted. There are several controls in an elevator, including alarm buttons and an emergency telephone. These functions are usually contained behind panels in the front of the car, next to the doors. There are several safety standards that are required to be met by elevator manufacturers.
In terms of value, new installation segment is estimated to be the fastest-growing segment in the elevators and escalators market.
The new installation is estimated to be the fastest-growing segment in the elevators and escalators market. The increasing number of high rises are an indicator of the economic growth of a country. These high-rise buildings include offices, malls, residential apartments, and hotels. In the absence of elevators & escalators, moving about in these buildings to reach the desired destinations would be feasible. Whenever a new building comes up, there is a need for new elevators. They help in the mobility of people and goods across the building. Owing to a rise in the number of these new buildings, the demand for elevators & escalators is being influenced directly. There are various types of elevators, such as passenger, freight, hospital, and observation elevators.
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The APAC region is projected to be the fastest-growing region in the elevators and escalators market during the forecast period.
The APAC region is projected to be the fastest-growing region in the elevators and escalators market in terms of both value and volume from 2021 to 2026. This region is witnessing the highest growth rate due to the rapid economic expansion. Increased construction spending, improved living standards, and rapid urbanization are the key drivers in the region. Asia Pacific countries are taking aggressive initiatives to upgrade commercial and institutional buildings. Many countries in the region took steps to implement low-carbon and IoT-based smart cities in recent years, thereby offering opportunities for the growth of the elevators & escalators market.
Schindler Group (Switzerland), Otis Elevator (US), Thyssenkrupp AG (Germany), KONE Corporation (Finland), and Hitachi Ltd. (Japan), amongst others, are the key players operating in the elevators and escalators market.
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Teletubbies Digital Companions to Launch on the Tezos Blockchain
MetaPals, an AI digital companion platform, is partnering with WildBrain’s beloved Teletubbies to bring together cherished childhood memories and the innovative digital era with the launch of the Teletubbies AI digital companions on 20 April, 2024.
As Teletubbies commemorates its 27th anniversary on 31 March, the collaboration marks the beginning of an exciting array of renowned IPs joining the ‘MetaPals Multiverse’ in 2024. Through the use of AI and blockchain technology powered by Tezos, much loved Tinky Winky, Dipsy, Laa-Laa, Po, and even Noo-Noo have become personalized, evolving digital companions within the MetaPals browser extension game engine.
The Teletubbies characters integrate with users’ daily browsing experience that accompanies users across the web, offering both playful interactions and practical assistance. This technology not only brings these fun characters to life in new, interactive ways, but also helps to enhance the mental well-being of users by fostering a sense of companionship.
Each Teletubbies companion within the MetaPals Multiverse will exhibit unique personality traits, offering users a diverse and dynamic experience. With personalities distributed across 5000+ Teletubby companions along a spectrum, users are guaranteed a one-of-a-kind experience, ensuring enjoyment for all and opportunities to foster new connections with this nostalgic brand.
Max Giammario, CEO of MetaPals, said: “Through this collaboration we’re not just revisiting Teletubbyland, we’re reinventing it for the digital age. By weaving in AI and blockchain, we enable the Teletubbies characters to evolve, interact, and form unique bonds with users, embodying our vision of dynamic digital companionship. With a bit of ‘MetaPals magic’, the Teletubbies are exploring beyond the hills and far away, ready to play, in ways we’ve never imagined.”
Melissa Goodrich, Director, Franchise Strategy at WildBrain, said: “We’re excited to see our colorful quartet come to life in new ways through this unique digital experience for fans. As we celebrate 27 years of the perennially popular Teletubbies franchise, this latest collaboration encapsulates the essence of childhood nostalgia while embracing the limitless possibilities of the digital age.”
Jason Lim, TZ Apac Games Adoption Team for the Tezos Ecosystem, said: “MetaPals will be pioneering the convergence of iconic IPs such as Teletubbies with the limitless possibilities of the Tezos blockchain. I can’t wait to see the magic they are brewing up next.”
The post Teletubbies Digital Companions to Launch on the Tezos Blockchain appeared first on HIPTHER Alerts.
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