Elevator Ropes Market Size, Share, Growth Analysis, By Core(Fiber core (FC), Independent wire rope core (IWRC)), By Elevator(Machine room (MR) elevator, Machine room less (MRL) elevator) - Industry Forecast 2024-2031

Global Elevator Ropes Market size was valued at USD 655.2 million in 2022 and is poised to grow from USD 681.41 million in 2023 to USD 932.55 million by 2031, growing at a CAGR of 4% during the forecast period (2024-2031).

In recent years, the demand for vertical expansion in both residential and commercial structures has surged due to global urbanization and population growth. This trend is poised to significantly amplify the need for elevators and, consequently, elevator ropes in the years ahead. Prominent countries like India and China are anticipated to witness substantial increases in construction-related investments, thereby boosting lift sales in the region.

This trajectory will play a pivotal role in driving the market growth of elevator ropes. The rise in energy-efficient buildings, coupled with the growing demand for high-speed lifts, is expected to further fuel the demand for elevator ropes.

However, a notable restraint on these ropes in the foreseeable future is the rising popularity of ropeless elevators. Elevator ropes exhibit limited damping qualities, rendering them more susceptible to damage from vibrations.

The elevator industry is undergoing a digital transformation similar to numerous other sectors. Building owners and facility managers can now harness sophisticated elevator data in practical and meaningful ways. Innovations like the green lift, equipped with high-efficiency permanent magnet (PM) and gearless motor systems, exemplify energy-efficient advancements.

Lightweight, lubrication-free, PU-coated steel belts are being employed in elevators and escalators for improved energy efficiency compared to conventional steel wire ropes. As the industry evolves, these advancements may reshape the conventional functions of lifts in contemporary buildings.

US Elevator Ropes Market is poised to grow at a sustainable CAGR for the next forecast year.