European elevator ropes market revenue is predicted to hit USD 200 million by 2026 as growing construction activities in the emerging countries will provide enormous prospects to elevator rope manufacturers in the future. Global Market Insights, Inc. has recently added a new report on elevator ropes market which estimates the global market valuation for elevator rope will cross US$ 800 million by 2026. Growing demand for high speed passengers as well as service elevators in Asia Pacific will increase product sales in future.

Growing population and urbanization in emerging countries around the globe has created ample opportunities for the elevator suppliers recently. Rising construction spending in the developing nations, particularly in Asia, in order to provide better infrastructure & residence will result in progressive growth in sales of elevator till 2026. Such movements will subsequently be enhancing growth of the elevator ropes sales in future.

Fiber core (FC) will occupy significant share of elevator ropes market at end of projection time period and will grow significantly over the forecast period. This will be due to their key feature of providing excellent resistance against contact pressure & superior flexibility in handling.

Governor ropes will be generating market revenue of more than USD 100 million by end of projection period. These ropes function as safety mechanism during fast movement of an elevator cabin. Fiber core type ropes are widely utilized for this function as it provides tremendous flexibility. Rising usage of high-speed passengers as well as service elevators will further stimulate governor segment’s share by end of 2026.

Hydraulic elevators will have around 15% share of global market from 2020 to 2026. These types are mainly found in low rise buildings and are cost effective solutions compared to other elevators. However, the energy consumption of hydraulic elevators is substantially higher, which is responsible for its lower share in the elevator ropes market.

Europe will also be a key region in the industry and its market value is estimated at around USD 200 million in 2026. Growing construction activities in the emerging countries will provide enormous prospects to elevator rope manufacturers in future. Besides, rising maintenance and repair activities of elevators in the region will be driving force behind market development. Increasing number of high rise building in key countries including France, UK, Italy, etc. will propel elevator ropes sales by end of projection period.