New installations of elevators & escalators in Singapore too


CHICAGO, Aug. 29, 2022 (GLOBE NEWSWIRE) — Singapore’s elevator and escalator market is projected to grow at a CAGR of over 3% between 2022 and 2027, according to Arizton’s latest research report. Increasing urbanization, increasing demand for high-rise buildings and the government’s focus on infrastructure in key business cities have taken Singapore’s elevator business to new heights. Green Buildings Innovation Cluster (GBIC) is the initiative to increase the nationwide penetration of green buildings that will create more opportunities for the use of energy-efficient technologies in vertical transportation.

Scope of Elevator and Escalator Market Report in Singapore

report attributes details
MARKET SIZE BY NEW INSTALLATIONS (2028) 2.6 thousand units
MARKET SIZE BY NEW INSTALLATIONS (2021) 2.0 thousand units
CAGR (2021-2028) Over 3%
MARKET SIZE BY INSTALLED BASIS (2028) 89.8 thousand units
MARKET SEGMENTATION BY CAPACITY 2-15 people, 16-24 people, 25-33 people and 34 people and more
MARKET SEGMENTATION BY END USER Commercial, residential, industrial and other (public transport, institutional and infrastructural)
MARKET SEGMENTATION BY MACHINE TYPE Hydraulics and pneumatics, machine room traction, machine room less traction and others

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Clever Nation Initiative and Increased Resale Value to Increase demand

Elevators are becoming more common in the construction industry as they are becoming the primary means of transportation for people wishing to travel to higher floors within buildings and are particularly beneficial for those with mobility issues.

As of March 2020, Singapore’s government has committed US$43.5 billion (€38.5 billion) in investments in sustainable infrastructure, subways and light rail, as part of the Smart Nation initiative, which will meet a demand for elevators will create.

Installing an elevator in residential areas makes it possible to enjoy comfort and luxury. Home lifts have many features that include easier mobility access for the elderly and physically challenged and can be sold as a benefit to the prospective buyer.

Elevators take less time and it is easier to move heavy and bulky items. This is also helpful for children and the elderly who have difficulty climbing stairs. Elevators reduce common accidents such as falling down stairs or children tripping over stair rails.

Important Findings

•The Lift Upgrading Program (LUP) is one of HDB’s three programs to revitalize older housing developments and provide solutions to some of their more pressing needs. A problem in HBD blocks older than 30 years can be the lack of elevator access on all floors, as older blocks tend to have elevators that only stop on certain floors. The LUP will allow older homes to be fitted with new elevator shafts and lifts to allow residents on each floor access to the elevators, eliminating the worries of new buyers.

•Singapore manufacturing companies launched more than 1,300 initiatives to modernize and transform their businesses through Enterprise Singapore during the lockdown period between January and August 2020. Compared to the same period in 2019, this represents an increase of 65%. Technology implementation, automation, remote monitoring and digitization solutions were the main transformation areas.

•The Building Maintenance and Strata Management (BMSM) Act is a regulatory framework that mandates the regular and proper maintenance of elevators and escalators to ensure they are safe for use. The existing provisions of the BMSM Act on the maintenance of elevators and escalators will be transferred to the Construction Supervision Act (BK Act). Some of the new changes would include plan submission requirements for elevators and escalators.

•The Ministry of Supply of the National Development Board has presented various initiatives to accelerate the transformation of the built environment sector. These include the updated Green Mark Incentive Scheme for existing buildings, the new Integrated FM/Aggregated FM Grant and more money for the Cities of Tomorrow Program and the Green Buildings Innovation Cluster Program. Existing programs such as the iBuildSG Joint Scholarship and Sponsorship Scheme and the Productivity Innovation Project Incentive Scheme have also been expanded. The government will invest $184 million to accelerate industrial transformation towards a built environment sector that is more resilient and future-proof.

•The top 4 suppliers including KONE, Mitsubishi, Schindler, TKE account for 36% of the market share in Singapore.

key provider

  • OTIS
  • cone
  • schindler
  • TK elevator
  • hitachi
  • Mitsubishi Electric
  • Fujitec
  • Hyundai elevator

Other prominent providers

  • Toshiba
  • Sigma
  • stannah
  • Gylet elevators
  • CA M&E Elevators

market segmentation

machine type

  • Hydraulic and pneumatic
  • Traction in the engine room
  • Engine room Less traction
  • Other

car type


  • 2-15 people
  • 16-24 people
  • 25-33 people
  • 34 people and more

end user

  • Commercially
  • residential
  • Industrial
  • Other
    • Public transport
    • Institutional
    • infrastructure

Explore our industrial machinery profile to learn more about the industry.

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