Key Statistics from 2022
According to data from Statistics New Zealand, the Lift & Escalator industry generated $900 million in revenue in 2022, a 2.5% increase from the previous year. Employment in the industry also increased, with 2,900 people employed in lift and escalator installation and maintenance in 2022, up 1.7% from the previous year. This growth is expected to continue, with the industry projected to generate $1 billion in revenue by 2027.
Factors Contributing to the Industry's Growth and Success
Government Initiatives
The New Zealand government has played an important role in supporting the growth of the Lift & Escalator industry through a range of initiatives. One of the most important of these is the Building Act, which sets standards for the design, construction, and maintenance of buildings, including lifts and escalators. The government has also provided support for research and development in the industry, including funding for the development of new technologies that can improve efficiency and safety.
Industry Growth and Comparison to Previous Years
The Lift & Escalator industry in New Zealand has experienced steady growth over the past decade, with revenue increasing from $700 million in 2012 to $900 million in 2022. This growth has been driven by a number of factors, including increasing demand for lift and escalator services from businesses and households, as well as government initiatives to improve building safety and efficiency.
Key Trends
Technological Disruptions
The Lift & Escalator industry in New Zealand is experiencing a range of technological disruptions, including the development of new lift and escalator technologies that can improve efficiency, safety, and accessibility. These technologies are transforming the industry and creating new opportunities for businesses to improve their operations and reduce costs.
Challenges
Despite the growth and success of the Lift & Escalator industry in New Zealand, it still faces a range of challenges. One of the most significant of these is the need to balance economic growth with safety and quality. The industry is essential to the safety and mobility of New Zealanders, and there is growing pressure from consumers, regulators, and insurers to ensure that lifts and escalators meet the highest safety and quality standards.
Another challenge is the need to invest in training and certification programs for lift and escalator technicians to ensure that they have the skills and knowledge necessary to maintain and repair the latest technologies. This will require collaboration between industry players, government, and educational institutions to develop new training programs and certifications that reflect the evolving nature of the industry.
Future Outlook
Looking ahead, the future of the Lift & Escalator industry in New Zealand looks promising. The industry is expected to continue to grow in the coming years, driven by increasing demand for lift and escalator services and government initiatives to improve building safety and efficiency.
One area of focus will be the development of new technologies that can improve efficiency, safety, and accessibility. This will require investment in research and development, as well as collaboration between industry players, government, and research institutions to support innovation and the adoption of new technologies.
Another key area of focus will be the development of new markets and partnerships to expand the reach of lift and escalator services. This will require investment in marketing and distribution channels, as well as collaborations with businesses and governments in other countries to promote the use of New Zealand lift and escalator services.
Furthermore, the industry will need to continue to adapt to changing consumer preferences and market trends. This will require investment in market research and analysis, as well as flexibility and agility in responding to changes in demand and competition. By staying ahead of the curve and anticipating market trends, the industry will be better equipped to compete and thrive in a rapidly changing landscape.
Conclusion
In conclusion, the Lift & Escalator industry in New Zealand is a dynamic and essential part of the country's infrastructure. With continued investment in technology, safety, talent development, and market analysis, the industry is poised for growth and success in the years ahead. By embracing new technologies, expanding partnerships and market reach, and investing in safety and talent development, the industry will continue to create jobs, drive economic growth, and enhance the safety and mobility of New Zealanders.
Moreover, the industry will need to focus on sustainability and environmental impact. Lifts and escalators are significant consumers of energy, and there is growing pressure from consumers, investors, and regulators to reduce environmental impact and transition to more sustainable practices. This will require investment in research and development of new technologies and practices that can improve efficiency and reduce energy consumption, as well as the adoption of sustainable practices in manufacturing, installation, and maintenance.