Overview
Modernization and technology drives industry growth
The Singapore Lift and Escalator Sector was valued at USD 578.95 million in 2021, and is expected to grow at a compound annual growth rate (CAGR) of 7.9% between 2023 and 2027, reaching approximately USD 919 million by 2027. The industry attributes its growth to a number of factors such as improving facilities in infrastructure and the increase in the construction of skyscrapers. Another contributor to sector growth is the proliferation of smart buildings with technologically advanced features that include the growing use of IoT and AI. Urbanization, which includes all of the above factors, can be seen as a key growth driver in the lift and escalator market.
In addition, the rising investment on infrastructure development by the government and private sectors is having a positive impact on the Lift and Escalator Sector. The country’s growing population has resulted in significant growth in the real estate sector with the rise in construction of residential buildings in order to meet accommodation requirements. This, in turn, acts as another growth accelerator for the local Lift and Escalator Sector. The increasing number of commercial buildings such as hotels, office spaces and shopping malls is expected to expand the market over the next three years. Moreover, Singapore’s growing ageing population has led to an increased need for automation as convenience and ease of movement are becoming more of a priority.
In fact, leading industry players such as KONE Corporation, Otis Elevator Company, Hyundai Elevator, etc., are investing in dedicated research and the latest technologies to develop advanced products in the sector. Companies are adopting inorganic growth strategies – namely partnerships, collaborations and acquisitions of domestic businesses – in exchange for a bigger market share in the country.
Government initiatives, such as expanding and upgrading of infrastructure, increase demand
Although government initiatives may not necessarily be aimed at benefiting the Lift and Escalator Sector, several of its efforts have had a positive impact on the market. The Singapore government, as part of the Smart Nation Initiative, had assigned USD 43.5 billion worth of investments towards sustainable infrastructure, light rail and subways, which will subsequently create demand for the lift and escalator industry. Mass Rapid Transit (MRT) projects, a new integrated hospital in Bedok, the redevelopment of Alexandra Hospital, and the upgrading of existing airports and the construction of new airports, are some of the other significant developments that might prove beneficial to the industry.
Furthermore, during the lockdown period between January and August 2020, manufacturing companies in the island, with the help of Enterprise Singapore, embarked on over 1,300 initiatives to change and modernise their organizations. This reveals a 65% increase when compared to the same period in 2019. Automation, digitalization solutions, technology implementation and remote monitoring were the main transformational areas that could have a positive impact on the industry.
Key Trends
Renovation of HDB housing estates and sustainable construction pushes demand
The Housing & Development Board (HDB) has launched three programmes to renovate old housing estates and provide solutions to some of the more pressing needs of the residents. This includes the Lift Upgrading Program (LUP). Most HDB blocks that were built more than 30 years ago do not provide elevator access to all floors of buildings. Through the LUP, older buildings will be equipped with lifts and lift shafts, providing elevator access to residents on all floors. In addition, HDB plans to construct a total of 1,100 new replacement flats, with work scheduled to begin in 2023 and be completed by 2027. Sustainable construction practices, such as Prefabricated Prefinished Volumetric Construction (PPVC), are starting to drive the demand for lifts as they are more convenient and environment friendly. Sustainable elevators are also an emerging demand driver in the Lift and Escalator Sector.
BCA regulations on maintenance of escalators and elevators add to demand growth
In Singapore, the Building and Construction Authority (BCA) oversees the development of the built environment with the aim of improving the island’s living spaces. Safety, quality, inclusiveness, sustainability and productivity fall under the BCA’s purview. In 2019, the revised Building Maintenance and Strata Management Act (BMSMA), which relates to the proper management and maintenance of buildings, came into effect. This could drive demand as buyers will feel more reassured as regular maintenance and safety are being guaranteed. Adding to that, technologies such as artificial intelligence, cyber security, 5G and supporting SME digitization are believed to be long-term growth drivers for the elevator modernization market. In 2019, Hitachi launched its Lift Remote Monitoring and Maintenance Service in Singapore. The service provides real-time operational data about elevators as well as the implementation of preventative maintenance.
UltraRope technology and MRL Elevators give way to new possibilities
UltraRope is a lightweight lift hoisting technology that enables the lift to ride up to a height of about 1000 metres. Demand for the technology has been on the rise thanks to the growing number of high-rise residential and commercial buildings. Some companies have come up with sustainable solutions as well, such as KONE’s UltraRope which reduces energy consumption.
Machine room-less or MRL elevators, with their higher energy efficiency, optimal use of hoist way space and more design options, have also helped increase demand within the high-rise building sector.
Key Statistics
- The Singapore Lift and Escalator Sector was worth 2.1 thousand units in 2021 and is forecasted to reach 2.8 thousand units in 2028, at a CAGR of 3.19%
- The four leading players in the industry – Schindler, Mitsubishi, KONE and TKE – take up 36% of market share in Singapore.
- In 2021, 78.1 thousand units of lifts and escalators were installed in Singapore.
- Singapore had approximately 7,000 escalators and 70,000 passenger lifts in 2020.
Top Singapore MNCs in Lift & Escalator
HITACHI ELEVATOR ASIA PTE. LTD.
Hitachi Elevator Asia was incorporated in Singapore in 1972. The company is part of the Hitachi Group which is headquartered in Tokyo, Japan. Hitachi Group also operates in Hong Kong, Malaysia, China, Thailand, India, the Philippines, Myanmar, Vietnam, and Cambodia. Hitachi Elevator Asia develops machine room and machine room-less elevators for large buildings and urban spaces. In addition, it also develops escalators and moving sidewalks which are user-friendly and provide comfortable movement – these are designed for hotels, offices, department stores, and many other buildings. The company offers advanced technologies such as ultra-high-speed elevators, group control elevator system, lift mobile access, and contactless lift buttons.
MITSUBISHI ELEVATOR (SINGAPORE) PTE. LTD.
Mitsubishi Elevator (Singapore) was established in 1972. The company is a subsidiary of Mitsubishi Group which is headquartered in Tokyo, Japan. Mitsubishi Elevator operates in many countries across the globe, including North and South America, Asia-Pacific, Europe, CIS, the Middle East and Africa. Mitsubishi Elevator (Singapore) specializes in sales, installation, testing, and maintenance services of elevators, escalators, and moving walks for private and public housing as well as commercial complexes. In addition, it offers modernization services and its customers can easily plan their elevator and escalator installation projects through the Mitsubishi EZ-Assist System.
TOSHIBA ASIA PACIFIC PTE. LTD.
Toshiba Asia Pacific, which was incorporated in Singapore in 1995, is a subsidiary of Japan’s Toshiba Corporation. It operates in many countries across North and South America, Asia-Pacific, Europe, the Middle-East and Africa. Among its numerous services, the company offers building solutions which include elevators, escalators, and lighting equipment for buildings and facilities. Its elevator and escalator technologies are developed to be eco-friendly, comfortable and environmentally conscious products. Its other areas of business include energy systems and solutions, infrastructure systems and solutions, retail and printing solutions, electronic devices and storage solutions, and digital and battery solutions.
KONE PTE LTD
In 1978, Kone was established in Singapore. The company is part of a global entity which is headquartered in Helsinki, Finland, and operates in 60 countries across the world. Kone focuses on developing elevators, escalators, and automatic building doors for various types of modern and existing buildings. In addition, it provides solutions for maintenance and modernization, as well as offering a range of advanced people flow solutions. Some of its projects in Singapore include major real estate developments such as Marina Bay Sands, Circle Line, W Residence, and International Cruise Terminal.
SCHINDLER LIFTS (SINGAPORE) PTE. LTD.
Schindler Lifts (Singapore) was incorporated in 1974. The company is part of the global network of Schindler Group, which is headquartered in Switzerland and operates in many countries across the world including Australia and India. It is a bizSAFE STAR, ISO 9001 and ISO 14001 certified company, which specializes in developing a variety of elevators that are suitable for passengers and freight, and escalators and moving walks for all types of buildings including high-rises and shopping malls in both residential and commercial settings. In addition, it offers services such as maintenance, customer repair and support, digital services, and modernization services.
CHEVALIER SINGAPORE HOLDINGS PTE. LTD.
Chevalier Singapore Holdings was established in 1972. The company represents the Chevalier Group in Southeast Asia. Headquartered in Hong Kong, the Chevalier Group operates in China, East and Southeast Asia, Australia, and the USA and Canada. Chevalier Singapore Holdings has expertise in developing products such as elevators and escalators for commercial buildings, hotels, private residential estates, and public housing projects. The company has a long-term partnership with Toshiba Elevator and Building Systems Corporation. It also provides other services such as installations, testing, repairs, maintenance, and modernization of lifts and escalators. A highlighted project of the company is the Concourse Skyline in Singapore.
C&W SERVICES (S) PTE. LTD.
Repeat company as per the client.
FUJITEC SINGAPORE CORPORATION LTD
Fujitec Singapore Corporation was incorporated in 1971. The company is headquartered in Tokyo, Japan, and has a wide network spread across many Asian countries and America. Fujitec specializes in developing a range of products and services related to elevators, escalators, and autowalks for commercial buildings and offices, residential sector, hotels, medical institutions, and the industrial and warehouse sectors. It provides high-rise, high-speed elevators with the elevator group supervisory control system and the destination floor guidance system. Furthermore, it offers escalators for heavy duty public transport use. Fujitec Singapore Corporation’s services also include maintenance services such as management and regular inspections, as well as modernization services.
TK ELEVATOR SINGAPORE PTE. LTD.
TK Elevator Singapore was established in 2000. It is part of the global company, which is headquartered in Germany, and operates in many regions such as the Americas, Asia-Pacific, Europe, and the Middle East. It has expertise in developing products such as elevators, escalators, and moving walks for various types of buildings. The company’s product portfolio includes MULTI, which is the world’s first rope-free elevator. In addition, it offers a range of airport and home solutions such as stairlifts, platform lifts, and home elevators. TK Elevator Singapore also offers spares and repairs services, modernization, and I.MOD services.
OTIS ELEVATOR COMPANY (S) PTE LTD
Otis Elevator Company was incorporated in Singapore in 1981. The company represents the global entity which is headquartered in the United States and operates in many countries across the Asia-Pacific, Europe, the Middle East and Africa. The company operates 29 engineering centres and 11 test towers across the world. Otis Elevator Company focuses on developing a range of elevators, escalators, and moving walks for spaces such as residential buildings, retail premises, offices, hospitals, and hotels. Some of its products include low-rise lifts, mid-rise lifts, and high-rise lifts. In addition, its other services include the Otis signature service and modernization.
Top Singapore Large Local Enterprises in Lift & Escalator
E M ENGINEERING PRIVATE LIMITED
EM Engineering is headquartered in Singapore and was incorporated in 2018. The company is a subsidiary of EM Services and it specializes in electrical and mechanical engineering consultancy services, project management, and supply and installation of M&E services and equipment. EM Engineering offers Engineering Project Management and Consultancy, and Lift and Escalator Supply, and Install, Maintain and Test/Lift Rescue Services. Among the company’s other services are tradesmen services, air conditioning, mechanical ventilation supply, installation, and maintenance. In addition, it also operates an operations command centre which provides services such as call centre, help desk, and dispatching services.
Top Singapore SMEs in Lift & Escalator
VM ELEVATOR PTE. LTD.
VM Elevator is headquartered in Singapore. Incorporated in 2001, the company focuses on the development of elevators and escalators, and the various services related to this sector. It serves clients from diverse sectors such as private and residential homes, hospitals and nursing home care, and commercial buildings. The range of products offered by VM Elevator includes car lifts, cargo lifts, passenger/fireman lifts, service/bed lifts, and home lifts. In addition, it provides services such as modernization, maintenance/service oriented solutions with a comprehensive language programme, and standard maintenance programmes. VM Elevator also caters to customization requirements as requested by its clients.
FB INDUSTRIES PRIVATE LIMITED
FB Industries was founded in 1997. The company, which is headquartered in Singapore, provides one-stop lift and escalator services. It has expertise in design, supply, installation, maintenance, repair and modernization, working together with a vertical transportation specialist company, BeLift. FB Industries’ range of products includes home and passenger lifts, goods and service lifts, and accessibility lifts, in addition to expertise in car lift and mechanized car park, dumbwaiter and material hoist, and scissor table. Its other services include preventative maintenance, remote monitoring system, breakdown response, and repair and modernization upgrade.
LIFT WORKS PTE. LTD.
Lift Works was established in 1999. Headquartered in Singapore, the company offers good quality lifts for all types of properties while prioritizing safety. Its various lift options include landed home lifts such as home vacuum lifts, home hydraulic lifts, and home traction lifts, as well as dumbwaiter lifts, chair lifts, and cargo and passenger lifts. Over the years, Lift Works has undertaken numerous projects across Singapore. Some highlights of such work include traction lifts at Guillemard and East Coast Road, dumbwaiters at Gardens by the Bay, hydraulic lift at Geylang, and material hoist at Sungei Kadut.
TAI HEE ENGINEERING TRADING PTE. LTD.
Tai Hee Engineering, a company headquartered in Singapore, was incorporated in 2006. It is a specialized chair lift company which offers a variety of lift solutions for its customers. These include glass platform lifts, wheelchair lifts, and stair lifts, in addition to other lift solutions such as commercial wheelchair lifts, and vertically enclosed platform lifts for public areas. Tai Hee Engineering utilizes accessibility equipment that are manufactured and designed in the United Kingdom, Denmark, and Sweden. Its clientele spans across Prestige landed houses collections, hotels, banks, and commercial buildings.
KEN-JO INDUSTRIES PTE. LTD.
Ken-Jo Industries was founded in 2004 and is headquartered in Singapore. The company specializes in custom-engineered elevators and lift systems for condominiums, landed properties, schools, churches, and industrial buildings. It offers a range of home lifts such as curved inclined platform lifts, and straight inclined and vertical platforms. In addition, it also has its own range of Ken-Jo elevators which are custom designed in Taiwan using the latest technologies. Ken-Jo Industries also offers maintenance services for different types of lift systems for commercial and residential sectors, service and goods lifts, handicapped lifts, and dumbwaiters.
ARIAN CORPORATION PTE. LTD.
Arian Corporation was incorporated in 2007. The company, which is headquartered in Singapore, has regional dealer networks spanning across Indonesia, Malaysia, Thailand, and the Philippines. It has expertise in providing a range of home lift solutions and mobility equipment. Its product range includes stairlifts and chairlifts, vertical platform lifts, vehicle wheelchair lifts, and automobile adaptation. In addition, the company offers accessible kitchen and bathroom concepts. Arian Corporation extends its services to homes, offices, commercial buildings, retail malls, factories, and warehouses. The company also offers customer support and after-sales support to its clients.
LIFT-MECH ENGINEERING PTE. LTD.
Lift-Mech Engineering was established in 1998. Headquartered in Singapore, the company offers a range of lift services, and provides elevator installation and commission services for OEM lift equipment. Lift-Mech Engineering’s variety of elevators include dumbwaiters (table height, floor level auto bi-parting door, and floor level swing door). Furthermore, its product portfolio also includes platform lifts such as hydraulic, leadscrew and nut, stairlift platform type and chair type, as well as hydraulic scissor lifts. The company extends a range of maintenance packages to customers, as well as new equipment upgrading, and parts sales services.
HIN CHONG ENGINEERING CONSTRUCTION PTE LTD
Hin Chong Engineering Construction, headquartered in Singapore, is a company that deals in elevators. Founded in 1994, the company provides specialized services relating to home lifts and elevators, and offers a range of comprehensive services to its customers. These services include professional engineer testing, supplying, installation, repairs, and monthly servicing and maintenance. Hin Chong Engineering Construction provides lift services for existing buildings, lifts for reduced vertical safety spaces, and elevating platforms with doors. In addition, the company’s services also include complete modernization of lifts.
ELETEC ELEVATORS SINGAPORE PTE. LTD.
Eletec Elevators Singapore was incorporated in 2004. The company carries out an array of services related to home lifts. Its portfolio of services includes modernization of machinery, elevators and escalators, as well as maintenance services with the inclusion of a 24-hour emergency call service. The company has undertaken several lift development projects across the country for residential buildings, and installed cargo and vehicle lifts, passenger lifts, and escalators. Eletec Elevators Singapore works together with equipment manufacturers, designers, and architects in China, Taiwan, and Europe, to provide its clients with a variety of lift equipment. It was awarded the BEI Asia Awards Certificate for its services.
CT ELEVATOR PTE. LTD.
CT Elevator, established in 2012, is headquartered in Singapore. The company is reputed for its expertise in designing, manufacturing, and supplying elevators, escalators, and mechanized parking systems and accessories. It creates its own line of products under the name, CTE. The range of products offered by CT Elevator includes passenger lifts, home lifts, medical lifts, goods lifts, dumbwaiters, escalators, and mechanical parking. Services provided by the company include lift equipment delivery, installation, testing and commissioning, lift maintenance and repair, lift design, and consultancy. The company also operates branches in Cambodia, Malaysia, China, Timor, and the Philippines.
