Elevator Ropes Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis
The elevator ropes market is estimated to grow at a steady CAGR of 5.0% during the forecast period to reach a value of USD 706 million in 2027. Market Drivers: Exponential growth in the infrastructure industry is driving the growth of building & construction activities, which, in turn, is escalating the demand for elevator ropes. The global rise in urbanization and population has fuelled the construction of residential and commercial structures, which is expected to further boost the demand for elevators including their ropes, in the coming years.