Israel Passenger Elevators Market Outlook

israel passenger elevators market outlook during 2018-2032, the passenger elevator market in israel is expected to grow substantially, due to increasing urbanization and improvements in infrastructure. with an increasing demand for luxury housing units, and an influx of foreign investments, there is a surge in the development of high-rise towers, which creates demand for passenger elevators for movement of residents. it is estimated that the passenger elevator market will grow at a cagr of around 4.1% during 2018-2032. the innovation in technology has led to the introduction of advanced passenger elevator systems, and this has been driving the industry’s growth. smart systems are being incorporated into elevators, allowing for automated systems, through integration of the elevators with the building’s security and access systems. further, the capacity of the elevators is being increased, with multiple lifts running in sync. the government of israel is also encouraging foreign investments, paving way for increased construction activity in the country during 2018-2032, which further drive the passenger elevator market. in an effort to encourage the installation of lifts in existing buildings, the government introduced subsidies for elevator purchase and installation. in order to remain competitive in the industry, the passenger elevator companies are offering tailor-made solutions, that allow for custom-made installations taking into account the needs and preferences of the clients. this includes incorporation of modern technology, such as automation, motion sensing, and voice recognition systems. further, since safety is the primary concern among lift users, elevator companies are putting in efforts to ensure that special safety measures are being implemented in the elevators. this includes addition of safety features such as overload protection, emergency lighting systems, and emergency call systems, making the elevators and the building safe. it is expected that the market for passenger elevators in israel will continue to grow at a significant pace during 2018-2032, mainly due to the increasing construction activity and technological advancements.