Global Independent Wire Rope Core (IWRC) Elevator Wire Ropes Market was valued at USD 0.2 Billion in 2022 and is projected to reach USD 0.3 Billion by 2030, growing at a CAGR of 6.2% from 2024 to 2030.
The Independent Wire Rope Core (IWRC) Elevator Wire Ropes market is witnessing significant growth due to increasing urbanization and rising construction activities worldwide. IWRC elevator ropes are crucial components in modern elevators, offering enhanced safety, durability, and performance compared to traditional ropes. These ropes are constructed with a wire rope core made from independent strands, which enhances their load-bearing capacity, reduces wear, and provides greater resistance to corrosion. As urban populations expand, demand for efficient vertical transportation systems is growing, leading to an uptick in the use of IWRC elevator ropes in both residential and commercial buildings.
Several factors contribute to the expansion of the IWRC elevator wire ropes market. The increasing demand for high-speed elevators, especially in skyscrapers and high-rise buildings, has led to an increased preference for IWRC ropes. These ropes can withstand higher stresses and are more reliable in these challenging environments. Additionally, technological advancements in manufacturing processes have made IWRC ropes more cost-effective, leading to their widespread adoption across the global market.
Geographically, the market is being driven by regions like North America, Europe, and Asia-Pacific, where there is a boom in infrastructure development and modernization of existing elevator systems. In particular, Asia-Pacific is experiencing rapid urbanization, leading to a high demand for efficient and durable elevator systems in new high-rise buildings and transport hubs.
Moreover, the rise in awareness regarding the importance of safety in elevators has led to increased adoption of IWRC ropes, as they provide improved performance over standard ropes. The key players in this market include leading manufacturers and suppliers of elevator components who focus on producing high-quality IWRC ropes to meet the growing needs of the elevator industry.
Get an In-Depth Research Analysis of the Global Independent Wire Rope Core (IWRC) Elevator Wire Ropes Market Size And Forecast [2025-2032]
PFEIFER
Tokyo Rope Mfg
Jiangsu Safety Wire Rope
BRUGG Lifting AG
Goldsun Wire Rope
Gustav Wolf GmbH
Bekaert
KISWIRE LTD
Bharat Wire Ropes
Usha Martin
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Independent Wire Rope Core (IWRC) Elevator Wire Ropes Market
Traction Elevator
Hydraulic Elevator
Machine-Room-Less (MRL) Elevator
Based on Types the Market is categorized into Below types that held the largest Independent Wire Rope Core (IWRC) Elevator Wire Ropes market share In 2023.
8-strand Steel Core Rope
9-strand Steel Core Rope
Others
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Global, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Independent Wire Rope Core (IWRC) Elevator Wire Ropes Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Independent Wire Rope Core (IWRC) Elevator Wire Ropes Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Independent Wire Rope Core (IWRC) Elevator Wire Ropes Market, By Type
6. Global Independent Wire Rope Core (IWRC) Elevator Wire Ropes Market, By Application
7. Global Independent Wire Rope Core (IWRC) Elevator Wire Ropes Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Independent Wire Rope Core (IWRC) Elevator Wire Ropes Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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