LONDON, Nov. 9, 2016 /PRNewswire/ -- "Increasing demand by the residential industry to drive the elevators & escalators market" MarketsandMarkets projects that the elevators & escalators market size will grow from USD 88.78 billion in 2015 to USD 125.22 billion by 2021, at a CAGR of 6.01%. The demand for the market is supported by the increasing demand in Asia-Pacific and wide application in diverse end-use industries. "The machine room-less (MRL) technology to gain maximum growth during the forecast period" The machine room-less (MRL) technology is projected to be the fastest-growing segment in the next five years. The machine room-less elevator technology is a relatively new technology and is the result of technological advancements. This technology has resulted in a significant reduction in the size of the electric motors that is used with traction equipment. This design is being adopted by buildings across the world and is becoming the standard product. There are several benefits attached to the machine room-less elevators; they save a significant amount of energy (estimated at 70-80%) as compared to hydraulic elevators and eliminate the cost and environmental concerns that are usually associated with a buried hydraulic cylinder filled with hydraulic oil. " Asia-Pacific region is set to witness healthy growth during the forecast period" The Asia-Pacific market is projected to be the fastest-growing market during the forecast period. It is also projected to have the largest market share due to the increasing commercial and residential spaces in the region. The markets of China and India are projected to be lucrative due to their rising middle-class population and varied application of the elevators, escalators, and moving walkways in several end-use industries.