The firm’s new Ultrarope system means lifts can travel twice the current 500 metre limit imposed by traditional steel rope hoists.

The lightweight Ultrarope has a carbon fibre core meaning elevator energy consumption in high-rise buildings can be cut significantly.

The drop in rope weight means a dramatic reduction in lift moving masses – the weight of everything that moves when an elevator travels up or down.

Kone President and CEO Matti Alahuhta said: “We are proud to introduce this innovation that we are certain will revolutionize the elevator industry for the tallest segment of buildings across the globe.”

UltraRope has been developed and tested rigorously in real elevators and simulation laboratories at Kone’s research and development facilities in Finland.

Anthony Wood, Architect and Executive Director, Council for Tall Buildings and Urban Habitat, said: “This is finally a breakthrough on one of the ‘holy grail’ limiting factors of tall buildings – that is, the height to which a single elevator could operate before the weight of the steel rope becomes unsupportable over that height (approximately 500 meters).

“So it is not an exaggeration to say that this is revolutionary. However, it is not just the enablement of greater height that is beneficial – the greater energy and material efficiencies that are of equal value.”

There are currently three buildings in the world that top the 500 metre mark with plans for 20 more to be built in coming years.

To watch a video of the new system click here