According to the new market research report by IndustryARC titled “U.S. Elevators Modernization & Maintenance Market: By Elevator Type (Traction, Hydraulic); By Components (Controller, Door Equipment, Power Units, and Others); By Building Type (Low, Medium & High Rise); By Type (Full & Phased Modernization); By End-User (Residential, Commercial, Marine, Industrial, Others) Forecast (2018-2023)”, the market is driven by the increasing technological advancements and safety regulations.
Controllers held the largest share in the U.S. Elevators Modernization & Maintenance Market
Controller Equipment held the largest share of over 33% in the U.S. Elevators Modernization Market, followed by door equipment and power units with 19% and 18% respectively. This dominance is mainly due to the smooth and flawless maintenance of elevators by changing them on a frequent basis,, advanced technology to avoid breakdowns and disruptions have resulted in the growing market. There are many key players operating in the U.S. elevator modernization market. By introducing new power saving elevator equipment with advanced technology, could boost their revenues and market growth over the forecast period. The key end-user industries include Commercial, Residential, Industrial, Marine, and others.
Selected Market Share Analysis done in the full report
- Big players in the elevator industry are launching new solutions for modernization and acquiring smaller companies such as component manufacturers and service providers to expand their market and to develop innovative technology. These companies have acquired many companies and partnerships to expand their market and for developing new technologies and to survive in major markets. Key acquisitions and partnerships include takeover of Capita Elevator services, Klostermann Aufzuge GmbH, Eagle Elevator Corporation and other companies by Kone, Chinese elevator and escalator by Schindler, Joint venture agreement by Mitsubishi Electric Corporation with Ascon holdings LLC to strengthen themselves in maintenance and modernization services and end user segments such as hospitals, universities and others.
- The elevator modernization market is highly segmented with small companies and established companies fighting to gain market position. U.S. elevator modernization market is expanding in residential buildings and commercial buildings.
- Elevators are among the most widely used mode of vertical transportation systems in modern buildings. Elevator Modernization could be defined as a process of upgrading the existing elevators with new technologies to improve the performance, safety and aesthetics equivalent with the present trends. In the past few years, the elevator industry has witnessed high demand for implementation of advanced technological solutions for elevators which can improve the security as well as energy efficiency. This demand for energy efficient solutions, improved security coupled with stringent regulatory standards is driving the market for elevator modernization. Modernization helps in increasing the life of the existing elevators and offers cost effective solutions. Modernization includes complete replacement of existing control stations, cabin interiors, doors, signaling fixtures, electric connections and other key components which can cut down the waiting times and downtime of elevators.
- The elevator market was previously being dominated by hydraulic elevators for low-rise buildings and traction elevators for mid-rise and high-rise buildings. The development of Machine Room Less Elevators has been slowly changing the dynamics of the elevators industry. These elevators do not require any additional space for placing the control equipment and power units and can reduce significant construction costs. These elevators are much more efficient than existing elevators and are easy to maintain. They are also highly energy efficient and can reduce the travel time and waiting time for passenger movements. The elevator industry has been witnessing high demand for MRL traction elevators for commercial and other high-rise segments and MRL hydraulic for low and mid-rise buildings. Elevator companies in the U.Ss are continuously innovating products which consume lesser energy and have regenerative capacities.
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Excerpts on Market Growth Factors
- By introducing new power saving elevator equipment with advanced technology could boost their revenues and market growth over the forecast period.
- Increasing need of vertical transportation, growing aged population and awareness towards the advanced technology and safety standards is set to propel the market at a significant growth rate.
- The growing number of older people is creating a demand for elevators, both for new installations as well as modernization markets for easy transportation.
- The rising urbanization will also play a major role in the growth of the Elevator Modernization market.
- Urbanization is one of the key growth drivers for elevators industry.
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Key players of U.S. Elevators Modernization & Maintenance Market:
- The top five companies in Elevator Modernization Market include Otis Elevator Company, ThyssenKrupp Elevator AG (Germany), Schindler (Switzerland), Kone Corporation (Finland), and Mitsubishi Electric Corporation (Japan)..
- ThyssenKrupp, Schindler and Otis offer a wide range of products and modernization services for all type of end-users with upgraded technology such as access controls, monitoring solutions, seismic sensors and energy saving solutions.
U.S. Elevators Modernization and Maintenance Market Report is segmented as indicated below.
- U.S. Elevators Modernization and Maintenance Market By Elevator Type:
- U.S. Elevators Modernization and Maintenance Market By Components
- Door Equipment
- Power Units
- U.S. Elevators Modernization and Maintenance Market By Type
- Phased Modernization
- U.S. Elevators Modernization and Maintenance Market By End-User
- S. Elevators Modernization and Maintenance Market By Entropy
- United Technologies Corporation
- Toshiba Limited
- Siemens AG
- Hitachi Limited
- Company 5
- Company 6
- Company 7
- Company 8
- Company 9
- Company 10+
What can you expect from the report?
The U.S. Elevators Modernization and Maintenance Market Report is Prepared with the Main Agenda to Cover the following 20 points:
- Market Size by Product Categories
- Market trends
- Manufacturer Landscape
- Distributor Landscape
- Pricing Analysis
- Top 10 End user Analysis
- Product Benchmarking
- Product Developments
- Mergers & Acquisition Analysis
- Patent Analysis
- Demand Analysis (By Revenue & Volume)
- Country level Analysis (15+)
- Competitor Analysis
- Market Shares Analysis
- Value Chain Analysis
- Supply Chain Analysis
- Strategic Analysis
- Current & Future Market Landscape Analysis
- Opportunity Analysis
- Revenue and Volume Analysis
Does IndustryARC publish country, geography or application based reports in U.S. Elevators Modernization and Maintenance Market?
Yes, we do have separate reports as mentioned below:
- Traction Market for U.S. Elevators Modernization and Maintenance (2018-2023)
- Hydraulic Market for U.S. Elevators Modernization and Maintenance (2018-2023)
- Controller Market for U.S. Elevators Modernization and Maintenance (2018-2023)
- Door Equipment Market for U.S. Elevators Modernization and Maintenance (2018-2023)
- Power Units Market for U.S. Elevators Modernization and Maintenance (2018-2023)
- Low Rise Building Market for U.S. Elevators Modernization and Maintenance (2018-2023)
- Medium Rise Building Market for U.S. Elevators Modernization and Maintenance (2018-2023)
- High Rise Building Market for U.S. Elevators Modernization and Maintenance (2018-2023)
- Full Modernization Market for U.S. Elevators Modernization and Maintenance (2018-2023)
- Phased Modernization Market for U.S. Elevators Modernization and Maintenance (2018-2023)
- Residential Market for U.S. Elevators Modernization and Maintenance (2018 – 2023)
- Commercial Market for U.S. Elevators Modernization and Maintenance (2018 – 2023)
- Marine Market for U.S. Elevators Modernization and Maintenance (2018 – 2023)
- Industrial Market for U.S. Elevators Modernization and Maintenance (2018 – 2023)
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Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization:
- Increase the level of data in application or end user industry.
- Increase the number of countries in geography chapter.
- Find out market shares for other smaller companies or companies which are of interest to you.
- Company profiles can be requested based on your interest.
- Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.
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