DUBLIN–(BUSINESS WIRE)–The “North America Elevator and Escalator – Market Size & Growth Forecast 2023-2029” report has been added to ResearchAndMarkets.com’s offering.
The North America elevator and escalator market is set to experience a steady growth trajectory, projecting a Compound Annual Growth Rate (CAGR) of 2.84% during the period of 2023-2029.
The market is driven by several key factors, including increased infrastructure investments, the adoption of next-generation elevator solutions, and the rapid housing initiative. With the presence of renowned players such as Otis, KONE, Schindler, and TK Elevator, the market offers promising opportunities for growth and innovation.
The U.S. Department of Transportation’s Rebuilding American Infrastructure with Sustainability and Equity (RAISE) discretionary grant program for 2023, providing USD 1.5 billion in grant funding, presents a significant opportunity for communities to undertake impactful projects. The program’s previous funding led to the successful implementation of 166 projects across all 50 states.
The trend of developing buildings with sky bridges is gaining traction in the North America elevator and escalator market. Ropeless technology and multidirectional mobility systems are being considered for these buildings, enhancing their structural integrity and ensuring convenient transportation within high-rise buildings.
The International Energy Agency (IEA) predicts a 20% increase in floor area by 2030, predominantly in emerging and developing economies. Canada, in particular, faces the challenge of meeting the growing housing demand within limited, expensive, and developable land. Flat development, even in cities like Calgary and Edmonton, is on the rise to address this demand.
Rapid Housing Initiative and Increasing Construction of Skyscrapers to Hike Elevator Demand
The surge in migration to metropolitan cities in search of economic opportunities has spurred the demand for housing. The construction of various residential developments supports the urbanization trend, driving the elevator demand. The Rapid Housing Initiative (RHI) financing, included in Budget 2022, aims to address urgent housing needs and create affordable housing units. The increased construction of skyscrapers and high-rises in the U.S. also contributes to the elevator market’s growth.
Increased Infrastructure Investments and Adoption of Next-Generation Elevator Solutions Directed to Surge in New Installations
Infrastructure investments and the adoption of next-generation elevator solutions are driving the surge in new installations across North America. Near Field Communication (NFC) technology, infrared technology, and robotics are among the primary trends in the hotel industry, boosting elevator demand. Funding from the Infrastructure Investment and Jobs Act (IIJA) and the Port Infrastructure Development Program (PIDP) further support infrastructure development and elevators’ role within it.
Modernizing Through Digitized Solutions Like AGILE, MAX, Along With VR Headsets for Technicians Can Drastically Bring Transformation in Service Industry
Digital technologies like MAX and AGILE DSC are revolutionizing elevator operations and energy efficiency, especially in older structures undergoing modernization. The use of virtual reality (VR) headsets allows technicians to assess elevator problems more efficiently, eliminating the need for physically accessing lift shafts or scaling multiple stories.
The North America elevator and escalator market can be segmented based on various factors:
- 2-15 Persons
- 16-24 Persons
- 25-33 Persons
- 34 Persons and Above
- Public Transit
Escalator Market Segmentation by Product Type:
- Multi Parallel
Escalator Market Segmentation by End-User:
- Public Transit
- Institutional Sector
The U.S. dominates the North America elevator and escalator market, with a significant share in the non-residential segments. The country’s aging installed base provides opportunities for structural growth through modernization. In Canada, investors are capitalizing on the demand for prime urban space by acquiring skyscrapers in cities like Vancouver, Toronto, and Montreal.
Key players in the North America elevator and escalator market include:
- TK Elevator
- Mitsubishi Electric
- Hyundai Elevator
Other prominent vendors in the market include:
- AVT Beckett
- Colley Elevator
- Cambridge Elevating
- Waupaca Elevator Company
- Advanced Elevator
- ATTA Elevators
- Alcor Elevator Ltd.
KEY QUESTIONS ANSWERED:
1. How big is the North America elevator and escalator market?
2. What will be the growth rate of the North America elevator and escalator market?
3. What is the number of installed bases in the North America elevator and escalator market in 2022?
4. What are the key opportunities in the North America elevator and escalator industry?
5. What are the key North America elevator and escalator market players?
For more information about this report visit https://www.researchandmarkets.com/r/pzwff4
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