U.S. Elevator Modernization & Maintenance Market to reach $2.2 Billion by 2030; Growing adoption of elevator maintenance services in commercial buildings, aging infrastructure requiring modernization, focus on energy efficiency and sustainability, rising high-rise constructions and technological advancements in elevator systems are driving the growth of U.S. Elevator Modernization & Maintenance Market.

The U.S. Elevator Modernization & Maintenance Market size is estimated to reach $2.2 Billion by 2030, growing at a CAGR of 4.0% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “U.S. Elevator Modernization & Maintenance Market– By Elevator Type (Hydraulic Elevators, Traction Elevators, Machine-Room-Less Elevators, Others), By Building Size (Low Rise, Medium Rise, High Rise), By Speed (Below 1.5 m/s, 1.5 m/s to 2.5 m/s, 2.6 m/s and above), By Component (Controllers, Door Equipment, Cabin Enclosures, Signalling Fixtures, Motor, Power Units, Others), By Modernization Type (Partial Modernization, Full Modernization), By End User (Residential, Commercial, Industrial) Opportunity Analysis & Industry Forecast, 2024-2030.”

Commercial buildings have increasingly started adopting maintenance services for the smooth functioning and safety of the occupants and to abide by stringent regulations. Across the country, aging infrastructure creates a need for modernization as older systems have to be updated to provide improved reliability and meet current standards. With growing emphasis on energy efficient and sustainable elevators, the outdated systems are being replaced with eco-friendly systems with regenerative drives and low energy motors. In addition, the rise of high-rise constructions, especially in urban areas, is leading to demand for modernized, high-capacity elevator solutions. Further technological advancements, such as, IoT enabled predictive maintenance, and AI driven performance enhancements are reshaping the market, providing improved functionality, cost efficiency and user experience.

The U.S. Elevator Modernization and Maintenance Market by elevator type is dominated by traction elevators, as they are the most suitable and versatile for different applications. Northern Elevator states that these systems provide numerous advantages which make them the first choice in commercial, industrial, and high-rise buildings. Their counterbalancing mechanism helps reduce the energy required to move the elevator car and increase energy efficiency and lower operating costs. Friction based operation of traction elevators provides smooth and consistent ride without jerky movements and provides better passenger comfort. In addition, heavy load carrying capacities supported them as ideal for buildings requiring heavy duty performance. These are adaptable to various travel heights and speeds, suitable for many architectural needs, have long service life and are highly dependable with proper maintenance. Additionally, safety standards and fail-safe systems are very strict to insure maximum protection of passengers and their cargo. Collectively, these benefits place traction elevators at the top of the modernization and maintenance market.

U.S. Elevator Modernization and Maintenance Market is driven by the energy efficiency and sustainability as businesses and property owners seek ways to reduce operational costs and environmental impact. Innovations such as the EOX regenerative drive, which Thyssenkrupp Elevator says achieves over 95% efficiency, can recoup and save as much as 43% of the elevator’s power. In high rise buildings this recovery is even higher, optimizing energy use even more. The amount of energy regenerated is dependent on factors such as passenger load, travel height, speed and traffic patterns, but due to the advanced efficiency of regenerative systems, the energy consumption is substantially less than conventional drives. In addition, these technologies reduce peak starting power (kVA), or fixed monthly electricity costs, and total power consumption (kWh), or variable costs. Regenerative systems address both cost and sustainability concerns and are driving the adoption of energy efficient solutions in modern elevator systems.

The U.S. Elevator Modernization and Maintenance Market is driven by the rising adoption of elevator maintenance services in commercial buildings. Businesses are focusing on regular upkeep of their elevator systems because as demand for reliable and efficient vertical transportation grows, companies want to ensure their elevator systems continue to operate safely and for as long as possible. This trend is reinforced by modernization efforts to incorporate advanced technologies and to comply with current safety standards. Sales in the Americas grew by 10.3%. Of particular note was the steep upward path of modernization and service sales, signalling the importance the region places on maintaining and upgrading its existing infrastructure. The robust growth of the elevator market comes through these figures as maintenance and modernization services emerge as key components of the market. Maintenance services will continue to be the cornerstone of market growth because of the ongoing need for functional and up to date elevator systems in commercial spaces.

Key companies profiled in the U.S. Elevator Modernization & Maintenance Market are Otis Elevator Company, Schindler Group, KONE Corporation, Thyssenkrupp Elevator, Mitsubishi Electric, Fujitec, Hyundai Elevator, AVT Beckett, Delta Elevator, Mid-American Elevator and others.

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