The United States elevator and modernization and maintenance market is estimated to grow at CAGR of more than 4% during 2018 to 2023. In 2017, the market generated revenues worth $1,347.8 million. A rise in investments in the construction industry, increase in technological advancements and safety regulations are projected to drive the elevator modernization market in the United States. Commercial sector garnered highest market share of over 44% in 2017 while the residential sector generated 27% of the total revenues in the United States elevator and modernization and maintenance market. The full modernization elevator equipment generated $1191 million dollars in 2017 and is anticipated to further grow at a CAGR of 4.22% during the forecast period 2017-2023.
What is an Elevator Modernization?
A vertical transportation for raising and lowering people or things to different levels in a modernized building is an elevator. There are three types of elevators traction, hydraulic and machine room less elevators. Elevator maintenance is about updating old components with the new components, before changing the old components these are checked by exports and then replaced with the new components by this process the performance of the elevators increases and even the safety also improved. It helps to move traffic efficiently while enhancing safety and comfort. Made easy for the end-user to travel vertically in their comfort zone. Modernization helps in increasing the life of existing elevators and offers cost effective solutions. Modernization includes complete replacement of existing control stations, cabin interiors, doors, signaling features, electric connections and others.
Market Research and Market Trends of U.S. Elevator modernization and maintenance market
- Smart elevator automation system uses advanced technologies like touch pads, biometrics, card readers and other to enhance energy efficiency and proper traffic management of vertical movement of elevators in high-rise buildings.
- KONE, which is a leading player in the elevator industry is collaborating with IBM and Microsoft for the Internet of Things cloud services and for advanced analytic services to predict traffic and respond in real-time intelligently, communicate with service teams and allow passengers to conveniently use the elevators.
- Using sensors, this innovative technique helps the users to know when the maintenance is required. Use of sensors has enabled to keep up the performance of elevators, reduce failures, and reduce the maintenance cost by 30% per year.
- Destination control system uses a kiosk with a touchscreen that replaces traditional elevator call buttons. Each person has a personalized card that helps the system track the passenger pattern of movement to direct people to the elevator that will get them to where they are going the fastest.
Who are the Major Players in U.S. Elevator modernization and maintenance market?
ThyssenKrupp AG, Otis elevator, Pine state, KONE Corporation, Mitsubishi electric, FUJITEC, dover corporation, amtec, Anlev, Armor, automobile rotary lift co., canton, Haughton, imperial, kiesling, MEI, Miami elevator, Montgomery, Paynee, Peerless, Reliable elevator, Seaberg, Staley.
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