Elevators are important and inevitable part of everyday life of humans. It plays vital role in commercial & residential sector in order to offer flexible or comfortable travelling of person and things from one place to another. Therefore, damage or breakdown of elevator may become dangerous for people to travel on it along with brings discomfort to the users. Thus, elevator maintenance services are required to repair and modernize timely in different end-use verticals such as residential and commercial. Owing to its highly flexible & comfortable offering it is benefited to aging population. Therefore, rising ageing populations across the world attributed towards the prominent growth of market over the forecast years.
According to study, “Global Elevator Maintenance Market to reach USD XXX Billion by 2026” the key companies operating in the global elevator maintenance market are Fujitec Co. Ltd., Hitachi Ltd., KONE Corp., EMR Elevator, Otis, Potomac Elevator Company, Schindler Electric, Hyundai Elevator Co Ltd., Toshiba Elevator and Building System Corporation, Dover Elevator, Veterans Development Corp., Fuji, Orona. The elevator maintenance industry also has many small players that cater to the demand of local customers for both elevators and repair & maintenance activities. New product development, focused R&D activities, mergers & acquisitions are some of the key strategies adopted by the industry players to strengthen their competitive advantage in the market.
Based on type, elevator maintenance market is segmented as new installation, maintenance & repair and modernization (partial modernization and full modernization). Based on elevator type, market is segmented as traction elevators (geared traction elevators and gear-less traction elevators), hydraulic elevators (hole-less hydraulic elevators, conventional hydraulic elevators and roped hydraulic elevators) and machine room less elevators. Based on deck type, market is segmented as single deck and double deck. Based on building size, market is segmented as high rise, medium rise and low rise building. Based on speed of elevators, market is segmented as below 1.5m/s, 1.6-2.5m/s and 2.6m/s and above. Based on component type, market is segmented as door equipment, controllers, signaling fixtures, cabin enclosures, power units & communications and others. In addition, based on application, market is segmented as residential, institutional (universities, schools, colleges and other small scale institutions), marine & offshore, industrial (steel plants, power plants and cement plants), commercial (hotels, malls, hospitals and offices) and others.
The elevator maintenance market is driven by rise in adoption of elevator maintenance services, followed by rapid growth in industrialization & construction activities, favorable offering through elevators and increase in aging population. However, higher installation and maintenance cost of elevators may impact the market.
Based on geography, the Asian-Pacific region accounts for the largest share in the global elevator maintenance market owing to significant growth in industrialization and construction sector across the region. Whereas, the European and North-American regions are anticipated to witness higher growth rate due to increase in emphasis on safety & security over the forecast period. In upcoming years, it is expected that future of the global elevator maintenance market will be bright as a result of increase in development in disposable income of middle-class populace and rise in private & public investments during the forecast period.
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Elevators and Escalators Market by Service Type (Maintenance & Repair, Refurbishing, and New Equipment) and by Application (Residential, Commercial, and Industrial): Global Industry Perspective, Comprehensive Analysis and Forecast, 2018 – 2024
Ankur Gupta, Head Marketing & Communications