Elevator Maintenance Market Estimated to Surpass $46.1 Billion by 2026
Research Reports
Feb 22, 2022
The market for Elevator Maintenance Market is estimated to surpass $46.1 billion by 2026 and is analyzed to grow at a CAGR of 4.2% during the forecast period 2021-2026. Moreover, Institutional building applications include hospitals, governmental, federal, municipal, and many other strategic institutions. Institutional buildings have been highly focusing on replacing the obsolete traditional elevators with advanced technology based elevators systems. Such growing shift towards emerging technology based systems such as smart elevator systems, elevator monitoring systems and machine roomless (MRL) Elevator from institutional will contribute towards elevator maintenance market in the Implementation of predictive maintenance for elevator systems in order to improve the regular monitoring standards that helps in avoiding the extra costs incase of higher damages in the future. Such factors have been causing its higher adoption across low-rise building applications for elevators with emergency stop button, thus propelling the elevator maintenance market.
Elevator Maintenance Market Segment Analysis – By End User
Commercial vertical is analyzed to be the dominant growth vertical with a CAGR of 5.5% through 2026. Growing construction of malls, hospitals, offices, hotels, and others in this region leads to an increase in demand for elevators that in turn drives the market for elevator maintenance. Moreover, rising advancements have caused various market players to invest in smart elevator systems due to the rising construction of commercial buildings. Usage of advanced features including cloud technologies help the authorities towards proper maintenance of elevators across hospitals, hotels, malls and many others. Such factors have been propelling market demands towards improving elevator maintenance standards.
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Elevator Maintenance Market Segment Analysis – By Building Size
Global Elevator Maintenance Market is dominated by low rise building which is growing at the highest CAGR of 5.3% through 2026. Rising technological advancements in order to enhance elevator maintenance standards across the various low-rise building sites have been also acting as a major driver towards higher dominance of elevators in the market. Elevator maintenance combined with automatic operations such as door closing and opening without the tapping of buttons, improves the functionality of the machines, thus helping in creating high demand across low rise building operations. Since technology is advancing at a rapid pace, construction of low rise buildings such as hotels, hospitals and many others have been also facing high shift towards improving use of smart technology based elevators.
Elevator Maintenance Market Segment Analysis – By Geography
Global Elevator Maintenance Market is dominated by APAC region with a market share of 37% in 2020. APAC dominated the market owing to the high construction sector growth. In APAC region, the emerging countries which are developed and developing like India, China, Indonesia, Malaysia, and other countries are looking for highly productive, efficient and eco-friendly lifting technologies. China is accounting for the largest growth in infrastructure projects by the government. After China, Indonesia is growing in the construction of both the residential and non-residential sectors influencing the growth of the market. In Europe most of the elevators used in the commercial, residential, institutional and others are very old and demand for modernization with new technologies is rising in these sectors. Furthermore, growth in these sectors is also influencing the growth of the market as more elevators are required by new infrastructural activities. According to the Schindler Group, in Europe 50% of elevators and escalators are older than 20 years and are primarily screw conveyor based bucket elevators and hydraulic elevators. The elevators in Europe are oldest among others in the world. Owing to this the demand for maintenance is increasing in this region.
Elevator Maintenance Market Drivers
Installation of elevators majorly in every field drives the market forward:
Continued expansion in the construction market and improved economic conditions would allow the Elevator Maintenance industry to continue its upward trajectory. Planned improvements in the US real estate market will drive growth primarily as the markets for residential, industrial, commercial and institutional construction expand. These downstream markets collectively account for almost three-quarters of the total market for the industry. Consequently, strong growth across these downstream markets is expected to increase the demand for contractors for installation services, benefiting industrial operators.
Rapid Growth in Industrialization and high demand for security:
The factors attributable to the increasing adoption of elevator maintenance services are a rapid rise in industrialization and construction activities. As per Census Bureau, the total value of public construction in 2020 amounted to $ 353,300 million in June as compared to $ 355,751 million and $ 351,318 in May and April respectively. Such growth of residential as well as non-residential buildings construction in the country has been causing high adoption towards elevators.
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Elevator Maintenance Market Challenges
Rise in Elevator Causalities:
The growing concern about accidents in the elevators is expected to affect the market. More than 30 people are killed in the U.S., according to the Bureau of Labor Statics and Consumer Product Safety Board, and about 17,000 are seriously injured in elevator accidents each year. Incidents with the elevator are responsible for about 90% of deaths and 60% of serious injuries. According to the Center for Construction Research and Training, elevators are responsible for an estimated 27 deaths a year in the United States, and around 10,000 injuries. Most of these include maintenance workers who install or fix elevators or work close to an elevator shaft.
Elevator Maintenance Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Elevator Maintenance Market. Elevator Maintenance Market is expected to be dominated by major companies such as ThyssenKrupp AG, Otis elevator, Pine state, KONE Corporation, Mitsubishi electric, FUJITEC, dover corporation, amtec, Anlev and Armor among others.
Acquisitions/Technology Launches/Partnerships
- In December 2019, KONE has announced that it has entered into a collaboration 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.
- In October 2019, Oracle Elevator announced the opening of its newest location in Denver, Colorado. The addition of this office gives the company a footprint in one of the most dynamic cities in the Western United States. This geographic expansion of Oracle represents its commitment to enter new markets and expand westward. Oracle will leverage its technical knowledge and highly skilled workforce to continue this expansion into additional western areas including Utah, Arizona and Southern California.
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Key Takeaways
- Global Elevator Maintenance Market is dominated by low rise building which is growing at the highest CAGR of 4.0% attributed to the rising technological advancements in order to enhance elevator maintenance standards across the various low rise building sites.
- Commercial is analyzed to be the dominant vertical with a revenue of $2,141.27 million in 2019 due to the growing construction of malls, hospitals, offices, hotels and others in this region
- One of the major factors attributable to the increasing adoption of elevator maintenance services is a rapid rise in industrialization and construction activities.
The growing concern about accidents in the elevators is expected to affect the market, thereby hindering the market growth during the forecast period 2021 – 2026.
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