North America Elevator and Escalator Market by New Installations to Reach 46.9 Thousand Units by 2029, Watch Out for Huge Investment Opportunities

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11 Jul, 2023, 12:00 ET

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CHICAGO, July 11, 2023 /PRNewswire/ -- Arizton's latest research report states that the North America elevator and Escalator Market will grow at a CAGR of 2.84% from 2022-2029.

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Technological advancements and safety features such as sky bridges, modular construction, and building cybersecurity acceptance drive demand for intelligent lift systems. Furthermore, the region's rising digitized and intelligent systems in lifts and escalators are driving the demands for lift and escalator in North America .

Based on the installed base, the North American elevator market is estimated to reach 1,444.8 thousand units by 2029. Elevators utilized in the residential sector accounted for the greatest percentage in 2022, owing to increased government spending on development projects. Additionally, expected future elements in additive manufacturing will drive demand for vertical transportation equipment.

North America Elevator and Escalator Market Report Scope

Report Attributes

Details

Market Size by NewInstallations (2029)

46.9 thousand units

Market Size by NewInstallations (2022)

38.5 thousand units

CAGR (2022-2029)

2.84 %

Market Size by InstalledBase (2029)

1,509.5 thousand units

Market Size byModernization (2022

USD 1.27 Billion

Base Year

2022

Forecast Year

2023-2029

Market Dynamics

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Launch of Diamond Trac MRL Elevators to Benefit the Sales of North America Elevator and Escalator Market

Machine room-less (MRL) elevators offer numerous advantages compared to traditional elevator systems. They do not require a dedicated machine room, resulting in space-saving benefits and increased flexibility for building designs. The Diamond-Trac product range from Mitsubishi Electric US, Inc. enhances the MRL elevator experience with advanced technologies such as Reduced Instruction Set Computer (RISC) and Variable Voltage, Variable Frequency (VVVF) inverters for smooth door operation, Multi-beam Door Sensors for passenger safety, and the ReadyConnectTM network communication protocol gateway for seamless connectivity with building systems. The MRL elevators also contribute to energy efficiency by consuming 30%–40% less energy than traditional elevators and benefit from regenerative drive technology. Overall, MRL elevators provide reliable, convenient, and energy-efficient solutions for vertical transportation in modern buildings.

The Pandemic Exerted Pressure on Advancement of Treatment Facilities to Surge Demand for Construction and Upgradation of New Hospitals

The US construction industry is a major contributor to the US economy as it constructs approximately $1.4 trillion worth of buildings each year. For instance, the construction of Ohio State's Wexner Medical Center is scheduled to open by 2026 with a 1.9 million-square-foot inpatient hospital and up to 820 beds in private-room settings to uplift patient-centered care, training, and safety for the next generation of healthcare providers.

The design firm will provide design and construction services for the $180 million (C$217.75 million) Cariboo Memorial Hospital Redevelopment Project in Williams Lake, British Columbia. This expansion project will include an emergency room, medical or surgical inpatient units, maternity care, women's health care, and pharmacy services. The renovation project's construction is anticipated to be finished in 2025.

The new hospital, scheduled to open in 2027, will be built at 1002 Station St. by PCL Construction. As work on the largest hospital renovation project in British Columbia, the new St. Paul's Hospital at the Jim Pattison Medical Centre, gets underway, access to life-saving medical treatment in downtown Vancouver improves even further. The new hospital will cost $2.174 billion. The province is putting $1.327 billion into this. A total of $125 million will be raised by St. Paul's Foundation, with an additional $100 million for other present and foreseeable needs.

Rapid Housing Initiative and Increasing Construction of Skyscrapers to Hike Elevator Demand

A surge in migration to metropolitan cities seeking economic opportunities has influenced the housing needs in countries. Various residential developments in the pipeline as a factor in urbanization drive the demand. As per Council on Tall Buildings and Urban Habitat, the U.S. ranks second with 1,091 buildings with 150m+ and above height. There is an increase in construction spending from USD 1,811.1 billion in September 2022 compared to August 2022, which was USD 1,807.0 billion; due to this, the North America elevator and escalator market has a great opportunity in the US.

The Rapid Housing Initiative (RHI) financing, included in Budget 2022, is intended to address urgent housing requirements, aiming to allocate all funds by March 31, 2024. The goal is to build new, long-term, affordable housing units for populations and individuals that are at risk and are the focus of the National Housing Strategy (NHS). Thanks to the additional funds, four thousand five hundred new affordable units will be developed. USD 1 billion was allotted to the Projects Stream and USD 500 million to the Cities Stream out of a total of USD 1.5 billion made available.

In 2022, housing starts in Toronto increased by 7.7% to their highest level since 2012. Strong presales over the previous two years led to more condominium apartments being built, which caused the surge.

Key Vendors

Elevator Market Segmentation by

Machine Type

Carriage Type

Capacity

End-User

Escalator Market Segmentation by

Product Type

End-User

Key Questions Answered in the Report:

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