U.S. Elevator and Escalator - Market Size & Growth Forecast 2023-2029

U.S. Elevator and Escalator - Market Size & Growth Forecast 2023-2029

The U.S. elevator and escalator market is expected to grow at a CAGR of 2.62% during 2023-2029.

MARKET OUTLOOK

The increasing demand for high-rise structures and the government's focus on infrastructure has propelled the elevator and escalator market to new heights.

The U.S. elevator market by the installed base is expected to reach 1,362.7 units in thousands by 2029. By 2022, the U.S. construction market is anticipated to grow by 7%, primarily due to increased demand for new homes and residential renovations. By 2025, the residential building is anticipated to contribute more than USD 1 trillion to the economy. Population expansion is pushing a greater need for cheap housing. Changing lifestyles result in more individuals living alone or with smaller families, driving the rise of the residential building business. Hence, the increasing number of residential and commercial building permits is becoming a significant factor in the U.S. elevator and escalator market growth.

KEY HIGHLIGHTS

a) The U.S. Federal Railroad Administration(FRA) funds were approved under Consolidated Rail Infrastructure and Safety Improvements (CRISI), granting ~USD 368 million for 46 rail projects in 32 states and the District of Columbia. These funds will help modernize rail infrastructure, strengthening the nation's supply chain.

b) The longest-stretched 119-mile high-speed rail project was the country’s first long-distance rail project in California from San Francisco to Los Angeles, with around 35 construction sites across the stretch. The High-Speed Rail Authority for the State of California suggests deploying bullet trains capable of up to 200 miles per hour. If expansions are developed to Sacramento and San Diego, the system's range would increase by up to 800 miles and include up to 24 stations. It is expected that the Central Valley segment will cost USD 13.1 billion. The first segment will travel between Merced, California, and Bakersfield, California, according to the rail authority's 2020 business plan. These services are anticipated to start in December 2029.

c) Modular construction is used for building permanent and temporary buildings such as schools, construction of camps, civil facilities, and military & industrial facilities. The increasing need for modular construction in rural and remote areas will likely drive the U.S. elevator and escalator market. This modular construction technology is gaining steam in the region and will be opted for more frequently than traditional methods in the future.

d) In September 2018, modular construction technology was raised to new heights with the 21-story citizen M New York Bowery in downtown Manhattan. They used a prefabricated construction system designed and built in Poland.

e) In July 2020, federal funding of USD 10.4 million was announced for Chicago O’Hare International Airport to reconstruct 1,477,000 square yards of existing apron pavement. This investment is from the US Department of Transportation’s Federal Aviation Administration Airport Improvement Program.

SEGMENTATION INSIGHTS

Elevator Market Segmentation by

Machine Type

  • Hydraulic and Pneumatic
  • Machine Room Traction
  • Machine Room Less Traction
  • Others
  • Climbing
  • Elevators
  • Industrial Elevators
Carriage Type
  • Passenger
  • Freight
Capacity
  • 2-15 Persons
  • 16-24 Persons
  • 25-33 Persons
  • 34 Persons and Above
End-User
  • Commercial
  • Residential
  • Industrial
  • Others
  • Public Transit
  • Institutional
  • Infrastructural
Escalator Market Segmentation by

Product Type
  • Parallel
  • Multi Parallel
  • Walkway
  • Crisscross
End-User
  • Public Transit
  • Commercial
  • Others
  • Institutional Sector
  • Infrastructure
  • Industrial
The Growth Rate Of Digitalization And Increasing Developments In Buildings To Drive

The U.S. Elevator And Escalator Market

1. The construction industry in the US is a significant contributor to the region’s economy as it constructs approximately USD 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.

2. According to the Department of Housing and Urban Development and the US Census Bureau, sales of new single-family homes were at a seasonally adjusted annual rate of 745,000 in October 2021, increasing up 0.4% from September 2021. Therefore, rising demand for single-family homes is likely to drive the growth.

3. Intelligent co-bots augment human experts and reduce the workload. Other systems for on-site professional assistance include Virtual reality (VR) and Augmented Reality (AR) professional glasses. VR and AR ensure a seamless and error-free installation, and each module occupies the proper position in the automatic recording and confirmation by the BIM design.

4. A 26-story, 168-room Marriott hotel in Manhattan is constructed using modular technology. The AC Hotel NoMad will be the biggest modular hotel in the world when it is inaugurated in 2021.

Governments Efforts To Expand Infrastructure Across The Nation To Increase Demand For The New Installations

1. Through funding from the IIJA(Infrastructure Investment and Jobs Act), the PIDP(Port Infrastructure Development Program) will increase the sum to USD 450 million in annual grants for the following five years, totaling USD 2.25 billion for the financial years 2022 through 2026.

2. In November 2021, the Government of the US signed a USD 1.2 trillion infrastructure plan into law, of which USD 550 billion will be spent on broadband, utilities, and broadband. In addition, the legislation will spend USD 110 billion on bridges, roads, and other major projects, such as an investment of USD 66 billion in passenger and freight rail, including potential upgrades to Amtrak. Such factors are likely to contribute to the U.S. elevator and escalator market.

3. The Los Angeles International Airport is undergoing a modernization plan. It is one of the most extensive public works programs with a cost of USD 14 billion, projected to complete by 2023.

4. Intel revealed plans to invest an initial USD 20 billion in developing two brand-new cutting-edge chip facilities in Ohio. As part of the company's IDM(Integrated Device Manufacturer) 2.0 strategy, the investment will assist increase production to keep up with the soaring demand for advanced semiconductors, powering a new wave of cutting-edge products from Intel and meeting the demand from customers. Manufacturing is expected to begin in 2025.

Regulations For Maintenance Of Elevators And Escalators To Create Demand In The US

1. The maintenance and modernization in the U.S. elevator and escalator market accounted for 75.2% and 24.8%, respectively, for 2022.

2. The model Safety Code for Elevators and Escalators, ASME A17.1/CSA B44, establishes the minimum standards for elevator and escalator maintenance and inspection, which local laws or regulations may supplement.

REGIONAL ANALYSIS
  • In July 2020, federal funding of USD 10.4 million was announced for Chicago O’Hare International Airport to reconstruct 1,477,000 square yards of existing apron pavement. This investment is from the US Department of Transportation’s Federal Aviation Administration Airport Improvement Program.
  • Philadelphia International Airport was funded with USD 24 million from the BIL program. Renovation and construction of the project will add 13,000 square feet of additional space and 35 more stalls across terminals.
VENDOR LANDSCAPE
  • The top 4 prominent vendors, including Otis, TK Elevator, Schindler, and KONE, account for 55% of the U.S. elevator and escalator market share.
  • The key players in the U.S. elevator and escalator market are Otis, TK Elevator, Schindler, KONE, Fujitec, Mitsubishi, Hyundai Elevator, and Hitachi elevator.
  • In August 2020, the Otis Integrated Dispatch solution was developed for integrating service robots within buildings using cloud-based API solutions that are easier to install than traditional integrations that enhance connectivity and automated monitoring prioritize cybersecurity.
  • TK Elevator’s key strategy focuses on research and development (R&D) for the digital transformation of industry, modern mobility concepts, and energy transition as a part of its science-based emission targets across its entire value chain by signing up for “Race to Zero.”
  • KONE announced a partnership with Amazon Web Services (AWS) during the fourth quarter of 2021. KONE will receive global cloud capabilities from AWS, including analytics and the Internet of Things.
Key Vendors
  • KONE
  • Otis
  • TK Elevator
  • Hyundai Elevator
  • KLEEMANN
  • Mitsubishi Electric
  • Schindler
  • Fujitec
Other Prominent Vendors
  • AVT Beckett
  • Colley Elevator
  • Cambridge Elevating
  • Hidral
  • Waupaca Elevator Company
  • Advanced Elevator
KEY QUESTIONS ANSWERED

1. How big is the U.S. elevator and escalator market?

2. What will be the growth rate of the U.S. elevator and escalator market?

3. What is the number of installed bases in the U.S. elevators and escalators market in 2022?

4. What are some key market opportunities in the U.S. elevator and escalator market?

5. Who are the key companies in the U.S. elevator and escalator market?


1 RESEARCH METHODOLOGY
2 RESEARCH OBJECTIVES
3 RESEARCH PROCESS
4 SCOPE & COVERAGE
4.1 MARKET DEFINITION
4.1.1 INCLUSIONS
4.1.2 EXCLUSIONS
4.1.3 MARKET ESTIMATION CAVEATS
4.2 BASE YEAR
4.3 SCOPE OF THE STUDY
4.3.1 MARKET SEGMENTATION BY PRODUCTS
4.3.2 MARKET SEGMENTATION BY ROUTE OF ADMINISTRATION
4.3.3 MARKET SEGMENTATION BY AGE GROUP
4.3.4 MARKET SEGMENTATION BY APPLICATION
4.3.5 MARKET SEGMENTATION BY DISTRIBUTION CHANNELS
4.3.6 MARKET SEGMENTATION BY END-USERS
5 REPORT ASSUMPTIONS & CAVEATS
5.1 KEY CAVEATS
5.2 CURRENCY CONVERSION
5.3 MARKET DERIVATION
6 MARKET AT A GLANCE
7 INTRODUCTION
7.1 OVERVIEW
8 PREMIUM INSIGHTS
9 MARKET OPPORTUNITIES & TRENDS
9.1 INNOVATION IN PERSONALIZATION AND TARGETED SOLUTIONS
9.2 INCREASING DEMAND FOR INFANT NUTRITION
9.3 ADVANCES IN NUTRITIONAL THERAPIES
9.4 SHIFT TOWARD HOME NUTRITIONAL CARE
10 MARKET GROWTH ENABLERS
10.1 GOVERNMENT INITIATIVES, INVESTMENTS, AND FUNDING FOR CLINICAL NUTRITION RESEARCH
10.2 INCREASING CHRONIC DISEASE PREVALENCE REQUIRES NUTRITIONAL SUPPORT
10.3 IMPACT OF COVID-19 ON CLINICAL NUTRITION
11 MARKET RESTRAINTS
11.1 SIDE EFFECTS AND COMPLICATIONS DUE TO CLINICAL NUTRITION
11.2 BARRIERS TO DELIVERING ENTERAL NUTRITION IN PEDIATRIC ICU
11.3 HIGH COST OF CLINICAL NUTRITION
12 MARKET LANDSCAPE
12.1 MARKET OVERVIEW
12.1.1 CLINICAL NUTRITION MARKET IN US: PRODUCT SEGMENTATION INSIGHTS
12.1.2 CLINICAL NUTRITION MARKET IN US: PRODUCT SEGMENTATION INSIGHTS
12.1.3 CLINICAL NUTRITION MARKET IN US BY APPLICATION
12.1.4 CLINICAL NUTRITION MARKET IN US BY AGE GROUP
12.1.5 CLINICAL NUTRITION MARKET IN US BY DISTRIBUTION CHANNEL
12.1.6 CLINICAL NUTRITION MARKET IN US BY END-USER
12.2 MARKET SIZE & FORECAST
12.3 FIVE FORCES ANALYSIS
12.3.1 THREAT OF NEW ENTRANTS
12.3.2 BARGAINING POWER OF SUPPLIERS
12.3.3 BARGAINING POWER OF BUYERS
12.3.4 THREAT OF SUBSTITUTES
12.3.5 COMPETITIVE RIVALRY
13 ROUTE OF ADMINISTRATION
13.1 MARKET SNAPSHOT & GROWTH ENGINE
13.2 MARKET OVERVIEW
13.3 ORAL
13.3.1 MARKET OVERVIEW
13.3.2 MARKET SIZE & FORECAST
13.3.3 ORAL PRODUCT MARKET BY ROUTE OF ADMINISTRATION
13.4 ENTERAL
13.4.1 MARKET OVERVIEW
13.4.2 MARKET SIZE & FORECAST
13.4.3 ENTERAL PRODUCT MARKET BY AGE GROUP
13.5 PARENTERAL
13.5.1 MARKET OVERVIEW
13.5.2 MARKET SIZE & FORECAST
13.5.3 PARENTERAL PRODUCT MARKET BY AGE GROUP
14 PRODUCT
14.1 MARKET SNAPSHOT & GROWTH ENGINE
14.2 MARKET OVERVIEW
14.3 POWDER
14.3.1 MARKET OVERVIEW
14.3.2 MARKET SIZE & FORECAST
14.4 LIQUID
14.4.1 MARKET OVERVIEW
14.4.2 MARKET SIZE & FORECAST
14.5 SEMI-SOLID
14.5.1 MARKET OVERVIEW
14.5.2 MARKET SIZE & FORECAST
15 AGE GROUP
15.1 MARKET SNAPSHOT & GROWTH ENGINE
15.2 MARKET OVERVIEW
15.3 CHILD AND TEENAGER
15.3.1 MARKET OVERVIEW
15.3.2 MARKET SIZE & FORECAST
15.4 ADULT
15.4.1 MARKET OVERVIEW
15.4.2 MARKET SIZE & FORECAST
15.5 INFANT & TODDLER
15.5.1 MARKET OVERVIEW
15.5.2 MARKET SIZE & FORECAST
15.6 GERIATRIC
15.6.1 MARKET OVERVIEW
15.6.2 MARKET SIZE & FORECAST
16 APPLICATION
16.1 MARKET SNAPSHOT & GROWTH ENGINE
16.2 MARKET OVERVIEW
16.3 MALNUTRITION
16.3.1 MARKET OVERVIEW
16.3.2 MARKET SIZE & FORECAST
16.4 METABOLIC DISORDERS
16.4.1 MARKET OVERVIEW
16.4.2 MARKET SIZE & FORECAST
16.5 GASTROINTESTINAL DISEASES
16.5.1 MARKET OVERVIEW
16.5.2 MARKET SIZE & FORECAST
16.6 CANCER
16.6.1 MARKET OVERVIEW
16.6.2 MARKET SIZE & FORECAST
16.7 OTHERS
16.7.1 MARKET OVERVIEW
16.7.2 MARKET SIZE & FORECAST
17 DISTRIBUTION CHANNEL
17.1 MARKET SNAPSHOT & GROWTH ENGINE
17.2 MARKET OVERVIEW
17.3 INSTITUTIONAL SALES
17.3.1 MARKET OVERVIEW
17.3.2 MARKET SIZE & FORECAST
17.4 SUPERMARKET & HYPERMARKET
17.4.1 MARKET OVERVIEW
17.4.2 MARKET SIZE & FORECAST
17.5 ONLINE CHANNELS
17.5.1 MARKET OVERVIEW
17.5.2 MARKET SIZE & FORECAST
17.6 PHARMACIES & DRUG STORES
17.6.1 MARKET OVERVIEW
17.6.2 MARKET SIZE & FORECAST
17.7 SPECIALTY STORES
17.7.1 MARKET OVERVIEW
17.7.2 MARKET SIZE & FORECAST
17.8 OTHERS
17.8.1 MARKET OVERVIEW
17.8.2 MARKET SIZE & FORECAST
18 END-USER
18.1 MARKET SNAPSHOT & GROWTH ENGINE
18.2 MARKET OVERVIEW
18.3 HOSPITALS
18.3.1 MARKET OVERVIEW
18.3.2 MARKET SIZE & FORECAST
18.4 INDIVIDUAL
18.4.1 MARKET OVERVIEW
18.4.2 MARKET SIZE & FORECAST
18.5 HOMECARE
18.5.1 MARKET OVERVIEW
18.5.2 MARKET SIZE & FORECAST
18.6 LONG-TERM CARE CENTERS
18.6.1 MARKET OVERVIEW
18.6.2 MARKET SIZE & FORECAST
19 COMPETITIVE LANDSCAPE
19.1 COMPETITION OVERVIEW
19.2 MARKET SHARE ANALYSIS
19.2.1 ABBOTT
19.2.2 B. BRAUN MELSUNGEN AG
19.2.3 BAXTER
19.2.4 DANONE
19.2.5 FRESENIUS KABI
19.2.6 NESTLE
19.2.7 PERRIGO COMPANY
19.2.8 RECKITT BENCKISER
20 KEY COMPANY PROFILES
20.1 ABBOTT
20.1.1 BUSINESS OVERVIEW
20.1.2 PRODUCT OFFERINGS
20.1.3 KEY STRATEGIES
20.1.4 KEY STRENGTHS
20.1.5 KEY OPPORTUNITIES
20.2 B. BRAUN MELSUNGEN AG
20.2.1 BUSINESS OVERVIEW
20.2.2 PRODUCT OFFERINGS
20.2.3 KEY STRATEGIES
20.2.4 KEY STRENGTHS
20.2.5 KEY OPPORTUNITIES
20.3 BAXTER
20.3.1 BUSINESS OVERVIEW
20.3.2 PRODUCT OFFERINGS
20.3.3 KEY STRATEGIES
20.3.4 KEY STRENGTHS
20.3.5 KEY OPPORTUNITIES
20.4 DANONE
20.4.1 BUSINESS OVERVIEW
20.4.2 PRODUCT OFFERINGS
20.4.3 KEY STRATEGIES
20.4.4 KEY STRENGTHS
20.4.5 KEY OPPORTUNITIES
20.5 FRESENIUS KABI
20.5.1 BUSINESS OVERVIEW
20.5.2 PRODUCT OFFERINGS
20.5.3 KEY STRATEGIES
20.5.4 KEY STRENGTHS
20.5.5 KEY OPPORTUNITIES
20.6 NESTLE
20.6.1 BUSINESS OVERVIEW
20.6.2 PRODUCT OFFERINGS
20.6.3 KEY STRATEGIES
20.6.4 KEY STRENGTHS
20.6.5 KEY OPPORTUNITIES
20.7 PERRIGO COMPANY
20.7.1 BUSINESS OVERVIEW
20.7.2 PRODUCT OFFERINGS
20.7.3 KEY STRATEGIES
20.7.4 KEY STRENGTHS
20.7.5 KEY OPPORTUNITIES
20.8 RECKITT BENCKISER GROUP
20.8.1 BUSINESS OVERVIEW
20.8.2 PRODUCT OFFERINGS
20.8.3 KEY STRATEGIES
20.8.4 KEY STRENGTHS
20.8.5 KEY OPPORTUNITIES
21 OTHER PROMINENT VENDORS
21.1 ADM
21.1.1 BUSINESS OVERVIEW
21.1.2 PRODUCT OFFERINGS
21.2 AJINOMOTO CO
21.2.1 BUSINESS OVERVIEW
21.2.2 PRODUCT OFFERINGS
21.3 BASF SE
21.3.1 BUSINESS OVERVIEW
21.3.2 PRODUCT OFFERINGS
21.4 DSM
21.4.1 BUSINESS OVERVIEW
21.4.2 PRODUCT OFFERINGS
21.5 ENVARA HEALTH
21.5.1 BUSINESS OVERVIEW
21.5.2 PRODUCT OFFERINGS
21.6 GLANBIA PLC
21.6.1 BUSINESS OVERVIEW
21.6.2 PRODUCT OFFERINGS
21.7 HERO NUTRITIONALS
21.7.1 BUSINESS OVERVIEW
21.7.2 PRODUCT OFFERINGS
21.8 HUM NUTRITION
21.8.1 BUSINESS OVERVIEW
21.8.2 PRODUCT OFFERINGS
21.9 KENDAL NUTRICARE
21.9.1 BUSINESS OVERVIEW
21.9.2 PRODUCT OFFERINGS
21.10 LONZA
21.10.1 BUSINESS OVERVIEW
21.10.2 PRODUCT OFFERINGS
21.11 LACTALIS NUTRITION SANTÉ
21.11.1 BUSINESS OVERVIEW
21.11.2 PRODUCT OFFERINGS
21.12 MEND
21.12.1 BUSINESS OVERVIEW
21.12.2 PRODUCT OFFERINGS
21.13 MEDIFOOD INTERNATIONAL SA
21.13.1 BUSINESS OVERVIEW
21.13.2 PRODUCT OFFERINGS
21.14 PRIMUS PHARMACEUTICALS
21.14.1 BUSINESS OVERVIEW
21.14.2 PRODUCT OFFERINGS
21.15 STERNLIFE GMBH & CO. KG
21.15.1 BUSINESS OVERVIEW
21.15.2 PRODUCT OFFERINGS
21.16 THE CRAFT HEAINZ COMPANY
21.16.1 BUSINESS OVERVIEW
21.16.2 PRODUCT OFFERINGS
21.17 VIVANTE HEALTH
21.17.1 BUSINESS OVERVIEW
21.17.2 PRODUCT OFFERINGS
22 REPORT SUMMARY
22.1 KEY TAKEAWAYS
22.2 STRATEGIC RECOMMENDATIONS
23 QUANTITATIVE SUMMARY
23.1 MARKET BY PRODUCT
23.2 MARKET BY ROUTE OF ADMINISTRATION
23.3 MARKET BY AGE GROUP
23.4 MARKET BY APPLICATION
23.5 MARKET BY DISTRIBUTION CHANNEL
23.6 MARKET BY END-USERS
23.7 ROUTE OF ADMINISTRATION MARKET BY AGE GROUP
23.7.1 ORAL CLINICAL NUTRITION MARKET IN US BY AGE GROUP
23.7.2 ENTERAL CLINICAL NUTRITION MARKET IN US BY AGE GROUP
23.7.3 PARENTERAL CLINICAL NUTRITION MARKET IN US BY AGE GROUP
24 APPENDIX
24.1 ABBREVIATIONS

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