New Dehli January 21, 2018: The growth in the elevator and escalator industry of US can be attributed to the stabilizing economy of the country and measures introduced by the government to promote investment in real estate sector.
The report titled “US Elevators and Escalators Market by New Equipment Installation & Maintenance & Modernization, by Elevator (by End Usage, by Type of Machinery, by Door Types and by Sector) and by Escalator (by End Usage and by Escalators and Moving Walkways) – Outlook to 2022” by Ken Research suggested a growth at a positive CAGR in revenues in US elevator and escalator market in the next 5 years till 2022, due rise in urban population and increasing investment in real estate sector of the country.
The country’s economy is on the path of revival from the meltdown of 2007. The measures introduced by the government and improved regulatory oversight have strengthened the financial stability of the country. The unemployment level in the country is decreasing and is further expected to decrease. Deregulation and tax reforms have further increased the confidence of the investors. Owing to the significant increase in investments the number of commercial and residential complexes in the country are increasing at a fast pace. The government is also investing hugely into public infrastructure. All these reasons have collectively catapulted the elevators and escalators market in the past few years.
The business in the country has improved and companies operating in the elevators and escalators market are getting new contracts. Majority of the revenue of the companies is generated from the installation of new equipments. Maintenance and modernization of elevators and escalator also contribute a substantial share of revenue to the overall market. The demand for elevators and escalators from the commercial complexes is dominated as compared to residential complexes. Commercial complexes largely include retail spaces, office complexes, schools & colleges, hospitals, hotels and public infrastructure (airports, railways etc.), whereas residential complexes include high rise residential towers etc. Research and Development by companies into newer and safer technology for all the aspects involved in the industry has further supported the market. Introduction of mobile technology into the industry ensures and increases operational efficiency and the safety of workers and users. The safety standards issued by the American Society of Mechanical Engineers (ASME) is also continuously in the process of revising the safety regulations.
Key Topics Covered in the Report
US Elevators and Escalators Market Research Report
Corporate Comm India(CCI Newswire)
