With large aging elevators and escalators installed base, the region provides growth potential for the service in the year 2021. Another driver for the market is the stringent safety rules imposed by the government. Increased safety standards have propelled the market demand for innovative elevators, which would drive the market demand for the modernization segment by the end of the forecast period. All nationwide laws governing elevator maintenance are set by the Occupational Safety and Health Administration and the American Society of Mechanical Engineers. Also, most states and cities have additional standards and codes.
According to the report 'North America Elevator & Escalator
s Market Research Report, 2027' by Actual Market Research, the North America market was valued at USD 18 Billion. The region has been showing a constantly growing urbanization and focused on boosting the infrastructure in the transportation and power sectors. The focus of the region towards energy consumption and boosting green energy in the region is expected to trigger the sound growth of the North America elevator and escalator market with a futuristic CAGR of over 5%. The North America construction market's growth is expected to increase over the forecast period by easing the trade tensions and boosting economic growth in the region. The North American region consists of United States, Canada, Mexico, Greenland, Guatemala, Dominican Republic, etc. Even though the market is concentration is limited, makes it one of the most valuable markets in the world.
The pace of growth will recover from 2021 onwards as the ongoing infrastructure investments and smart city projects will add momentum for the region’s construction industry. Engineering and construction firms are key enablers of this powerful vision for upgrading infrastructure to incorporate sensing technology and data analytics that could contribute to making more smart cities in the region.
The elevator segment captured a major revenue share in the overall elevators and escalators market, wherein most of the installations were witnessed in residential sectors. Major hotel chains are expanding their presence across the country and the setting up of large-scale government establishments and other social infrastructures are strengthening the construction sector in the region. The North America elevator and escalator market are less competitive, with the presence of major international players occupying a large market share and leaving less scope for other small and medium-scale players. The elevator and escalator market presents opportunities for growth during the forecast period, which is expected to further drive market competition. Along with growing infrastructure and construction investments in the large economies of the region create ample opportunities for the elevator and escalator players. With a few players holding a significant share, the North America elevator and escalator market has an observable level of consolidation.