Global Elevator Service Market to Record Momentous Growth By 2025

June 30, 2020

According to the research report titled ‘Global Elevator Service Market a?? Analysis By Service Type, End-User, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global elevator service market generated revenues worth USD 34.9 billion in 2019 and is predicted to expand substantially by the year 2025.

Favorable initiatives by major OEMs to offer IoT (Internet of Things) and AI (Artificial Intelligence) solutions is a major factor driving the elevator service market growth. Maturing elevator market in regions such as North America and Europe is further aiding the market expansion.

As per service type, the maintenance & repair segment is expected to register remunerative growth during the forecast period. Elevator maintenance provides with replacements for elevator components, which further helps in reducing costs as well as avoids periodic breakdowns. This service is specifically developed to maintain consistent operations of systems by identifying and fixing issues before operational shutdown.

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Citing the end-use landscape, the residential segment accounted for a substantial share in the overall market in the year 2019 and is anticipated to witness a decent growth rate through 2025. Rapid urbanization and growing elderly population have facilitated of the growth of elevator industry, which in turn is fostering the demand for modernization as well as maintenance & repair services across the globe.

From the regional point of view, the report states that North America held a significant share in the year 2019 and is estimated to generate lucrative revenues in the forthcoming years. Increasing development of commercial infrastructure is favoring the market scenario in the region. Meanwhile, Europe elevator service industry is reckoned to register robust growth in the forthcoming years.

The prominent companies operating in global elevator service industry are KONE Oyj, Otis Elevator Company, Schindler Group, Thyssenkrupp AG, Orona Elevators, Hitachi, Ltd., EMR Elevator, Inc., Hisa Elevator Co. Ltd., Fujitec Co., Ltd and Mitsubishi Electric among others.

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