United States Elevator and Escalator Report 2023-2029 Featuring … – Business Wire

DUBLIN–(BUSINESS WIRE)–The “U.S. Elevator and Escalator – Market Size & Growth Forecast 2023-2029” report has been added to ResearchAndMarkets.com’s offering.

The U.S. elevator and escalator market is expected to grow at a CAGR of 2.62% during 2023-2029
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
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.
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.
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.
The Growth Rate Of Digitalization And Increasing Developments In Buildings To Drive The U.S. Elevator And Escalator Market
Governments Efforts To Expand Infrastructure Across The Nation To Increase Demand For The New Installations
Regulations For Maintenance Of Elevators And Escalators To Create Demand In The US
VENDOR LANDSCAPE
Key Vendors
Other Prominent Vendors
SEGMENTATION INSIGHTS
Elevator Market Segmentation
Machine Type
Carriage Type
Capacity
End-User
Escalator Market Segmentation
Product Type
End-User
For more information about this report visit https://www.researchandmarkets.com/r/ojlhy9
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ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

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