According to a research report titled ‘Global Elevator Service Market – Analysis By Service Type, End-User, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’ published by Azoth Analytics in June 2020, the Global Elevator Service Market was valued at USD 34.9 Billion in the year 2019. The service business (including maintenance & repair and modernisation) accounts for more than half the annual revenues of the top four OEMs - Otis, Schindler, Kone and Thyssenkrupp Elevators. Also, owing to a matured installed base of elevator in the regions like Europe and North America, the elevator service business market results in steady growth.
Leading Elevator Service providers are focusing on the internet of thingsus , artificial intelligence, big data. For example, Otis launched OTIS ONE, an IoT based solution to connect elevators to OtisLine. IoT enabled units are able to communicate an increased range of system health and diagnostic information to OtisLine, and these units will be integrated with the Global Service System. This system health and diagnostic information, coupled with proprietary data analytics capabilities, will enable to deliver of predictive and proactive service to improve equipment uptime and enhance customer satisfaction.
Also, in March 2019, Schindler launched Building Minds, a one-stop “Software as a Service” platform for building owners and operators to centrally manage all their properties and service providers.
According to the Azoth Analytics Research Report titled Global Elevator Service Market (2020 Edition), European region has the largest market share in the year 2019 while it is estimated that Europe will remain dominant during the forecast period. Also, North America accounts for 8% of the global E&E installed base and around x units in new installations in a ck global elevator market. The region is characterized by a higher commercial segment share (x% of the total market) which bodes well for stable and profitable aftermarket growth. Most of the installed base is hydraulic in nature but the share of machine-room-less (MRL) elevators has been increasing, and currently constitutes about two-thirds of the new installations.
Among the Service Type segment in the Elevator Service market (Maintenance & Repair, Modernization), Elevator maintenance plans help avoid costly, large repairs and replacements of elevator parts, which ultimately saves customers money and avoids problematic breakdowns, which cause elevator downtime. The elevator maintenance plans are specifically designed to keep systems running consistently by finding, diagnosing and fixing problems before they cause a shutdown.
Based on End-User segment, Residential segment holds the largest market share in year 2019. Growing ageing population as well as rapid urbanization in the economies resulted in the growth of elevator industry globally which will further boost the demand for maintenance & repair as well as modernization services in the market.
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