The construction and building maintenance industries provide a sizeable segment for the elevator industry. Due to the global desire for larger and more sophisticated buildings, it has been expanding quickly. According to estimates, the industry has a global market value of over $90 billion and a 6% annual growth rate. In the upcoming years, it is anticipated that the business would continue to expand due to the rising need for vertical transportation.
Otis has a sizable market share and is one of the key companies in the elevator sector. One of the biggest elevator firms in the world, Otis has an estimated 17% market share internationally, according to industry sources. Otis, a company with operations in more than 200 nations, has put elevators in some of the most famous structures in the world, such as the Empire State Building and the Eiffel Tower.
A division of United Technologies Corporation (UTC) is Otis Elevator. UTC is a multinational company with operations in a number of sectors, including building technologies, aircraft, and defense. The American company Otis Elevator was established in 1853, and since 1975, it has been a member of UTC. Otis Elevator is presently owned by Raytheon Technologies, which was created following the merger of UTC and Raytheon.
Spain has a reputation for having a lot of elevators per person, with Madrid reputedly having the most elevators in the entire world. The country’s urbanization and the demand for vertical mobility in high-rise structures are to blame for this. Spain’s biggest cities have high population densities, which has prompted the development of tall buildings to suit the country’s expanding population. Elevators are a common option in Spain because they are necessary in high-rise buildings.
With an estimated 20,000 elevators in the city, Madrid is said to have the most elevators in the entire globe. The city’s fast urbanization and the requirement for large buildings to house the expanding population are the causes of this. New York City, Tokyo, and Shanghai are three further significant cities having a lot of elevators.
In conclusion, the construction and building maintenance industries both rely heavily on the elevator industry, a growing sector. One of the biggest businesses in the sector, Otis Elevator has a considerable market share. Due to its urbanization, Spain is noted for having a lot of elevators, with Madrid reputedly having the most elevators in the entire globe. In the upcoming years, it is anticipated that the elevator industry will continue to expand due to the rising need for larger and more intricate structures.
In the United States, there were about 900,000 elevators in use as of 2018.
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