Any business or residential building that needs an elevator installed or service is going to want to work with an elevator company. Though the elevator business may not seem like a lucrative one with a lot of growth, it actually is more lucrative than one might think.
It may seem like the market for new elevator installations is limited, but it really isn’t. The commercial real estate market is booming, and basically any building that’s two stories or more has to have an elevator in it to comply with state and federal laws regarding access for those who are disabled. That adds up to thousands of new commercial elevators that need to be installed each year, just in non-residential buildings. However, that doesn’t account for the many residential elevator opportunities. Over 10,000 residential elevators are being installed each year, most in high-rise apartment and condo buildings. However, people with the financial means are having elevators installed in single-family homes as well.
In addition to elevators in new buildings, there are also new elevators that have to be installed in existing buildings to replace old ones. Elevators are extremely safe, about 20 times safer than escalators, but as they age, they become less safe. Older elevators also break down more and have problems with speed. There are thousands of old elevators that need to be replaced each year, which also is a lucrative business for elevator companies.
While installing new elevators is a lucrative business, elevator repair can be even more lucrative. There are about 900,000 elevators in the U.S., and more are being added every day. Those elevators need to be serviced, have repairs done and be inspected. That is a lot of potential work for an elevator company. If a residential elevator needs home elevator repair, it must be done by a professional. Though some very large companies may have maintenance staffs that have the expertise to repair elevators, most businesses are going to need the expertise of a professional elevator company for their repair work.
Whether you need commercial elevator installation, residential installation or repair, you want to work with a professional elevator company so you get the experience and expertise you need.