According to the new research report published by The Insight Partners, titled “Elevator Modernization Market - Global Analysis and Forecast to 2025”, the global Elevator Modernization market is expected to reach US$ 14,386.2 million in 2025, registering a CAGR of 3.8% during the forecast period 2018-2025.
In 2017, Europe accounted for the largest revenue share of more than one-third of the total market share, followed by North America.
The growth in the Europe region is highly attributed to the increasing adoption of safety measures is commercial buildings in European countries.
Many of the countries are moving towards the modernization of the elevators in the existing buildings because of the reconstruction process taking place to convert the buildings to high rise buildings and towers. The government of several countries has taken initiatives for reconstruction of the existing building, which is leading to the modernization of the existing elevators in the buildings either partial or full. For instance, energy efficient initiatives by the German government is leading to the reconstruction of a large number of buildings that are more than 10-15 years old. For initiating the residential sector growth of Spain, the government is encouraging the vendors for replacing the existing elevators. UK government took initiatives for smart and green infrastructure which boosted the renovation process in the country, leading to modernization of existing elevators with the renovation process. Several other initiatives have been taken by many countries in different regions for reconstruction, which is boosting the market for elevator modernization.
The global Elevator Modernization market has been segmented based on type, i.e., Hydraulic and Traction type. The traction elevator modernization market presents a huge scope for modernization market. Countries such as the US, UK, Germany, and others are considered as a lucrative revenue pocket for modernization of traction elevators because of the large number of the existing old building which needs renovation and modernization. Whereas, countries like China and India are considered as a long term destination for traction elevator modernization market.
Key findings of the study:
Europe is anticipated to account the largest market share of the Elevator Modernization market and is expected to register a CAGR of 3.8%
Based on the type, the traction segment is expected to witness high year on year growth during the forecast period
Countries such as China and India are expected to be the most attractive market by the end of the forecast period
North America holds the second largest market share. The US is an economically advanced country and therefore hosts a continuous improvement in technology and infrastructure. Majority of the buildings in the US, especially in the eastern region are being reconstructed due to several factors such as modernization, safety, demographic change, and various others. Owing to these factors, the market for elevator modernization in the US will grow in the forecast period.
The key companies profiled in this report include United Technologies Corporation, KONE Corporation, Schindler Holding Ltd., ThyssenKrupp AG, Fujitec Co Ltd., Hitachi Ltd., Electra Elevators, Hyundai Elevator Co., Ltd, Mitsubishi Electric Corporation, and Toshiba International Corporation.
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