Report : Elevator Modernization Market to 2025 – Global Analysis and Forecasts by Type (Hydraulic and Traction); Component (Power Units, Cabin Enclosures, Controllers, Signalling Fixtures, Door Equipment and Others); and End User (Industrial, Residential Building, Institutional, Marine, Commercial and Others)
Burgeoning demand from the commercial end-users to escalate the elevator modernization market at a CAGR of 3.8%
Latest market study on “Elevator Modernization to 2025 by Type (Hydraulic and Traction); Component (Power Units, Cabin Enclosures, Controllers, Signaling Fixtures, Door Equipment and Others); and End User (Industrial, Residential Building, Institutional, Marine, Commercial and Others) – Global Analysis and Forecast”, the elevator modernization market is estimated at US$ 10,252.0 Mn in 2016 and is expected to grow at a CAGR of 3.8% during the forecast period 2017 – 2025, to account for US$ 14,386.2 Mn in 2025. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The global by type, component and end-user. The type segment of elevator modernization market includes traction and hydraulic type elevators. Furthermore, the component segment has been subdivided into power units, cabin enclosures, controllers, signaling fixtures, door equipment, and others. The end-user of elevator modernization includes industrial, residential buildings, institutional, marine, commercial, and others. Further, in order to more enhance the elevators, the elevator component manufacturers, are manufacture the controllers with high end technologies and advanced composites such as relay based controllers or microprocessor chip based controllers, which is increases the interest among the end users for modernization of the elevators. Thus fueling the growth of market for elevator modernization in the coming years.
Elevator modernization (or lift modernization) is the process of upgrading the critical parts of the elevator in order for it to be able to handle new technology, have better performance, improve safety, and even give the aesthetics an up-to-date appeal.
There has been constant development in elevator modernization market. For instance, the Otis’ connected IoT systems enable intelligent and predictive service to address maintenance issues before they occur. After receiving “health reports” from every elevator, the system will diagnose and determine the parts that need to be replaced. This information is then relayed to the OTISLINE customer service center automatically so that technicians can prepare the necessary tools and parts before servicing customers. Apart from this, ThyssenKrupp also announced the implementation of 26 new elevators and escalators at new Rinascente department store at Piazza del Tritone in Rome. These elevators will help to carry up to 90,000 people per hour.
Some of the global key players operating in the elevator modernization market are United Technologies Corporation, KONE Corporation, Schindler Holding Ltd., ThyssenKrupp AG, Fujitec Co. Ltd., and Hitachi Ltd. Electra Elevators, Hyundai Elevators Co. Ltd., Mitsubishi Electric Corporation, and Toshiba International Corporation are other key companies in the market.
The report segments the global elevator modernization market as follows:
Global Elevator Modernization Market – By Type
Global Elevator Modernization Market – By Component
Global Elevator Modernization Market – By End - User
Global Elevator Modernization Market – By Geography
Rest of Europe
Asia Pacific (APAC)
Rest of APAC
Middle East & Africa (MEA)
Rest of MEA
South America (SA)
Rest of SA