Elevator Modernization Market Industry Sees Promising Growth in 2018
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End users across the globe are inclined toward investing into elevator modernization activities as it enhances various features of elevator and makes it more safe, attractive, and efficient. Furthermore, rapid urbanization and increased safety awareness among end users has driven the market growth. However, unsuitable designs of elevators and environmental hazards from elevators restraint the market growth.
By component type, the controllers segment dominated the market with around 34% market share in 2014, followed by door equipment segment. In addition, the controllers segment is projected to expand at the highest CAGR of 7.9% during the forecast period.
Among the end users, commercial sector generated the maximum revenue in the global elevator modernization market and represented around 46% share of the total elevator modernization market revenue in 2014. Furthermore, by 2022, the segment is expected to dominate the market, with a CAGR of 7.4%. Whereas, industrial sector spending over elevator modernization is projected to increase at the second-fastest CAGR of 7.3%, owing to increase in construction activities in industrial sector. In addition, prominent market players in elevator modernization industry are inclined toward establishing new production facilities to cater increased demand from end-user verticals. For example, Mitsubishi Electric Corporation built a new manufacturing facility for Mitsubishi Elevator Korea Co., Ltd. (KMEC) in South Korea, which was anticipated to reinforce the companys capability to provide high-speed, innovative elevators, and attract more customers across the globe.
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Key Findings of the Elevator Modernization Market:
*Among components, the controllers segment led the overall elevator modernization market revenue, and is projected to grow at a CAGR of 7.9% during the forecast period.
*The traction segment dominated the market in 2014, and is projected to grow at the highest CAGR due to increase in adoption of technologically advanced traction elevators, especially in commercial sector.
*Among end users, the commercial segment generated the highest revenue in overall elevator modernization market and is projected to continue its dominance during the forecast period.
*In the year 2014, Europe was the dominant region in elevator modernization market. However, Asia-Pacific is expected to grow at the fastest CAGR with China leading the market.
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