Elevator Modernization Market to Witness High CAGR by 2025 - Schindler Holding Ltd., ThyssenKrupp AG, Fujitec Co. Ltd., and Hitachi Ltd. Electra Elevators, Hyundai Elevators Co. Ltd., Mitsubishi Electric Corporation, United Technologies Corporation, KONE
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.
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Leading Players in Elevator Modernization Market:
- KONE Corporation
- United Technologies Corporation
- Siemens AG
- Schindler Holding Ltd.
- Mitsubishi Electric Corporation
- thyssenKrupp AG
- Fujitec Co., Ltd.
One of the future trend that is prevailing in the market is the implementation of destination-based elevators, which are majorly used in the commercial buildings such as offices, malls and others. Such type of elevators is helpful in avoiding the huddling over the elevator doors in the peak hours. Furthermore, implementation of IoT in the elevator system will help the product for collecting and analyzing the data of elevator with the operators and manufacturers, and respond quickly in case of any problem in the elevator. These trends are further going to boost the demand for elevator modernization market in the coming years.
The most widely modernized component in the elevator modernization are the controllers, and due to this, the segment contributed the maximum market share of 36.6% in 2016. Although, signaling fixtures is projected to surge at the fastest pace of 5.1%. This is due to the fact that controllers act as a brain of the elevator and are responsible for the speed, levelling and the smooth functioning of the elevator, and signaling fixtures are widely used for signaling the direction and level of the elevator and are subjected to wear and tear at a faster rate. Owing to these factors, the market for controllers and signaling fixtures is anticipated to surge during the forecast period from 2017 to 2025, at a significant rate.
In order to further modernize 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.
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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.
The report segments the global elevator modernization market as follows:
Global Elevator Modernization Market – By Type
Global Elevator Modernization Market – By Component
- Power Units
- Cabin Enclosures
- Signaling Fixtures
- Door Equipment
Global Elevator Modernization Market – By End - User
- Residential Building
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