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Elevator Modernization Market Outlook to 2025 - Schindler Holding Ltd, ThyssenKrupp AG, Fujitec, Hitachi Ltd, KONE Corporation, Electra Elevators, Hyundai Elevators, Mitsubishi Electric Corporation, and Toshiba International Corporation

01-29-2019 04:28 AM CET | Industry, Real Estate & Construction

Press release from: The Insight Partners

Elevator Modernization Market

Elevator Modernization Market

The Elevator Modernization Market research report analyzes factors affecting market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive Poter's five forces analysis.

Burgeoning demand from the commercial end-users to escalate the elevator modernization market at a CAGR of 3.8%

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.

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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 global elevator modernization market is expected to grow from US$ US$ 10640.0 Mn in 2017 to US$ 14386.2 Mn by 2025 at a CAGR of 3.8% between 2017 and 2025.

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.

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.

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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.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.

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