Elevator Modernization Market To Witness Heavy Growth Prospects Via - Hyundai Elevator, Electra Elevators, KONE, ThyssenKrupp AG, Mitsubishi Electric

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.

Elevator modernization is the process of upgrading the critical parts of the elevator in order to maintain the speed, efficiency, and safety of the elevator and the passengers traveling through it. Many of the elevators are built to provide around 20-30 years of service. As the age of the elevators increases and the equipment of the elevators are very difficult to find or replace, then the elevator is subjected to a total replacement. Modernization of the elevator includes the replacement of various components of the elevator such as cabin enclosures, signaling fixtures, door equipment, controllers, power units, and others. To ensure safety and convenience of the passengers traveling through the elevator, each of these components should be observed and replaced as it gets wear and tears to maintain a proper operating condition of the elevator.

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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.

In 2017, Europe accounted for the largest revenue share of more than one-third of the total market share, followed by North America.

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.

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List of Figures:

Figure 1: Controllers Elevator modernization, Global Revenue (US$ Mn), 2016 & 2025 18
Figure 2: APAC Elevator modernization, Global Revenue (US$ Mn), 2016 & 2025 19
Figure 3: Commercial Elevator modernization Market, Global Revenue (US$ Mn), 2016 & 2025 20
Figure 4: Elevator modernization Market Segmentation 22
Figure 5: Elevator modernization Market Segmentation 23
Figure 6: North America PEST Analysis 26
Figure 7: Europe PEST Analysis 29
Figure 8: APAC PEST Analysis 32
Figure 9: MEA PEST Analysis 35
Figure 10: SAM PEST Analysis 38
Figure 11: Elevator Modernization Market Impact Analysis of Driver and Restraints 45
Figure 12: Global Elevator Modernization Market Breakdown By Type, 2016 & 2025 (%) 48
Figure 13: Hydraulic Market Revenue and Forecasts to 2025 (US$ Mn) 50
Figure 14: Traction Market Revenue and Forecasts to 2025 (US$ Mn) 52
Figure 15: Global Elevator Modernization Market Breakdown By Component, 2016 & 2025 (%) 53
Figure 16: Power Units Market Revenue and Forecasts to 2025 (US$ Mn) 55
Figure 17: Cabin Enclosures Market Revenue and Forecasts to 2025 (US$ Mn) 56
Figure 18: Controllers Market Revenue and Forecasts to 2025 (US$ Mn) 58
Figure 19: Signaling Fixtures Market Revenue and Forecasts to 2025 (US$ Mn) 60
Figure 20: Door Equipment Market Revenue and Forecasts to 2025 (US$ Mn) 62
Figure 21: Others Market Revenue and Forecasts to 2025 (US$ Mn) 64
Figure 22: Global Elevator Modernization Market Breakdown By End User, 2016 & 2025 (%) 65
Figure 23: Global Industrial Market Revenue and Forecasts to 2025 (US$ Mn) 67
Figure 24: Global Residential Building Market Revenue and Forecasts to 2025 (US$ Mn) 68
Figure 25: Global Institutional Market Revenue and Forecasts to 2025 (US$ Mn) 70
Figure 26: Global Marine Market Revenue and Forecasts to 2025 (US$ Mn) 71
Figure 27: Global Commercial Market Revenue and Forecasts to 2025 (US$ Mn) 73
Figure 28: Global Others Market Revenue and Forecasts to 2025 (US$ Mn) 74
Figure 29: Elevator Modernization Market, Global Breakdown by Regions, 2016 & 2025 (%) 75
Figure 30: North America Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 77
Figure 31: North America Elevator Modernization Market Breakdown by Key Countries, 2016 & 2025 (%) 78
Figure 32: US Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 79
Figure 33: Canada Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 80

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