Elevator Modernization Market Share to Surge with USD 14,386.2 Million, Globally, by 2025

According to the recent 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.

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.

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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.

Strategic Insights:
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
2017: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.
2017:The Company announced the implementation of 26 new elevators and escalators at the new Rinascente department store at Piazza del Tritone in Rome. These elevators will help to carry up to 90,000 people per hour.
2017:The Company announced the development in the existing elevator with the concept for its net-zero energy solution at Energy Efficiency Global Forum 2017. This concept is implemented via modernization, producing net-energy positive systems without replacing the entire elevator.

Type Segment Insights

Based on type, the elevator modernization market is segmented into hydraulic and traction. Depending upon the factors such as type of building, number of floors, budget, and the level of modernization required in the elevator, decides the type of elevator required in the building. Both, Hydraulic and Traction elevators, have to carry people or various items to the different floors of the building and each elevator has a weight capacity. Modernization, partial or full, of these elevators are needed due to load carrying capacity shortages, long wait times due to slow speed, high power consumption, wear and tear of components, and new regulations. Both the elevator type has their advantages and disadvantages depending upon their usage.

Component Segment Insights

Based on vehicle type, the elevator modernization market is bifurcated into power units, cabin enclosures, controllers, signalling fixtures, door equipment and others. As the reconstructions in buildings, airports, and other infrastructure works is increasing, the demand for the modernization of the elevators is increasing. Several factors affect the modernization of the elevators, such as safety, convenience, increasing traffic, and others. Therefore, either the whole or the components of the elevator system are changed in order to meet the need of the client.

End User Segment Insights

Based on end users, the elevator modernization market is bifurcated into industrial, residential building, institutional, marine, commercial and others. Different building structure demands different elevator model. The elevator designs are tailor made and not generic in nature. The modernization of elevators depends upon the age of installed elevator, and as the need of the building. Elevators those are 15-20 years old requires modernization as maintenance may not be effective enough. Period of 1990s had seen a substantial growth in new development of commercial as well as residential building across all the countries. Most of the building today are upgrading and modernizing building infrastructure as per the requirement of the building type. The elevator traffic has changed as it was been before and the new government regulations demand the need to modernize the existing elevators.

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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This release was published on openPR.