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Elevator Modernization Market to Grow with Substantial Rate by 2025

 



(EstateNewsWire.com, October 12, 2018 ) The global elevator modernization market is estimated to grow at a CAGR of 3.8% during the forecast period 2017 - 2025 and accounts for US$ 14,386.2 Mn in the year 2025.



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.



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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.



Top Dominating Key Players:



1. KONE Corporation

2. United Technologies Corporation

3. Siemens AG

4. Schindler Holding Ltd.

5. Mitsubishi Electric Corporation

6. thyssenKrupp AG

7. Fujitec Co., Ltd.

8. Hitachi, Ltd.



In our study, we have segmented the elevator modernization market 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. On the basis of geography, the elevator modernization market is analyzed into North America, Europe, Asia- Pacific (APAC), Middle East & Africa (MEA) and South America (SAM).



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The growth of market for elevator modernization is highly influenced by the increasing need for a smooth and efficient mobility system inside buildings owing to increasing urbanization. Moreover, rising concern for safety in elevators in high rise buildings is also acting as a growth factor for elevator modernization market.



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.



Geographically, Europe contributed the maximum market share in 2016 in the elevator modernization market, owing to high increase in the renovations in the region. Government of several countries are taking initiatives in the reconstruction of the older buildings for high rise buildings due to safety factors and also to increase foreign tourism and companies in the countries. Reconstructions are also being taken due to government initiatives for a safer and green infrastructure and saving new construction costs. These factors are anticipated to further propel the demand for elevator modernization in Europe region.



Reasons to buy this report:



- Highlights key business priorities in order to assist companies to realign their business strategies



- The key findings and recommendations highlight crucial progressive industry trends in the automatic tire inflation system market, thereby allowing players across the value chain to develop effective long term strategies



- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets



- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it



- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution



- Examine the political, economic, social and technology impact of the five regions namely: North America, Europe, Asia Pacific, Middle East & Africa and South America.

The Insight Partners

Sameer Joshi

+1-646-491-9876

sam@theinsightpartners.com

Source: EmailWire.Com


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