Global Elevator Modernization Market to 2025 Featuring KONE, ThyssenKrupp, Schindler & Hyundai

4/19/2018, 12:21 PM (Source: GlobeNewswire)

Dublin, April 19, 2018 (GLOBE NEWSWIRE) -- The "Elevator Modernization Market to 2025 Global Analysis and Forecasts" report has been added to's offering.

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.

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.

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 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.

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.

Some of 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.

Key Topics Covered:

1 Tables & Figures

2 Introduction
2.1 Scope of the Study
2.2 Research Report Guidance

3 Key Takeaways

4 Elevator modernization Market Landscape
4.1 Market Overview
4.2 Market Segmentation
4.2.1 Global Elevator modernization Market - By Type
4.2.2 Global Elevator modernization Market - By Component
4.2.3 Global Elevator modernization Market - By End-user
4.2.4 Global Elevator modernization Market - By Geography
4.3 PEST Analysis

5 Global Elevator Modernization Market - Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Need for a smooth and efficient mobility system inside buildings owing to increasing urbanization
5.1.2 Rising concerns of safety in elevators in high rise buildings
5.1.3 Ageing urban infrastructure and ageing global population driving elevator replacement with latest technology
5.2 Key Market Restraints
5.2.1 Design related issues concerned around modernization of elevators
5.2.2 Damages due to leakages in hydraulic elevators
5.3 Key Market Opportunities
5.3.1 Predictive maintenance service for elevators
5.4 Future Trends
5.4.1 Minimizations on downtimes of elevator systems
5.5 Impact Analysis of Drivers and Restraints

6 Elevator Modernization Market - Global
6.1 Global Elevator Modernization Market Overview
6.2 Global Elevator modernization Market Forecast and Analysis

7 Global Elevator modernization Market Analysis - By Type
7.1 Overview
7.2 Hydraulic
7.3 Traction

8 Global Elevator Modernization Market Analysis - By Component
8.1 Overview
8.2 Power Units
8.3 Cabin Enclosures
8.4 Controllers
8.5 Signaling Fixtures
8.6 Door Equipment
8.7 Others

9 Global Elevator Modernization Market Analysis - By End-user
9.1 Overview
9.2 Industrial
9.3 Residential Building
9.4 Institutional
9.5 Marine
9.6 Commercial
9.7 Others

10 Global Elevator modernization Market - Geographical Analysis

11 Industry Landscape
11.1 Market Initative
11.2 Merger and Acquisition
11.3 New Development

12 Competitive Landscape
12.1 Competitive Product Mapping
12.2 Market Positioning - Global Top 5 Players Ranking

13 Global Elevator modernization Market - Key Company Profiles

  • KONE Corporation
  • United Technologies Corporation
  • Siemens AG
  • Schindler Holding Ltd.
  • Mitsubishi Electric Corporation
  • Thyssenkrupp AG
  • Fujitec Co., Ltd.
  • Hitachi, Ltd.
  • Hyundaielevator Co., Ltd.
  • Toshiba Corporation.

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         Related Topics: Elevators and Escalators 

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