Elevator modernization market

Elevator Modernization Market Publication Month: Dec 2017| No. of Pages: 196| Report Code: TIPTE100000619 | Category: Electronics and Semiconductor

Elevator Modernization Market to 2025 – Global Analysis and Forecasts by Type (Hydraulic and Traction); Component (Power Units, Cabin Enclosures, Controllers, Signalling Fixtures, Door Equipment and Others); and End User (Industrial, Residential Building, Institutional, Marine, Commercial and Others)

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Elevator Modernization Market Publication Month: Dec 2017 | No. of Pages: 196| Report Code: TIPTE100000619 | Category: Electronics and Semiconductor

Introduction:

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 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.

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Elevator Modernization Market Publication Month: Dec 2017 | No. of Pages: 196| Report Code: TIPTE100000619 | Category: Electronics and Semiconductor

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.

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.

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Elevator Modernization Market Publication Month: Dec 2017 | No. of Pages: 196| Report Code: TIPTE100000619 | Category: Electronics and Semiconductor

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.

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Elevator Modernization Market Publication Month: Dec 2017 | No. of Pages: 196| Report Code: TIPTE100000619 | Category: Electronics and Semiconductor

The List of Companies

- 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. 9. HYUNDAIELEVATOR CO., LTD. 10. TOSHIBA CORPORATION. Inquire more @ http://www.theinsightpartners.com/inquiry/TIPTE100000619

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