According to the new market research report by IndustryARC titled “Elevator Modernization Market By Elevator Type (Traction, Hydraulic) By Components (Controller, Door Equipment, Power Units and Others) By Type (Full & Phased Modernization) By End-User (Residential, Commercial, Marine, Industrial, Others) – Forecast (2018-2023)”, the market is driven by the growth of end users such as residential buildings, commercial, marine, industrial, institutional, etc.
Europe dominates the Elevator Modernization Market
Europe will dominate the Elevator Modernization Market in the coming years. It is expected to reach $4, 635.2 million by 2023 at a CAGR of 4.98%. The regulation from ‘Safety Norm for Existing Lifts (SNEL)’ and the growth of old high rise residential buildings in Europe will increase the demand for the Elevator Modernization Market in the region. The demand for new elevators has reached new heights, with Western Europe having a huge potential for modernization. In Europe, most of the elevators are over 20 years old. These elevators can be modernized with the help of the latest technologies for enhancing safety, security, and efficiency. The end user segments in the region which make use of modernization include small residential buildings and office buildings.
Selected Analysis done in the Elevator Modernization Market Report:
The residential segment has the highest share in the Elevator Modernization Market. In 2017, it reached a revenue of $4,282.8 million. It is expected to reach $5,642.5 million by 2023 at a CAGR of 4.70%. This is followed by the commercial segment which will reach $ 4,031.3 million at a CAGR of 5.05%. The growth of the high-rise buildings in the European region and strict regulations from the government will drive the residential segment. Elevator modernization in buildings is done to reduce energy consumption and waiting time. The elevators in residential buildings are modernized to increase the capacity and lower the waiting time. Modernization of the elevator is also carried out in case of destruction due to environmental hazards and natural calamities such as earthquakes and floods for giving protection and safety.
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Excerpts on Elevator Modernization Market Growth Factors
• Technologically advanced developments such as smart communication, access control, and security have enhanced the efficiency of elevators and improved safety levels.
• The growth of the ageing population creates a demand for the elevators in new installations and modernization markets for easy transportation.
• Emphasis on safety measures creates a growing demand for elevator modernization.
• Environmental demands such as saving of energy enhance the demand for the traction elevator.
• Obsolescence of existing elevators is a key driver for room fewer elevators.
Key players of the Elevator Modernization Market
Otis Elevator Company, ThyssenKrupp Elevator AG, Schindler, Kone Corporation are the top companies in the Elevator Modernization Market. Otis Elevator Company is the largest manufacturer of people moving products in the world. It has manufacturing facilities in Europe, the Americas, and Asia. ThyssenKrupp Elevator AG headquartered in Germany manufactures elevators and escalators. It provides solutions for customers in areas of mechanics, plants, and materials. Schindler manufactures escalators, elevators, and moving parts. It plays an active role in the modernization of elevators. Kone Corporation provides solutions throughout the lifecycle of the elevator and escalator by providing new equipment.
Elevator Modernization Market is segmented as below
The growth of residential, commercial, industrial, and transportation segments will drive the growth of the Elevator Modernization Market.
A. Elevator Modernization Market By Modernization Type
1. Partial modernization
2. Full modernization
B. Elevator Modernization Market By End User
1. Residential buildings
C. Elevator Modernization Market By Elevator Type
1.1. Conventional hydraulic elevators
1.2. Hole-less hydraulic elevators
1.3. Roped hydraulic elevators
2.1. Geared traction elevators
2.2. Gear-less traction elevators
2.3. Machine room less elevators
3. Climbing elevator
4. Pneumatic elevator/vacuum elevator
D. Elevator Modernization Market By Component Type
1.2. Solid state
2. Door equipment
3. Cabin enclosures
4. Signaling fixtures
5. Power units
6. Oil and grease
7. Full/complete preventive
E. Elevator Modernization Market by Geography (covers 32+ countries)
F. Elevator Modernization Market Entropy
G. Companies Citied / Interviewed
1. KONE CORPORATION
2. SCHINDLER GROUP
3. OTIS ELEVATOR COMPANY
4. THYSSENKRUPP ELEVATOR AG
5. MITSUBISHI ELECTRIC
6. SEMATIC S.P.A
7. WITTUR GROUP
8. FUJITEC CO., LTD
9. RICHMOND ELEVATOR
10. DOPPLER S.A.
11. MAGNETEK, INC. (COLUMBUS MCKINNON)
12. HYUNDAI ELEVATOR CO., LTD
13. JOHNSON LIFTS PVT LTD
14. HITACHI LTD
15. TOSHIBA ELEVATOR AND BUILDING SYSTEMS CORPORATION
16. Company 20+
What can you expect from the report?
The Elevator Modernization Market Report is Prepared with the Main Agenda to Cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country-level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End-user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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