The global elevator modernization market is expected to grow from US$ US$ 10640.0 Mn in 2017 to US$ 14386.2 Mn by 2025 at a CAGR of 3.8% between 2017 and 2025.

Pune, India -- (SBWire) -- 03/15/2019 --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.

Burgeoning demand from the commercial end-users to escalate the elevator modernization market at a CAGR of 3.8%.

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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The global 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. Further, in order to more enhance 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.

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.

Elevator modernization (or lift modernization) is the process of upgrading the critical parts of the elevator in order for it to be able to handle new technology, have better performance, improve safety, and even give the aesthetics an up-to-date appeal.

There has been constant development in elevator modernization market. For instance, the 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. Apart from this, ThyssenKrupp also announced the implementation of 26 new elevators and escalators at new Rinascente department store at Piazza del Tritone in Rome. These elevators will help to carry up to 90,000 people per hour.

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The report segments the global elevator modernization market as follows:

Global Elevator Modernization Market – By Type

Traction
Hydraulic

Global Elevator Modernization Market – By Component

Power Units
Cabin Enclosures
Controllers
Signaling Fixtures
Door Equipment
Others

Global Elevator Modernization Market – By End - User

Industrial
Residential Building
Institutional
Marine
Commercial
Others