New Report Explored Elevator Modernization Market Demand Would Increase Rapidly by 2025
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 controll
(EMAILWIRE.COM, October 05, 2018 ) 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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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).
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.
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.
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Get sample PDF copy @ http://bit.ly/2pyKBtL
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).
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.
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.
Make Purchase Inquiry @ http://bit.ly/2BYdRBB
Contact Information:
The Insight Partners
Sameer Joshi
Tel: +1-646-491-9876
Email us
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The Insight Partners
Sameer Joshi
Tel: +1-646-491-9876
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results