FM & Building Maintenance Industry Today

Elevator Modernization Market by Technology, Industry, Demand, Status, Forecast 2019-2025 and Key players like: United Technologies, KONE Corporation, Schindler Holding, ThyssenKrupp AG, Fujitec, and Hitachi, Electra Elevators, Hyundai Elevators

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)
Published 07 December 2018
Elevator Modernization, Elevator Modernization market size, Elevator Modernization Market share, Elevator Modernization Market price, Elevator Modernization Market growth, Elevator Modernization market analysis, Elevator Modernization Market trends, Elevator Modernization Market forecast

Advancing technologies and advancements in the field of electronics as well as semiconductors has led to a whirlwind of changes in the electronic and semiconductor based products. Also, there has been considerable rise in the number of skyscrapers, high-rise buildings, and commercial infrastructures in the developed as well as developing nations as a result of industrialization. Although in these buildings the elevators were constructed to last for a period of around two decades, the advancements of technology has created quick demands for modernization of the existing elevator infrastructures. .
 
The Elevator Modernization Market report aims to provide a 360-degree view of the market in terms of cutting-edge technology, key developments, drivers, restraints and future trends with impact analysis of these trends on the market for short-term, mid-term and long-term during the forecast period. Further, the report also covers key players profiling with detailed SWOT analysis, financial facts and key developments of products/service from the past three years.
 
Get Sample Copy of this Report at https://www.theinsightpartners.com/sample/TIPTE100000619
 
Over the years of operation, these elevators suffer performance issues and get outdated in terms of technology. As the lift gets older, the owners of buildings have to face various issues such as downtime of lift due to it being out of service, degradation in performance of lifts, increased travel time between floors and prone to high risks for passengers. The market for elevator modernization is moderately fragmented market with the top ten companies accounting for approximately 50% of the market share. The elevator modernization market is anticipated to grow at a CAGR of 3.8% between 2018 and 2025.
 
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.
 
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.
 
Complete Report Available At- https://www.theinsightpartners.com/reports/elevator-modernization-market
 
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.

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

Buy this Report @ https://www.theinsightpartners.com/buy/TIPTE100000619

Other Industry News

Ready to start publishing

Sign Up today!