Global Elevator
Modernization Market valued at USD9,042.05 million in 2021 and is anticipated
to project a robust growth in the forecast period with a CAGR of 5.25% owing to
the revolution in digitalization and increase in infrastructure, making way for
the elevator modernization market.
Elevator
modernization, also known as lift modernization, involves upgrading
or modernizing major components of an elevator or lift. Its purpose
is to increase performance and raise safety standards that have dropped over
time. Elevator modernization usually has an impact on the turning motors and
controller equipment. Elevator modernization can help to increase elevator
performance and reliability. It also saves money on maintenance because all the
old parts are replaced with new, modern parts that last a long time and keep
the elevator working smoothly.
Increasing Demand for Modern
Machine Room Less Elevators
Modern machine room-less
elevators offer several benefits, including improved energy efficiency, lower
weight, more design alternatives, and better hoist-way area utilization.
Moreover, as the number of high-rise residential buildings rises worldwide,
demand for high-speed traction elevators is growing. Elevator capacity has
increased throughout time to accommodate more traffic moving between
multi-story buildings. Furthermore, these new elevators are now equipped with a
Wi-Fi router, improved fire alarm systems, wheelchair lifts, and other
features. Furthermore, the elevator's speed is determined by the number of
floors in the building, which has varied drastically throughout the years,
reaching above 10 m/s. Modern machine room-less elevators are increasingly
being employed in low and medium-rise buildings to save space and money during
construction. To meet rising market demand, the leading companies are
introducing ultra-high-speed, and machine-room less elevators tailored to
specific regional needs. In the coming years, such advancements are likely to
propel the Global Elevator Modernization Market even further.
Augmenting New Technological
Advancements
Leading companies such as Otis,
Toshiba, Schindler, and KONE are investing in Intelligent Services and the Internet
of Things to
monitor and improve elevator modernization services by predicting the frequency
with which the equipment must move up and down, as well as the load that the
elevators can carry with the destination-based operation. Otis, a manufacturer
of elevators, escalators, and moving walkways, for example, announced Otis One,
an IoT service platform, in May 2018. Remote monitoring, cloud technology,
machine learning, and the Internet of Things are all combined in Otis One. KONE
partnered with IBM Watson, a global IT company, in February 2017 to connect, monitor,
and manage over 1.1 million elevators throughout the world. Furthermore,
solar-powered elevators, such as those made by Schindler, save a significant
amount of energy. Furthermore, these regenerative drives and environmentally
friendly solutions are expanding the Global Elevator Modernization Market's
prospects.
High Safety Standards
Companies have begun to take a detailed security
assessment protection evaluation
whilst modernizing elevators to offer dependable consultations and recommendations
about extra components and features to improve added system to conform with the
modern-day protection codes. Additionally, elevator modernization companies are
now enforcing door structures so that in an entrapment, the mechanical automobile door
lock could prevent passengers
from trying a risky self-rescue via way of means of forcing them to open the
door from inside. Moreover, sensory intelligence structures are now included to
reveal elevators and passengers continuously and proactively, that may provoke
a request at some point of the time and detection of any suspicious occurrence,
making an elevator stable and advanced.
Smart Mobility
Elevator modernization
organizations are already putting in structures which could synchronize records
via the Internet of Things, allowing constructing managers and different safety
personals to view real-time elevator status using their cell phones and Internet
of Things (IoT). Moreover, it establishes an environment wherein all essential
stakeholders may also get entry to real-time facts about their device at any
time and from any location.
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Market Segmentation
Global Elevator Modernization
Market is segmented based on Elevator Type, By Component, End User,
Modernization Type, Region and by Company. By Elevator Type the market is
segmented into Traction, Machine Room-Less (MRL) Traction and Hydraulic. Based
on Component, the market is segmented into Controller, Door Equipment, Cabin
Enclosure, Signalling Fixture, Power Unit and Others. Based on End User, the
market is segmented into Residential Sector, Institutional Sector, Commercial
Sector, and Infrastructural Sector. Based on Modernization Type, the market is
segmented into Partial and Full. The market analysis also studies the regional
segmentation divided among Asia-Pacific, Europe, North America, Middle East
& Africa, South America.
Company Profiles
Otis Worldwide Corporation, Schindler
Group, Kone Corporation, TK Elevator Gmbh, Hitachi, Ltd., Fujitec Co., Ltd.,
Hyundai Elevator Co., Ltd., Mitsubishi Electric Corporation, Toshiba
Corporation, Shenyang Yuanda Intellectual Industry Group Co. Ltd etc.are among the
major market players in the Global
Elevator Modernization Market.
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Attribute
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Details
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Market size value in 2021
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USD 9042.05 million
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Revenue Forecast in 2027
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USD 12450.91 million
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Growth Rate
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5.25%
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Base Year
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2021
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Historical Years
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2017 – 2020
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Estimated Year
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2022E
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Forecast Period
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2023F – 2027F
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Quantitative Units
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Revenue in (USD million), Volume (Units) and CAGR for 2017-2021
and 2022E-2027F
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Report Coverage
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Revenue forecast, company
share, competitive landscape, growth factors, and trends
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Segments Covered
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Type
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Component
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End User
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Modernization Type
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Region
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Regional Scope
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North America, Europe, APAC, South America, Middle East &
Africa
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Key Companies Profiled
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Otis Worldwide Corporation, Schindler Group, Kone
Corporation, TK Elevator Gmbh, Hitachi, Ltd., Fujitec Co., Ltd., Hyundai
Elevator Co., Ltd., Mitsubishi Electric Corporation, Toshiba Corporation,
Shenyang Yuanda Intellectual Industry Group Co. Ltd etc. are among the major
market players in the Global Elevator Modernization Market.
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Customization Scope
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10% free report customization with purchase. Addition or
alteration to country, regional & segment scope.
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