Global Elevator Modernization Market
Dublin, Oct. 31, 2022 (GLOBE NEWSWIRE) — The “Global Elevator Modernization Market, By Elevator Type (Traction, Machine Room Less (MRL) Traction, Hydraulic), By Component, By End User, By Modernization Type, By Region, Competition Forecast & Opportunities, 2017-2027” report has been added to ResearchAndMarkets.com’s offering.
The Global Elevator Modernization Market is expected to grow at a steady CAGR of 5.25% in the forecast period to reach a value of USD12,450.91 million by 2027. Factors such as the rise in the focus of leading authorities on developing digital infrastructure of emerging countries and aging urban infrastructure are driving the demand for elevator modernization to ensure the safety of people. Also, the ongoing advancements in technology and stringent safety regulations in high-rise buildings are expected to create lucrative opportunities for the Global Elevator Modernization Market in the forecast period.
Leading authorities of developing economies are making high-end investments in infrastructure developments, significantly increasing the population in urban cities. The ongoing mega projects across the globe, such as Crossrail Project (London), Beijing Airport (China), and Al Maktoum International Airport (Dubai), are fuelling the demand for elevator modernization services.
Elevators are employed in buildings to increase the comfort and convenience of residents to travel between different floors. Elevator modernization extends the life of existing elevators and significantly improves passenger safety, accelerating the demand for efficient mobility systems inside the buildings. Also, the surge in the commercial use of elevators is making the market players launch technologically advanced elevators in the market.
The Global Elevator Modernization Market is segmented into elevator type, component, end-user, modernization type, regional distribution, and competitive landscape. Based on elevator type, the market is divided into traction, machine room-less (MRL) traction, and hydraulic. The traction segment dominated the market in 2021 and covered 78.98% of the overall market share. An increase in the construction of commercial and residential buildings across the globe is accelerating the demand for high-speed traction elevators. Leading market players are launching advanced, machine room-less elevators, which is expected to create significant growth opportunities in the forecast period.
Fujitec Co., Ltd.
Hyundai Elevator Co., Ltd.
Mitsubishi Electric Corporation
Otis Worldwide Corporation
Shenyang Yuanda Intellectual Industry Group Co. Ltd
TK Elevator Gmbh
Key Target Audience:
Elevator modernization service providers
Government bodies such as regulating authorities and policy makers
Organizations, forums, and alliances related to elevator modernization
Market research and consulting firms
In this report, the Global Elevator Modernization Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Global Elevator Modernization Market, By Elevator Type:
Machine Room-Less Traction
Global Elevator Modernization Market, By Component:
Others (Sling, Car Fixtures, Guide Rails, Shaft Door Components etc.)
Global Elevator Modernization Market, By End-User:
Global Elevator Modernization Market, By Modernization Type:
Global Elevator Modernization Market, By Region:
Rest of Asia-Pacific
Rest of Europe
Middle East & Africa
Rest of Middle East & Africa
Rest of South America
Key Topics Covered:
1. Service Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on Global Elevator Modernization Market
5. Voice of Customer
6. Global Elevator Modernization Market Outlook
7. Asia-Pacific Elevator Modernization Market Outlook
8. Europe Elevator Modernization Market Outlook
9. North America Elevator Modernization Market Outlook
10. Middle East & Africa Elevator Modernization Market Outlook
11. South America Elevator Modernization Market Outlook
12. Market Dynamics
13. Market Trends and Developments
14. Company Profiles
15. Recent Developments
16. Strategic Recommendations
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