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(IT-NEWSWIRE.COM, April 19, 2018 ) 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 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.
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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Leading Key Players: 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.
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.
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Table of Content
1 Table of Contents 2
2 Introduction 16
3 Key Takeaways 18
4 Elevator modernization Market Landscape 21
5 Global Elevator Modernization Market – Key Industry Dynamics 40
6 Elevator Modernization Market – Global 46
7 Global Elevator modernization Market Analysis – By Type 48
8 Global Elevator Modernization Market Analysis – By Component 53
9 Global Elevator Modernization Market Analysis – By End-user 65
10 Global Elevator modernization Market – Geographical Analysis 75
11 Industry Landscape 132
12 Competitive Landscape 138
13 Global Elevator modernization Market – Key Company Profiles 141
14 Appendix 192
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The Insight Partners
Sameer Joshi
+91 9666111581
sam@theinsightpartners.com
Source: EmailWire.Com 
Source: EmailWire.com
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