Modernization of elevators or replacement of the old elevators improves the user safety and comfort, also results in uptime of the lift and reduces the unplanned repair costs for the owners. In the high rise buildings, vertical transportation systems such as elevators become the primary and only mode of transport for the passengers.
The global Elevator Modernization market accounted for US$ 10,640.0 Mn in 2017 and is expected to grow at a CAGR of 3.8% during the forecast period 2018 – 2025, to account for US$ 14,386.2 Mn in 2025.
Companies in elevator mordenization include United Technologies Corporation, KONE Corporation, Schindler Holding Ltd., ThyssenKrupp AG, Fujitec Co Ltd., Hitachi Ltd., Electra Elevators, Hyundai Elevator Co., Ltd, Mitsubishi Electric Corporation, Toshiba International Corporation.
Elevator Modernization Market to 2025 – Global Analysis and Forecast by type, component and end-user, Elevator Modernization market is 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. Although the elevators in the high rise buildings were installed to last for two decades, they require consistent maintenance services. Over the years of operation, these elevators suffer performance issues and get outdated in terms of technology.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.
Some of the remarkable partnership and collaboration in this industry includes the partnership of Otis China with China Jinmao Holdings Group. Under the new strategic cooperation agreed between the two companies, Otis China will provide elevators and escalators for the group’s high-end residential, commercial and hotel projects in China over the next two years. China Jinmao is a well-known property developer with a footprint in more than 20 key cities. Furthermore, KONE acquired the German Alois Kasper GmbH specializing in installation, servicing and modernization of elevators.
The global elevator modernization market by geography is segmented into six region including North America, Europe, Asia Pacific, Middle East & Africa and South America. North America is expected to account for the largest share of the global elevator modernization market in 2016, followed by Europe. Germany and UK being two key countries in Europe region which will lead EFSS market in this region and is also expected to continue its dominance throughout the forecast period from 2016 to 2025. The report profiles key players such 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 among others.
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