Insights On The Elevator Modernization Global Market To 2030 - Increasing Adoption Of Machines Room-Less Elevators Presents Opportunities'

DUBLIN, June 13, 2022 /PRNewswire/ -- The 'Elevator Modernization Market by Elevator Type, Component, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030' report has been added to ResearchAndMarkets.com's offering.

The global elevator modernization market size was valued at $7,781.2 million in 2020, and is projected to reach $19,941.6 million by 2030, registering a CAGR of 9.4% from 2021 to 2030. The process of upgrading important components of an elevator to maintain safety and efficiency is known as elevator modernization. Various components of elevator such as controllers, door equipment, signaling fixtures, and power units undergo various wear and tear, owing to continuous operations over a long period of time, creating a demand for elevator modernization.Elevators facilitate vertical movement of people and freight. This makes it an essential component of high-rise buildings and other structures. However, deterioration of elevator components can significantly affect its safety and efficiency. Replacement of entire elevator systems involves high investment, whereas elevator modernization, helps in maintaining and enhancing performance & safety of elevators systems economically.Rise in awareness regarding importance of modernization to maintain safety of elevators has significantly increased the demand for elevator modernization solutions from residential and commercial users. Furthermore, advancement in technology significantly improve the quality as well as aesthetic appearance of cabins. However, requirement of components as per specific designs and lack of skilled workforce are factors that can restrain market growth. Furthermore, implementation of government regulations for elevator safety positively influences the growth of the market.The global elevator modernization market is segmented on the basis of elevator type, component, end user, and region. Depending on elevator type, the market is divided into traction and hydraulic. According to component, it is categorized into controller, door equipment, cabin enclosure, and others. By end user, it is classified into residential, commercial, and industrial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.Major players operating in the global elevator modernization market have adopted key strategies such as product launch to strengthen their market outreach and sustain the stiff competition in the market

Competition Analysis

The major market participants profiled in this report include Escon Elevators, Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Co., Ltd., KONE Corporation, Mitsubishi Electric Corporation, OTIS Worldwide Corporation, Schindler, TK Elevator, and Toshiba Corporation. Key Benefits

• The report provides an extensive analysis of the current and emerging elevator modernization market trends and dynamics
• In-depth market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2030
• Extensive analysis of the elevator modernization market is conducted by following key product positioning and monitoring of the top competitors within the market framework
• A comprehensive analysis of all regions is provided to determine the prevailing opportunities
• The global elevator modernization market forecast analysis from 2021 to 2030 is included in the report
• The key market players within elevator modernization market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the elevator modernization industry

Key Topics Covered: Chapter 1 Introduction Chapter 2 Executive Summary Chapter 3 Market Overview 3.1. Market Definition and Scope3.2. Key Findings3.2.1. Top Winning Strategies3.2.2. Top Investment Pockets3.2.3. Top Impacting Factors3.3. Porter'S Five Forces Analysis3.3.1. Moderate Bargaining Power of Buyers3.3.2. Moderate Bargaining Power of Suppliers3.3.3. High Degree of Competition3.3.4. Moderate Threat of New Entrants3.3.5. Moderate Threat of Substitute3.4. Market Share Analysis, 20153.5. Market Dynamics3.5.1. Drivers3.5.1.1. Changing Trends in Elevator Industry3.5.1.2. Rapid Urbanization3.5.1.3. Rising Awareness About Safety and Security3.5.2. Restraints3.5.2.1. Unsuitable Elevator Designs3.5.2.2. Environmental Hazards3.5.3. Opportunities3.5.3.1.1. Development in Commercial Sector3.5.3.1.2. Increase in Adoption of Machines Room-Less Elevators3.5.3.1.3. Technological Advancements in Elevator Modernization Chapter 4 Competitive Landscape Chapter 5 Elevator Modernization Market, by Elevator Type 5.1. Overview5.2. Traction Elevator5.2.1. Key Market Trends5.2.2. Key Growth Factors & Opportunities5.2.3. Market Size and Forecast5.3. Hydraulic Elevator5.3.1. Key Market Trends5.3.2. Key Growth Factors and Opportunities5.3.3. Market Size and Forecast Chapter 6 Elevator Modernization, by Component 6.1. Overview6.2. Controller6.2.1. Key Market Trends6.2.2. Key Growth Factors and Opportunities6.2.3. Market Size and Forecast6.3. Door Equipment6.3.1. Key Market Trends6.3.2. Key Growth Factors and Opportunities6.3.3. Market Size and Forecast6.4. Cabin Enclosure6.4.1. Key Market Trends6.4.2. Key Growth Factors and Opportunities6.4.3. Market Size and Forecast6.5. Others (Overspeed Governor and Guide Rail)6.5.1. Key Market Trends6.5.2. Key Growth Factors and Opportunities6.5.3. Market Size and Forecast Chapter 7 Elevator Modernization, by End-user 7.1. Overview7.2. Residential Sector7.2.1. Key Market Trends7.2.2. Key Growth Factors and Opportunities7.2.3. Market Size and Forecast7.3. Commercial Sector7.3.1. Key Market Trends7.3.2. Key Growth Factors and Opportunities7.3.3. Market Size and Forecast7.4. Industrial Sector7.4.1. Key Market Trends7.4.2. Key Growth Factors and Opportunities7.4.3. Market Size and Forecast Chapter 8 Elevator Modernization Market, by Geography Chapter 9 Company Profiles 9.1. Escon Elevators.9.1.1. Company Overview9.1.2. Company Snapshot9.1.3. Business Performance9.2. Fujitec Co. Ltd.9.1.1. Company Overview9.1.2. Company Snapshot9.1.3. Business Performance9.3. Hitachi, Ltd.9.2.1. Company Overview9.2.2. Company Snapshot9.2.3. Business Performance9.2.4. Key Strategic Moves and Developments9.4. Hyundai Elevator Co. Ltd.9.3.1. Company Overview9.3.2. Company Snapshot9.3.3. Business Performance9.3.4. Key Strategic Moves and Developments9.5. Kone Corporation9.4.1. Company Overview9.4.2. Company Snapshot9.4.3. Business Performance9.4.4. Key Strategic Moves and Developments9.6. Mitsubishi Electric Corporation9.5.1. Company Overview9.5.2. Company Snapshot9.5.3. Business Performance9.5.4. Key Strategic Moves and Developments9.7. Otis Elevator Company9.6.1. Company Overview9.6.2. Company Snapshot9.6.3. Key Strategic Moves and Developments9.8. Schindler9.7.1. Company Overview9.7.2. Company Snapshot9.7.3. Key Strategic Moves and Developments9.9. Tk Elevators 9.8.1. Company Overview9.8.2. Company Snapshot9.8.3. Business Performance9.8.4. Key Strategic Moves and Developments9.10. Toshiba Corporation9.9.1. Company Overview9.9.2. Company Snapshot9.9.3. Business Performance9.9.4. Key Strategic Moves and Developments

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