LONDON, Nov. 17, 2016 /PRNewswire/ -- Elevator modernization is a process of upgrading the existing elevator to make the elevator safer, more efficient and more attractive. It is one of the emerging services in the elevator industry and encompasses two kinds of modernizations namely full modernization and partial modernization. Modernization service providers assist the customers in choosing the modernization type and services. Increase in concerns towards energy efficiency, Co2 emissions and emphasis on security and safety are the primary factors that have been driving the growth for this market. Opposition from vintage elevator enthusiasts and the suitability of modernization with old power infrastructure buildings obstructs the reach of modernization services.
The global elevator modernization market has been analyzed with respect to different parameters such as demand, supply, end - users and service providers. Elevator modernization market encompasses two types of elevators hydraulic and traction, traction further classified into geared, gearless. The market is further classified based on the components, type, end - user and by geography.
The overall market is also presented from the perspective of different geographic regions and the key countries in each region. Europe is the dominating market which held a major revenue share in 2015 and is estimated as fastest growing market next to APAC, mainly driven by implementation of regulations from Safety Norm for Existing Lifts and increasing old high rise buildings. The global elevator modernization market is estimated to reach $11,289.0M by 2021 with CAGR of 4.16% during the forecast period.
Elevator modernization market is dominated by five companies, namely:
Otis Elevator Company
ThyssenKrupp Elevator AG
Mitsubishi Electric Corporation
All the above companies together held a major market share in 2015. These companies have significant presence in the modernization market with wide service offerings and considerable brand image.
Other companies in the market include:
Hyundai Elevator Co., Ltd
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