Global Elevator Modernization Market Report 2022: Stringent High-Rise Safety Regulations Driving Sector

DUBLIN, Nov. 14, 2022 /PRNewswire/ -- 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.

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

Report Scope:

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:

• Traction
• Machine Room-Less Traction
• Hydraulic

Global Elevator Modernization Market, By Component:

• Controller
• Power Unit
• Cabin Enclosure
• Door Equipment
• Signalling Fixture
• Others (Sling, Car Fixtures, Guide Rails, Shaft Door Components etc.)

Global Elevator Modernization Market, By End-User:

• Residential Sector
• Commercial Sector
• Institutional Sector
• Infrastructural Sector

Global Elevator Modernization Market, By Modernization Type:

• Partial
• Full

Global Elevator Modernization Market, By Region:

• Asia-Pacific
• China
• Japan
• South Korea
• Australia
• India
• Rest of Asia-Pacific
• Europe
• Germany
• United Kingdom
• France
• Italy
• Spain
• Switzerland
• Rest of Europe
• North America
• United States
• Canada
• Mexico
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Rest of Middle East & Africa
• South America
• Brazil
• Argentina
• Colombia
• 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

17. About Us & Disclaimer

Companies Mentioned

• Fujitec Co., Ltd.
• Hitachi, Ltd.
• Hyundai Elevator Co., Ltd.
• Kone Corporation
• Mitsubishi Electric Corporation
• Otis Worldwide Corporation
• Schindler Group
• Toshiba Corporation
• Shenyang Yuanda Intellectual Industry Group Co. Ltd
• TK Elevator Gmbh

For more information about this report visit https://www.researchandmarkets.com/r/q0dm31

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets