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 the modernization elevator service company will assist the customers in choosing the modernization type and services, thus boosting the scope of the Elevators Modernization Market during 2016-2021.
Scope and Regional Forecast of the Elevators Modernization Market:
Europe is the dominating market which held a major revenue share in 2015 and is estimated as fastest growing market region in the Elevators Modernization Market next to Asia Pacific, mainly driven by implementation of regulations from Safety Norm for Existing Lifts (SNEL) and increasing old high rise buildings.
The global Elevators Modernization Market is estimated to grow at a CAGR of 4.16% during the forecast period 2016-2021. The Countries like the US, India, China and Brazil are expected to have high demand due to the rising infrastructure in this region.
According to the IndustryARC research analysis studies on the Elevators Modernization Market, 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.
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Segmentation and Key Players of the Elevators Modernization Market:
The Elevators Modernization Market is segmented into various categories in the IndustryARC marketing research report by component type, by modernization type, by end user and by geography.
By component type: controllers, door equipment, cabin enclosures, signaling fixtures, power units and others
By modernization type: partial modernization and full modernization
By end user: residential buildings, commercial (malls, hotels and offices), marine, industrial, institutional, transportation and others
By geography: North America, South America, Europe, Asia Pacific and ROW
The key players in the Elevators Modernization Market according to the IndustryARC research report are as follows:
• Otis Elevator Company (U.S)
• ThyssenKrupp Elevator AG (Germany)
• Schindler (Switzerland)
• Kone Corporation (Finland)
• Mitsubishi Electric Corporation (Japan)
The Elevators Modernization Market is a rapidly growing market with adoption of modern elevators in the residential and commercial spaces across the globe. This market is profitable and it is estimated to generate good revenue due to the rise of installing modern elevators and modernization of the existing elevators during 2016-2021.
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