Elevators Modernization Market Set to Grow 11.289 Million by 2021 By 2021

Press Release   •   Oct 21, 2016 02:22 EDT

Global Elevator Modernization Market

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.

Browse 176 Pages of Recent Research on Elevators Modernization Market -By Elevator Type (Traction, Hydraulic) By Components (Controller, Door Equipment, Power Units and Others) By Type (Full & Phased Modernization) By End-User (Residential, Commercial, Marine, Industrial, Others)-Forecast(2016–2021) @

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 (SNEL) 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 (U.S)
  • ThyssenKrupp Elevator AG (Germany)
  • Schindler (Switzerland)
  • Kone Corporation (Finland)
  • Mitsubishi Electric Corporation (Japan)

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:

  • Magnetek, Inc. (U.S)
  • Fujitec (Japan)
  • Hyundai Elevator Co., Ltd (Korea)
  • Wittur (Germany).

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Table of Contents in Brief:

1. Elevator Modernization– Market Overview

2. Executive Summary

3. Elevator Modernization– Market Landscape

3.1. Market Share Analysis

3.2. Comparative Analysis

4. Elevator Modernization– Market Forces

4.1. Market Drivers

4.1.6. Stringent Regulations of Elevator Function

4.2. Market Constraints

4.3. Market Challenges

4.4. Attractiveness of the Elevators Modernization Industry

5. Elevator Modernization Market – Strategic Analysis

5.1. Value Chain Analysis

5.2. Pricing Analysis

5.3. Opportunities Analysis

5.4. Product/Market Life Cycle Analysis

6. Elevator Modernization Market – By Component Type

6.1. Introduction

6.2. Controllers

6.3. Door Equipment

6.4. Cabin Enclosures

6.5. Signalling Fixtures

6.6. Power Units

6.7. Others

7. Elevator Modernization Market – By Modernization Type

7.1. Introduction

7.2. Partial Modernization

7.3. Full Modernization

8. Elevator Modernization Market – By End-User

8.1. Introduction

8.2. Residential Buildings

8.4. Marine

8.5. Industrial

8.6. Institutional

8.7. Transportation

8.8. Others

9. Elevator Modernization Market—By Geography

9.1. Introduction

9.2. Americas

9.3. Europe

9.4. APAC

9.5. ROW

10. Market Entropy

10.1. New Product Launches

10.2. M&As, Collaborations, JVs and Partnerships

11. Company Profiles (Overview, Financials, SWOT Analysis, Developments, Product Portfolio)

12. Appendix

12.1. Abbreviations

12.2. Sources

12.3. Research Methodology

12.4. Bibliography

12.5. Compilation of Expert Insights

12.6. Disclaimer

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