Elevator Modernization Market Competition landscape and growth opportunity by Analyzing Key Vendors: United Technologies Corporation, KONE Corporation, Schindler Holding Ltd., ThyssenKrupp AG, Fujitec Co. Ltd., and Hitachi Ltd. Electra Elevators, Hyundai Elevators

Press Release

The global elevator modernization market is estimated to grow at a CAGR of 3.8% during the forecast period 2017 – 2025 and accounts for US$ 14,386.2 Mn in the year 2025. The growth of market for elevator modernization is highly influenced by the increasing need for a smooth and efficient mobility system inside buildings owing to increasing urbanization. Moreover, rising concern for safety in elevators in high rise buildings is also acting as a growth factor for elevator modernization market.

The most widely modernized component in the elevator modernization are the controllers, and due to this, the segment contributed the maximum market share of 36.6% in 2016. Although, signaling fixtures is projected to surge at the fastest pace of 5.1%. This is due to the fact that controllers act as a brain of the elevator and are responsible for the speed, levelling and the smooth functioning of the elevator, and signaling fixtures are widely used for signaling the direction and level of the elevator and are subjected to wear and tear at a faster rate. Owing to these factors, the market for controllers and signaling fixtures is anticipated to surge during the forecast period from 2017 to 2025, at a significant rate.

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A comprehensive analysis of the Global Elevator Modernization Market is been done in this intelligence report. It includes the investigations done on the past progress, ongoing market scenarios, and future prospects. An accurate data of the products, strategies and market shares of leading companies in this particular market is mentioned.

The “Global Elevator Modernization Market Analysis to 2025” is a specialized and in-depth study of the Elevator Modernization market with a focus on the global market trend. The report aims to provide an overview of global Elevator Modernization market with detailed market segmentation by service, application, and geography.

The report provides key statistics on the market status of the leading market players and offers key trends and opportunities in the market. Some of the global key players operating in the elevator modernization market are United Technologies Corporation, KONE Corporation, Schindler Holding Ltd., ThyssenKrupp AG, Fujitec Co. Ltd., and Hitachi Ltd. Electra Elevators, Hyundai Elevators Co. Ltd., Mitsubishi Electric Corporation, and Toshiba International Corporation are other key companies in the market.

It provides an overview and forecast of the global Elevator Modernization market based on service and application. It also provides market size and forecast till 2027 for the overall Elevator Modernization market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SAM). The Elevator Modernization market by each region is later sub-segmented by respective countries and segments.

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– Examine the political, economic, social and technology impact of the five regions namely: North America, Europe, Asia Pacific, Middle East & Africa and South America.

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