Mar 4, 2022   SOURCE: BusinessWire

Worldwide Elevator Modernization Industry to 2027 - Featuring Fujitec, Hitachi and Hyundai Elevator Among Others - ResearchAndMarkets.com

The "Worldwide Elevator Modernization Industry" report has been added to ResearchAndMarkets.com's offering.

The global elevator modernization market reached a value of US$ 8.13 Billion in 2021. Looking forward, the publisher expects the market to reach a value of US$ 11.59 Billion by 2027 exhibiting a CAGR of 5.60% during 2022-2027.

Companies Mentioned

  • Champion Elevator Corporation
  • Fujitec Co. Ltd
  • Hitachi Ltd
  • Hyundai Elevator Co. Ltd.
  • Kone Oyj
  • Liberty Elevator Corporation
  • Mid-American Elevator
  • Mitsubishi Electric Corporation
  • Olympia Elevators Pvt. Ltd.
  • Pincus Elevator Company Inc.
  • Schindler Group
  • Stanley Elevator Company Inc.

Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Elevator modernization, also known as lift modernization, refers to the process of upgrading the critical parts of an elevator. The process usually involves modernizing the controller equipment, motors, hoist machines, buttons, and electrical wiring. It enhances the overall safety, performance, and aesthetics of the equipment. It also assists in improving the operational efficiency and reliability of the elevators while reducing energy costs and minimizing electromagnetic noise. In recent years, elevator modernization has gained traction across the residential, commercial, and industrial sectors since it helps eliminate problems, such as breakdowns, slow mobility, and frequent maintenance.

Elevator modernization extends the life of the existing elevators and improves passenger safety and comfort. Due to this, there has been a growing need for an efficient mobility system within buildings, representing the primary factor driving the market growth. Besides this, the rising safety concerns in elevators in high-rise buildings, and the expanding working population, are augmenting the demand for elevator modernization.

Additionally, governments of various nations are taking favorable initiatives for the construction and renovation of buildings due to the aging urban infrastructure. This, in confluence with the increasing investments in the commercial sector, such as hospitals, shopping malls, and airports, is propelling the market growth. Furthermore, the rising commercial usage of elevators is encouraging manufacturers to develop technologically advanced product variants that are faster, more energy-efficient, and compact. Other factors, including the escalating demand for modern amenities, rapid urbanization and industrialization, improving living standards, and rising consumer expenditure capacities, are also creating a positive market outlook.

Key Questions Answered in this Report:

  • How has the global elevator modernization market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global elevator modernization market?
  • What are the key regional markets?
  • What is the breakup of the market based on the elevator type?
  • What is the breakup of the market based on the modernization type?
  • What is the breakup of the market based on the components?
  • What is the breakup of the market based on the end user?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global elevator modernization market and who are the key players?
  • What is the degree of competition in the industry?

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction

4.1 Overview

4.2 Key Industry Trends

5 Global Elevator Modernization Market

5.1 Market Overview

5.2 Market Performance

5.3 Impact of COVID-19

5.4 Market Forecast

6 Market Breakup by Elevator Type

7 Market Breakup by Modernization Type

8 Market Breakup by Components

9 Market Breakup by End User

10 Market Breakup by Region

11 SWOT Analysis

12 Value Chain Analysis

13 Porters Five Forces Analysis

14 Price Analysis

15 Competitive Landscape

15.1 Market Structure

15.2 Key Players

15.3 Profiles of Key Players

For more information about this report visit https://www.researchandmarkets.com/r/w33i4t