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Elevators Modernization Market - Forecast (2020 - 2025)

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  • 103 Pages
  • March 2020
  • Region: Global
  • IndustryARC
  • ID: 3920101
The global Elevator modernization Market generated revenue of $9,781.4m in 2017 and is projected to reach $12,832.8m in 2023 growing at a CAGR of 4.63%. Europe holds the largest market share of 35% followed by America. By component Controllers holds the largest market share of $3439.1m in 2017 and is estimated to reach $4,686.1m growing at CAGR of 5.29%. Increase in technological advancements and safety regulations are projected to drive the elevator modernization market.

What is Elevator modernization?

A vertical transportation for raising and lowering people or things to different levels in a modernized building is an elevator. There are two types of elevators traction and hydraulic. Elevator modernization include two different forms partial modernization and full modernization.

Elevator modernization is a process of upgrading the critical parts of the elevator in order for it to handle new technology, have better performance, improve safety, and give the aesthetics an up to date appeal

What are the major applications for Elevator Modernization?

Elevator modernization is about updating old components with the latest technologies for modern vertical transportation. It helps to move traffic efficiently while enhancing safety and comfort. Made easy for the end-user to travel vertically in their comfort zone. Modernization helps in increasing the life of existing elevators and offers cost effective solutions. Modernization includes complete replacement of existing control stations, cabin interiors, doors, signaling features, electric connections and others.

Elevators Modernization Market

Market Research and Market Trends of Elevator modernization

ThyssenKrupp one of the leading player in the elevator industry introduced a TWIN elevator, this system has two cars arranged on top of each other that can operate independently in one hoist way. This system reduces energy consumption and can handle more traffic. TWIN saves space, saves energy and reduces passenger travel time.

Another innovation named HoloLens in the elevator industry. This is the virtual reality headset changing the way mechanics do elevator repairs. These devices help mechanics identify a problem without climbing tens of floors. Once the mechanic put on the glasses, he can use hand motions to go close and explore the individual parts and individual engines. The view can also be widened, allowing the mechanic to do a virtual walk through looking for places where repairs or replacement are needed.

The new direction in elevator technology which uses light weight carbon materials for cabins and doors will reduce the weight of elevators by 50%.  Growing green building market facilitating the installation of energy efficient elevators which uses less energy and are more compact and efficient helps in boosting the market growth.

Lift manufacturers are manufacturing elevators with high speeds of 4,000ft per minute. Manufacturers including Hitachi, Toshiba and Mitsubishi have been forced to make technological strides, using new motors and high-tech air pressure systems that allow them to transport people faster and higher than ever before in order to keep pace with the bigger buildings.

Who are the Major Players in Elevator modernization market?

The companies referred in the market research report includes KONE, Invetigo, Otis, Schindler, Mitsubishi, Thyssenkrup.

What is our report scope?

The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2024.

Key Takeaways from this Report

  • Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
  • Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
  • Get in-depth insights on your competitor performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
  • Analyze the sales and distribution channels across key geographies to improve top-line revenues.
  • Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
  • Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years.
  • Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.

Table of Contents

1. Elevators Modernization Market - Overview
1.1. Definitions and Scope
2. Elevators Modernization Market - Executive summary
2.1. Market Revenue, Market Size and Key Trends by Company
2.2. Key Trends by type of Application
2.3. Key Trends segmented by Geography
3. Elevators Modernization Market
3.1. Comparative analysis
3.1.1. Product Benchmarking - Top 10 companies
3.1.2. Top 5 Financials Analysis
3.1.3. Market Value split by Top 10 companies
3.1.4. Patent Analysis - Top 10 companies
3.1.5. Pricing Analysis
4. Elevators Modernization Market Forces
4.1. Drivers
4.2. Constraints
4.3. Challenges
4.4. Porters five force model
4.4.1. Bargaining power of suppliers
4.4.2. Bargaining powers of customers
4.4.3. Threat of new entrants
4.4.4. Rivalry among existing players
4.4.5. Threat of substitutes
5. Elevators Modernization Market -Strategic analysis
5.1. Value chain analysis
5.2. Opportunities analysis
5.3. Product life cycle
5.4. Suppliers and distributors Market Share
6. Elevators Modernization Market – By elevator type (Market Size -$Million / $Billion)
6.1. Market Size and Market Share Analysis
6.2. Application Revenue and Trend Research
6.3. Product Segment Analysis
6.3.1. Hydraulic Conventional hydraulic elevators Hole-less hydraulic elevators Roped hydraulic elevators
6.3.2. Traction Geared traction elevators Gear-less traction elevators Machine room less elevators
6.3.3. Climbing elevator
6.3.4. Pneumatic elevator/vacuum elevator
7. Elevators Modernization Market – By Component Type (Market Size -$Million / $Billion)
7.1. Introduction
7.2. Controllers
7.2.1. Relay based
7.2.2. Solid state
7.2.3. PLC
7.3. Door equipment
7.4. Cabin enclosures
7.5. Signaling fixtures
7.4. Power units
7.5. Oil and grease
7.6. Full/complete preventive
7.7. Usage
8. Elevators Modernization Market – By Modernization Type (Market Size -$Million / $Billion)
8.1. Introduction
8.2. Partial modernization
8.3. Full modernization
9. Elevators Modernization – By End Use Industry(Market Size -$Million / $Billion)
9.1. Segment type Size and Market Share Analysis
9.2. Application Revenue and Trends by type of Application
9.3. Application Segment Analysis by Type
9.3.1. Introduction
9.3.2. Residential buildings
9.3.3. Commercial Malls Hotels Offices
9.3.4. Marine
9.3.5. Industrial
9.3.4. Institutional
9.3.5. Construction
9.3.6. others
10. Elevators Modernization - By Geography (Market Size -$Million / $Billion)
10.1. Elevators Modernization Market - North America Segment Research
10.2. North America Market Research (Million / $Billion)
10.2.1. Segment type Size and Market Size Analysis
10.2.2. Revenue and Trends
10.2.3. Application Revenue and Trends by type of Application
10.2.4. Company Revenue and Product Analysis
10.2.5. North America Product type and Application Market Size U.S. Canada Mexico Rest of North America
10.3. Elevators Modernization - South America Segment Research
10.4. South America Market Research (Market Size -$Million / $Billion)
10.4.1. Segment type Size and Market Size Analysis
10.4.2. Revenue and Trends
10.4.3. Application Revenue and Trends by type of Application
10.4.4. Company Revenue and Product Analysis
10.4.5. South America Product type and Application Market Size Brazil Venezuela Argentina Ecuador Peru Colombia Costa Rica Rest of South America
10.5. Elevators Modernization - Europe Segment Research
10.4. Europe Market Research (Market Size -$Million / $Billion)
10.4.1. Segment type Size and Market Size Analysis
10.4.2. Revenue and Trends
10.4.3. Application Revenue and Trends by type of Application
10.4.4. Company Revenue and Product Analysis
10.4.5. Europe Segment Product type and Application Market Size U.K Germany Italy France Netherlands Belgium Spain Denmark Rest of Europe
10.5. Elevators Modernization – APAC Segment Research
10.6. APAC Market Research (Market Size -$Million / $Billion)
10.6.1. Segment type Size and Market Size Analysis
10.6.2. Revenue and Trends
10.6.3. Application Revenue and Trends by type of Application
10.6.4. Company Revenue and Product Analysis
10.6.5. APAC Segment – Product type and Application Market Size China Australia Japan South Korea India Taiwan Malaysia
11. Elevators Modernization Market - Entropy
11.1. New product launches
11.2. M&A's, collaborations, JVs and partnerships
12. Elevators Modernization Market Company Analysis
12.1. Market Share, Company Revenue, Products, M&A, Developments
12.2. KONE
12.3. Invetigo
12.4. Otis
12.5. Schindler
12.4. Mitsubishi
12.5. Thyssenkrup
13. Elevators Modernization Market -Appendix
13.1. Abbreviations
13.2. Sources