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Elevator Modernization Market by Elevator Type (Traction and Hydraulic), Component (Controller, Door Equipment, Cabin Enclosure, Signaling Fixture, Power Unit, and Others), and End User (Residential Sector, Commercial Sector, and Industrial Sector) - Global Opportunity Analysis and Industry Forecast, 2014-2022

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Pages: 157
May 2017 | 2789 Views
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Author's : Kalyani Sonawane
Tables: 32
Charts: 61
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Elevator Modernization Market Overview:

Modernization styles elevators safer, more attractive, and efficient, which further results in a change in the image and performance of a building. Rapid urbanization, awareness about safety, demographic changes, and infrastructural development in commercial, residential as well as theindustrial sector has driven the growth in elevator modernization market. However, unsuitable designs of elevators and environmental hazards from elevators restraint the market growth. Yet, adoption of machine room-less elevators, green elevators, and other eco-friendly designs of elevators have provided huge opportunities for growth in elevator modernization market. Furthermore, rise in investments in commercial sectors such as IT & BFSI buildings, malls & hospitality, hospitals, airports, transportation, and other commercial buildings, rapid urbanization and industrialization, and significant GDP growth will enable elevator modernization market to bloom in the near future.

Top Winning Strategies

Top Winning Strategies, 2013-2016 (%)

Top Winning Strategies, 2013-2016

The above pie chart depicts the percentage share of strategies adopted by various players in elevator modernization industry. Key market players use strategies such as product launches, geographical expansion, strategic alliances, and acquisitions to strengthen their market presence. Product launch of novel solutions to provide enhanced features was the most adopted strategy among prominent players from 2014 to 2016, accounting for 32% of the total strategy adoption, followed by strategic alliances, contributing 24%. Product launch assists market players to widen their product portfolio and increase their customer base as well as geographical presence.

Product Launch

September 2016: ThyssenKrupp AG implanted Microsoft HoloLens technology in its elevator services operations worldwide. This reality device was adopted for the safety of company's technicians which will enable the employees to identify and visualize the problem with minimum efforts and time.

November 2016: Otis Elevator Company introduced New Otis Gen2 that is equipped with innovative features including new interior, smart & connected functionality, fashionable outlook, and higher functionality. The New Gen2 was manufactured in Europe with manufacturing facilities at Spain, Madrid, France, and Greece.

Market Segments

Market by Elevator Type

Traction Elevator

Traction elevator uses elevator cars which are pulled up by rolling steel ropes over sheaves (a deeply grooved pulley). These types of elevators are driven by AC or DC electric motors and are often found in two types, namely, geared, and gearless. Geared traction elevators use worm gears to control physical movement of elevator cars by steel ropes over a drive sheave which is connected to a high-speed motor-driven gearbox. Gearless traction elevators are low-speed and are powered by high-torque electric motors.

Gearless traction elevators can operate at a speed greater than 500 feet/minute. In gearless traction type, elevators with speed greater than 2.5 m/s or above are called compensation. Gearless traction system was first introduced in the market by Otis Elevator Company in 1913, and since has been widely accepted in the market. This type of system could be installed in buildings of any height and can be powered to much high speed that steam-powered elevators. Geared traction elevators typically operate at the speed up to 152 m/minute and can carry loads of up to 30,000 lbs. Geared traction elevators require less power to turn the sheave and are cost-effective as compared to gearless elevators. Among geared traction elevators Motor Generator (MG)-based installations are modernized in older buildings on account of their poor energy efficiency.

Elevator Modernization Market by End User

World elevator modernization market is analyzed across three major end users including commercial sector, residential sector, and transportation sector.

Commercial Sector

It includes hospitals, hospitality, retail, airports, commercial complexes, malls & multiplexes, and transportation modes. In commercial buildings, a major concern is environmental hazards and energy consumption by elevators, for which various eco-friendly and energy-efficient products are provided in the market. KONE Corporation provides machine room-less elevators which consume 70% less energy and space, MonoSpace elevator series, which also helps to save the energy to the optimum. In modernization, advanced products provided by the company include facia plate, door pressure limiter, door overspeed control, landing door mechanical locking, pit switches, and other safety features which have provided various growth opportunities for elevator modernization in the commercial sector. As per AMR analysis, commercial sector elevator modernization market is estimated to reach $5,662 million by 2022 at the fastest CAGR.

Market by Geography

Market By Geography

Market by geography

In 2014, Europe region contributed around 37% of total elevator modernization market size; followed by Asia-Pacific region which accounted for 33% of overall elevator modernization market share.

North America

North American elevator modernization market was accounted for $1,255 million in 2014, and will continue to grow at a significant growth rate. Major factors contributing to growth in this region include the development of the commercial sector, steady recovery in the housing market, increase in investments in existing building upgrades, airports, and transit facilities to upgrade aging infrastructure. For elevator modernization market, a commercial sector including high-rise buildings provided huge opportunities in past few years. Various key vendors are active in North American markets such as North American Elevator Incorporated, Fujitek America Inc., Schneider Group, and others, which are in a continuous attempt to introduce the latest technology in the American market as per industry standards and need. Fujitek America, Inc. provides HSA-APEX-an advanced technology for elevator door openings and closures, machine room-less elevators, destination floor guidance systems (DFGS) and elegant fixtures especially for the American market.

Key Benefits

  • An in-depth analysis of the global elevator modernization market is provided along with the market dynamics that are projected to prove crucial in understanding the market.
  • Quantitative analysis of the current market and future estimations from 2014 to 2022 is projected to assist strategists to design business strategies to capitalize on the prevailing market opportunities.
  • Porters Five Forces analysis examines the competitive structure of the elevator modernization industry and provides a clear understanding of the factors that influence the market entry and market expansion.
  • A detailed analysis of geographical segments provides identification of most profitable segments to capitalize on.
  • A comprehensive analysis of market trends, sub-segments, and key revenue pockets is provided.
  • Analysis of the key leaders and their business strategies is anticipated to assist stakeholders to make more informed business decisions.
  • A detailed company profile analysis is provided, that highlights major developments such as mergers and acquisitions, expansions, and new product launch.

Elevator Modernization Market Key Segments:

By Elevator Type

  • Traction Elevator
  • Hydraulic Elevator

By Components

  • Controllers
  • Door Equipment
  • Cabin Enclosures
  • Signaling Fixtures
  • Power Units
  • Others (overspeed governor, guide rails)

By End User

  • Residential Sector
  • Commercial Sector
  • Industrial Sector

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

Key Players Profiled in the Report

  • Otis Elevator Company
  • KONE Corporation
  • ThyssenKrupp AG
  • Mitsubishi Electric Corporation
  • Fujitec Corporation
  • Hitachi, Ltd
  • Hyundai Elevator Co., Ltd.
  • Toshiba Elevator and Building Systems Corporation
  • ShenYang Yuanda Intellectual Industry Group Co., Ltd.

Other companies mentioned in the report include DLF Limited, Prime Deco Engineering Co., Ltd., Siam-Hitachi Elevator Co., Ltd., Mitsubishi Electric Shanghai Electric Elevator Co., Ltd. (MESE), Volkslift Elevator (China) Co. Ltd, German FB Group, GE (General Electric), Huawei Technologies Co. Ltd, Valley Elevator, Inc, Hontz Elevator Company, Westinghouse Electric Corporation, Haughton Elevator, Armor Elevator Canada, Nippon Elevator Industry Co. Ltd, Westinghouse Elevator Division, Marohn Elevator Co., Ltd., Manutenzione Installazione Ascensori SpA (MIA), Express Elevators Ltd (Express), Janzhoff Aufzge GmbH, Capital Elevator Services, AT&T Inc., Gemdale Corporation, Leading-Group Real Estate Co. Ltd., Orana, North American Elevator Incorporated, Stager Elevators, Custom Industrial Products, Inc., Gruppo Millepiani S.p.a. and others.

 

Chapter: 1 INTRODUCTION

1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENTS
1.4. RESEARCH METHODOLOGY

1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models
1.4.4. Segmentation

Chapter: 2 EXECUTIVE SUMMARY

2.1. CXO PERSPECTIVE

Chapter: 3 MARKET OVERVIEW

3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS

3.2.1. Top winning strategies
3.2.2. Top investment pockets
3.2.3. Top impacting factors

3.3. PORTER’S FIVE FORCES ANALYSIS

3.3.1. Moderate bargaining power of buyers due to moderate price sensitivity and high switching costs
3.3.2. Moderate bargaining power of suppliers due to low product differentiation
3.3.3. High degree of competition due to presence of large number of players
3.3.4. Moderate threat of new entrants due to heavy initial investments and high backward integration among existing players
3.3.5. Moderate threat of substitute due to more number of advantages of modernization as compared to substitutes

3.4. MARKET SHARE ANALYSIS, 2015
3.5. MARKET DYNAMICS

3.5.1. Drivers

3.5.1.1. Changing trends in elevator industry
3.5.1.2. Rapid urbanization
3.5.1.3. Rising awareness about safety and security

3.5.2. Restraints

3.5.2.1. Unsuitable elevator designs
3.5.2.2. Environmental hazards

3.5.3. Opportunities

3.5.3.1.1. Development in commercial sector
3.5.3.1.2. Increase in adoption of machines room-less elevators
3.5.3.1.3. Technological advancements in elevator modernization

Chapter: 4 COMPETITIVE LANDSCAPE

Chapter: 5 ELEVATOR MODERNIZATION MARKET, BY ELEVATOR TYPE

5.1. OVERVIEW
5.2. TRACTION ELEVATOR

5.2.1. Key market trends
5.2.2. Key growth factors & opportunities
5.2.3. Market size and forecast

5.3. HYDRAULIC ELEVATOR

5.3.1. Key market trends
5.3.2. Key growth factors and opportunities
5.3.3. Market size and forecast

Chapter: 6 ELEVATOR MODERNIZATION, BY COMPONENT

6.1. OVERVIEW
6.2. CONTROLLER

6.2.1. Key market trends
6.2.2. Key growth factors and opportunities
6.2.3. Market size and forecast

6.3. DOOR EQUIPMENT

6.3.1. Key market trends
6.3.2. Key growth factors and opportunities
6.3.3. Market size and forecast

6.4. CABIN ENCLOSURE

6.4.1. Key market trends
6.4.2. Key growth factors and opportunities
6.4.3. Market size and forecast

6.5. SIGNALING FIXTURE

6.5.1. Key market trends
6.5.2. Key growth factors and opportunities
6.5.3. Market size and forecast

6.6. POWER UNIT

6.6.1. Key market trends
6.6.2. Key growth factors and opportunities
6.6.3. Market size and forecast

6.7. OTHERS (OVERSPEED GOVERNOR AND GUIDE RAIL)

6.7.1. Key market trends
6.7.2. Key growth factors and opportunities
6.7.3. Market size and forecast

Chapter: 7 ELEVATOR MODERNIZATION, BY END USER

7.1. OVERVIEW
7.2. RESIDENTIAL SECTOR

7.2.1. Key market trends
7.2.2. Key growth factors and opportunities
7.2.3. Market size and forecast

7.3. COMMERCIAL SECTOR

7.3.1. Key market trends
7.3.2. Key growth factors and opportunities
7.3.3. Market size and forecast

7.4. INDUSTRIAL SECTOR

7.4.1. Key market trends
7.4.2. Key growth factors and opportunities
7.4.3. Market size and forecast

Chapter: 8 ELEVATOR MODERNIZATION MARKET, BY GEOGRAPHY

8.1. OVERVIEW
8.2. NORTH AMERICA

8.2.1. Key market trends
8.2.2. Key growth factors and opportunities
8.2.3. Market size and forecast, by elevator type
8.2.4. Market size and forecast, by component
8.2.5. Market size and forecast, by end user
8.2.6. Market size and forecast, by country

8.2.6.1. U.S.

8.2.6.1.1. Market size and forecast

8.2.6.2. Canada

8.2.6.2.1. Market size and forecast

8.2.6.3. Mexico

8.2.6.3.1. Market size and forecast

8.3. EUROPE

8.3.1. Key market trends
8.3.2. Key growth factors and opportunities
8.3.3. Market size and forecast, by elevator type
8.3.1. Market size and forecast, by component
8.3.2. Market size and forecast, by end user
8.3.3. Market size and forecast, by country

8.3.3.1. UK

8.3.3.1.1. Market size and forecast

8.3.3.2. Germany

8.3.3.2.1. Market size and forecast

8.3.3.3. France

8.3.3.3.1. Market size and forecast

8.3.3.4. Italy

8.3.3.4.1. Market size and forecast

8.3.3.5. Russia

8.3.3.5.1. Market size and forecast

8.3.3.6. Rest of Europe

8.3.3.6.1. Market size and forecast

8.4. ASIA-PACIFIC

8.4.1. Key market trends
8.4.2. Key growth factors and opportunities
8.4.3. Market size and forecast, by elevator type
8.4.1. Market size and forecast, by component
8.4.2. Market size and forecast, by end user
8.4.3. Market size and forecast, by country

8.4.3.1. China

8.4.3.1.1. Market size and forecast

8.4.3.2. Japan

8.4.3.2.1. Market size and forecast

8.4.3.3. India

8.4.3.3.1. Market size and forecast

8.4.3.4. Australia

8.4.3.4.1. Market size and forecast

8.4.3.5. Rest of Asia-Pacific

8.4.3.5.1. Market size and forecast

8.5. LAMEA

8.5.1. Key market trends
8.5.2. Key growth factors and opportunities
8.5.3. Market size and forecast, by elevator type
8.5.1. Market size and forecast, by component
8.5.2. Market size and forecast, by end user
8.5.3. Market size and forecast, by country

8.5.3.1. Latin America

8.5.3.1.1. Market size and forecast

8.5.3.2. Middle East

8.5.3.2.1. Market size and forecast

8.5.3.3. Africa

8.5.3.3.1. Market size and forecast

Chapter: 9 COMPANY PROFILES

9.1. FUJITEC CO., LTD.

9.1.1. Company overview
9.1.2. Company snapshot
9.1.3. Business performance

9.2. HITACHI, LTD.

9.2.1. Company overview
9.2.2. Company snapshot
9.2.3. Business performance
9.2.4. Key strategic moves and developments

9.3. HYUNDAI ELEVATOR CO., LTD.

9.3.1. Company overview
9.3.2. Company snapshot
9.3.3. Business performance
9.3.4. Key strategic moves and developments

9.4. KONE CORPORATION

9.4.1. Company overview
9.4.2. Company snapshot
9.4.3. Business performance
9.4.4. Key strategic moves and developments

9.5. MITSUBISHI ELECTRIC CORPORATION

9.5.1. Company overview
9.5.2. Company snapshot
9.5.3. Business performance
9.5.4. Key strategic moves and developments

9.6. OTIS ELEVATOR COMPANY

9.6.1. Company overview
9.6.2. Company snapshot
9.6.3. Key strategic moves and developments

9.7. SHENYANG YUANDA INTELLECTUAL INDUSTRY GROUP CO., LTD.

9.7.1. Company overview
9.7.2. Company snapshot
9.7.3. Key strategic moves and developments

9.8. SCHINDLER HOLDING LTD.

9.8.1. Company overview
9.8.2. Company snapshot
9.8.3. Business performance
9.8.4. Key strategic moves and developments

9.9. THYSSENKRUPP AG

9.9.1. Company overview
9.9.2. Company snapshot
9.9.3. Business performance
9.9.4. Key strategic moves and developments

9.10. TOSHIBA ELEVATOR AND BUILDING SYSTEMS CORPORATION (TELC)

9.10.1. Company overview
9.10.2. Company snapshot
9.10.3. Business performance
9.10.4. Key strategic moves and developments

LIST OF TABLES

TABLE 1. COMPETITIVE LANDSCAPE
TABLE 2. GLOBAL ELEVATOR MODERNIZATION MARKET REVENUE, BY ELEVATOR TYPE, 2014-2022 ($MILLION)
TABLE 3. GLOBAL ELEVATOR MODERNIZATION MARKET REVENUE, BY COMPONENT, 2014-2022 ($MILLION)
TABLE 4. GLOBAL ELEVATOR MODERNIZATION MARKET BY CONTROLLER, 2014-2022 ($MILLION)
TABLE 5. GLOBAL ELEVATOR MODERNIZATION MARKET REVENUE, BY DOOR EQUIPMENT, 2014-2022 ($MILLION)
TABLE 6. GLOBAL ELEVATOR MODERNIZATION MARKET REVENUE, BY CABIN ENCLOSURE, 2014-2022 ($MILLION)
TABLE 7. GLOBAL ELEVATOR MODERNIZATION MARKET REVENUE, BY SIGNALING FIXTURE, 2014-2022 ($MILLION)
TABLE 8. GLOBAL ELEVATOR MODERNIZATION MARKET REVENUE, BY POWER UNIT, 2014-2022 ($MILLION)
TABLE 9. GLOBAL ELEVATOR MODERNIZATION MARKET REVENUE, BY OTHERS, 2014-2022 ($MILLION)
TABLE 10. GLOBAL ELEVATOR MODERNIZATION MARKET REVENUE, BY END USER, 2014-2022
TABLE 11. GLOBAL ELEVATOR MODERNIZATION MARKET REVENUE, RESIDENTIAL SECTOR, 2014-2022 ($MILLION)
TABLE 12. GLOBAL ELEVATOR MODERNIZATION MARKET REVENUE, COMMERCIAL SECTOR, 2014-2022 ($MILLION)
TABLE 13. GLOBAL ELEVATOR MODERNIZATION MARKET REVENUE, INDUSTRIAL SECTOR, 2014-2022 ($MILLION)
TABLE 14. ELEVATOR MODERNIZATION MARKET REVENUE, BY GEOGRAPHY, 2014-2022 ($MILLION)
TABLE 15. NORTH AMERICAN ELEVATOR MODERNIZATION MARKET REVENUE, BY ELEVATOR TYPE, 2014-2022 ($MILLION)
TABLE 16. NORTH AMERICAN ELEVATOR MODERNIZATION MARKET REVENUE, BY COUNTRY, 2014-2022 ($MILLION)
TABLE 17. EUROPEAN ELEVATOR MODERNIZATION MARKET, BY ELEVATOR TYPE, 2014-2022 ($MILLION)
TABLE 18. EUROPEAN ELEVATOR MODERNIZATION MARKET, BY COUNTRY, 2014-2022 ($MILLION)
TABLE 19. ASIA-PACIFIC ELEVATOR MODERNIZATION MARKET REVENUE, BY ELEVATOR TYPE, 2014-2022 ($MILLION)
TABLE 20. ASIA-PACIFIC ELEVATOR MODERNIZATION MARKET REVENUE, BY COUNTRY, 2014-2022 ($MILLION)
TABLE 21. LAMEA ELEVATOR MODERNIZATION MARKET REVENUE, BY ELEVATOR TYPE, 2014-2022 ($MILLION)
TABLE 22. LAMEA ELEVATOR MODERNIZATION MARKET REVENUE, BY COUNTRY, 2014-2022 ($MILLION)
TABLE 23. FUJITEC CO., LTD.: COMPANY SNAPSHOT
TABLE 24. HITACHI, LTD.: COMPANY SNAPSHOT
TABLE 25. HYUNDAI ELEVATOR CO., LTD.: COMPANY SNAPSHOT
TABLE 26. KONE CORPORATION: COMPANY SNAPSHOT
TABLE 27. MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT
TABLE 28. OTIS ELEVATOR COMPANY: COMPANY SNAPSHOT
TABLE 29. SHENYANG YUANDA INTELLECTUAL INDUSTRY GROUP CO., LTD.: COMPANY SNAPSHOT
TABLE 30. SCHINDLER HOLDING LTD.: COMPANY SNAPSHOT
TABLE 31. THYSSENKRUPP AG: COMPANY SNAPSHOT
TABLE 32. TOSHIBA ELEVATOR AND BUILDING SYSTEMS CORPORATION (TELC): COMPANY SNAPSHOT

LIST OF FIGURES

FIGURE 1. SEGMENTATION
FIGURE 2. TOP WINNING STRATEGIES, 2013-2016 (%)
FIGURE 3. TOP WINNING STRATEGIES, 2013-2016
FIGURE 4. TOP INVESTMENT POCKETS
FIGURE 5. TOP IMPACTING FACTORS
FIGURE 6. PORTER’S FIVE FORCES ANALYSIS
FIGURE 7. BARGAINING POWER OF BUYERS
FIGURE 8. BARGAINING POWER OF SUPPLIERS
FIGURE 9. DEGREE OF COMPETITION
FIGURE 10. THREAT OF NEW ENTRANTS
FIGURE 11. THREAT OF SUBSTITUTES
FIGURE 12. MARKET SHARE ANALYSIS, 2015 (%)
FIGURE 13. DRIVERS
FIGURE 14. RESTRAINTS
FIGURE 15. OPPORTUNITIES
FIGURE 16. GLOBAL ELEVATOR MODERNIZATION MARKET BY ELEVATOR TYPE, 2014-2022
FIGURE 17. GLOBAL ELEVATOR MODERNIZATION MARKET, BY COMPONENT, 2014-2022
FIGURE 18. GLOBAL ELEVATOR MODERNIZATION MARKET BY END USER, 2014 (%)
FIGURE 19. GLOBAL ELEVATOR MODERNIZATION MARKET, BY END USER, 2014-2022
FIGURE 20. ELEVATOR MODERNIZATION MARKET BY GEOGRAPHY, 2014
FIGURE 21. NORTH AMERICA ELEVATOR MODERNIZATION MARKET, 2014 (%)
FIGURE 22. U.S. ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 23. CANADA ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 24. MEXICO ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 25. EUROPEAN ELEVATOR MODERNIZATION MARKET, 2014 (%)
FIGURE 26. UK ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 27. GERMANY ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 28. FRANCE ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 29. ITALY ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 30. RUSSIAN ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 31. REST OF EUROPE ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 32. ASIA-PACIFIC ELEVATOR MODERNIZATION MARKET, 2014 (%)
FIGURE 33. CHINA ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 34. JAPAN ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 35. INDIAN ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 36. AUSTRALIAN ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 37. REST OF ASIA-PACIFIC ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 38. LAMEA ELEVATOR MODERNIZATION MARKET, 2014 (%)
FIGURE 39. LATIN AMERICAN ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 40. MIDDLE EAST ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 41. AFRICAN ELEVATOR MODERNIZATION MARKET, 2014-2022
FIGURE 42. FUJITEC CO., LTD: REVENUE BY YEAR ($MILLION)
FIGURE 43. FUJITEC CO., LTD.: SALES BY GEOGRAPHY, 2015-2016 (%)
FIGURE 44. HITACHI, LTD.: REVENUE BY YEAR
FIGURE 45. HITACHI, LTD.: SALES BY GEOGRAPHY, 2015-2016
FIGURE 46. HITACHI, LTD.: SALES BY BUSINESS, 2015-2016
FIGURE 47. HYUNDAI ELEVATOR CO., LTD.: REVENUE, BY YEAR ($MILLION)
FIGURE 48. KONE CORPORATION: SALES, BY YEAR ($MILLION)
FIGURE 49. KONE CORPORATION: SALES BY GEOGRAPHY, 2015 (%)
FIGURE 50. KONE CORPORATION: SALES BY BUSINESS, 2015 (%)
FIGURE 51. MITSUBISHI ELECTRIC CORPORATION: REVENUE, BY YEAR ($MILLION)
FIGURE 52. MITSUBISHI ELECTRIC CORPORATION: SALES BY GEOGRAPHY, 2015-2016 (%)
FIGURE 53. MITSUBISHI ELECTRIC CORPORATION: SALES BY BUSINESS, 2015-2016 (%)
FIGURE 54. SCHINDLER HOLDING LTD.: REVENUE BY YEAR ($MILLION)
FIGURE 55. SCHINDLER HOLDING LTD.: REVENUE BY GEOGRAPHY, 2015 (%)
FIGURE 56. THYSSENKRUPP AG: SALES BY YEAR ($MILLION)
FIGURE 57. THYSSENKRUPP AG: SALES BY GEOGRAPHY, 2015 (%)
FIGURE 58. THYSSENKRUPP AG: SALES BY BUSINESS, 2015 (%)
FIGURE 59. TOSHIBA ELEVATOR AND BUILDING SYSTEMS CORPORATION (TOSHIBA CORPORATION): SALES BY YEAR ($MILLION)
FIGURE 60. TOSHIBA ELEVATOR AND BUILDING SYSTEMS CORPORATION (TOSHIBA CORPORATION): SALES BY GEOGRAPHY, 2015-2016 (%)
FIGURE 61. TOSHIBA ELEVATOR AND BUILDING SYSTEMS CORPORATION (TOSHIBA CORPORATION): SALES BY BUSINESS, 2015-2016(%)

 

Elevator modernization is a practice in which critical parts of an old elevator are replaced with technologically advanced ones to provide improvised safety, increased performance, and aesthetic design. It plays an important role in enhancements of the capabilities of out-of-date elevators with the help of technologically midfield components that can provide quality rides and comfort.

Global elevator modernization market is on rise and has significant acceptance in most geographical regions. The market is expected to reach $12,283 million by 2022, owing to rise in awareness about this technology; its cost-effective benefits; increased investments in commercial sector; significant GDP growth in world economies, technological advancements such as green elevators and machine room-less elevators; rapid urbanization; and demographic changes.

Elevator modernization is used in low, mid, and high-rise buildings for commercial, residential, and industrial sectors. Commercial sector includes commercial offices such as IT & BFSI, hotels, hospitality, transportation, government, and others. Increase in need to modify the obsolete elevators, technological advancements, change in trends in elevators market and significant growth in real estate sector have driven the market growth in various end users. Commercial sector is expected to grow at the highest CAGR, owing to rapid urbanization and industrialization, which has created a need to modernize the existing elevators as per current market trends. Furthermore, European elevator modernization market was accounted for the maximum revenue in 2014; while Asia-Pacific region is expected to dominate the market by 2022 at the highest CAGR.

Key market players in the elevator modernization industry adopt various strategies such as product launches, partnership, promotional activities, and strategic alliances to create more awareness about the technology and help enhance its adoption. Moreover, these vendors are anticipated to invest more into R&D to provide more compact and cost-effective solutions for numerous applications to create eco-friendly elevator modernization components as well as elevators such as green elevators. In addition, hydraulic elevators are expected to experience a complete makeover which will reduce the noise and leak of hydraulic liquid from elevators.

 

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