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$14.38 Billion Elevator Modernization Market to 2025DUBLIN, Dec. 22, 2017 /PRNewswire/ -- The "Elevator Modernization Market to 2025 Global Analysis and Forecasts" report has been added to Research and Markets' offering.  The global elevator modernization market is estimated to grow at a CAGR of 3.8% during the forecast period 2017 - 2025 and accounts for US$ 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. In order to further modernize the elevators, the elevator component manufacturers, are manufacture the controllers with high end technologies and advanced composites such as relay based controllers or microprocessor chip based controllers, which is increases the interest among the end users for modernization of the elevators. Thus fueling the growth of market for elevator modernization in the coming years. Geographically, Europe contributed the maximum market share in 2016 in the elevator modernization market, owing to high increase in the renovations in the region. Government of several countries are taking initiatives in the reconstruction of the older buildings for high rise buildings due to safety factors and also to increase foreign tourism and companies in the countries. Reconstructions are also being taken due to government initiatives for a safer and green infrastructure and saving new construction costs. These factors are anticipated to further propel the demand for elevator modernization in Europe region. Key Topics Covered: 1 Tables & Figures 2 Introduction 2.1 Scoe of the Study 2.2 Research Report Guidance 3 Key Takeaways 4 Elevator modernization Market Landscape 4.1 Market Overview 4.2 Market Segmentation 4.2.1 Global Elevator modernization Market - By Type 4.2.2 Global Elevator modernization Market - By Component 4.2.3 Global Elevator modernization Market - By End-user 4.2.4 Global Elevator modernization Market - By Geography 4.3 PEST Analysis 4.3.1 North America PEST Analysis 4.3.2 Europe PEST Analysis 4.3.3 Asia Pacific PEST Analysis 4.3.4 Middle East & Africa PEST Analysis 4.3.5 South America PEST Analysis 5 Global Elevator Modernization Market - Key Industry Dynamics 5.1 Key Market Drivers 5.1.1 Need for a smooth and efficient mobility system inside buildings owing to increasing urbanization 5.1.2 Rising concerns of safety in elevators in high rise buildings 5.1.3 Ageing urban infrastructure and ageing global population driving elevator replacement with latest technology 5.2 Key Market Restraints 5.2.1 Design related issues concerned around modernization of elevators 5.2.2 Damages due to leakages in hydraulic elevators 5.3 Key Market Opporunities 5.3.1 Predictive maintenance service for elevators 5.4 Future Trends 5.4.1 Minimizations on downtimes of elevator systems 5.5 Impact Analysis of Drivers and Restraints 6 Elevator Modernization Market - Global 6.1 Global Elevator Modernization Market Overview 6.2 Global Elevator modernization Market Forecast and Analysis 7 Global Elevator modernization Market Analysis - By Type 7.1 Overview 7.2 Hydraulic 7.2.1 Overview 7.2.2 Global Hydraulic Market Revenue and Forecasts to 2025 (US$ Mn) 7.3 Traction 7.3.1 Overview 7.3.2 Global Traction Market Revenue and Forecasts to 2025 (US$ Mn) 8 Global Elevator Modernization Market Analysis - By Component 8.1 Overview 8.2 Power Units 8.2.1 Overview 8.2.2 Global Power Units Market Revenue and Forecasts to 2025 (US$ Mn) 8.3 Cabin Enclosures 8.3.1 Overview 8.3.2 Global Cabin Enclosures Market Revenue and Forecasts to 2025 (US$ Mn) 8.4 Controllers 8.4.1 Overview 8.4.2 Global Controllers Market Revenue and Forecasts to 2025 (US$ Mn) 8.5 Signaling Fixtures 8.5.1 Overview 8.5.2 Global Signaling Fixtures Market Revenue and Forecasts to 2025 (US$ Mn) 8.6 Door Equipment 8.6.1 Overview 8.6.2 Global Door Equipment Market Revenue and Forecasts to 2025 (US$ Mn) 8.7 Others 8.7.1 Overview 8.7.2 Global Others Market Revenue and Forecasts to 2025 (US$ Mn) 9 Global Elevator Modernization Market Analysis - By End-user 9.1 Overview 9.2 Industrial 9.2.1 Overview 9.2.2 Global Industrial Market Revenue and Forecasts to 2025 (US$ Mn) 9.3 Residential Building 9.3.1 Overview 9.3.2 Global Residential Building Market Revenue and Forecasts to 2025 (US$ Mn) 9.4 Institutional 9.4.1 Overview 9.4.2 Global Institutional Market Revenue and Forecasts to 2025 (US$ Mn) 9.5 Marine 9.5.1 Overview 9.5.2 Global Marine Market Revenue and Forecasts to 2025 (US$ Mn) 9.6 Commercial 9.6.1 Overview 9.6.2 Global Commercial Market Revenue and Forecasts to 2025 (US$ Mn) 9.7 Others 9.7.1 Overview 9.7.2 Global Others Market Revenue and Forecasts to 2025 (US$ Mn) 10 Global Elevator modernization Market - Geographical Analysis 11 Industry Landscape 11.1 Market Initative 11.2 Merger and Acquisition 11.3 New Development 12 Competitive Landscape 12.1 Competitive Product Mapping 12.2 Market Positioning - Global Top 5 Players Ranking 13 Global Elevator modernization Market - Key Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/vwvvt7/14_38_billion?w=5 Media Contact: Research and Markets
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