According to IMARC Group’s latest report, titled “Elevator Modernization Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027. The global elevator modernization market reached a value of US$ 8.13 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 11.59 Billion by 2027, exhibiting a CAGR of 5.60% during 2022-2027.

Elevator Modernization Market Overview:

Elevator modernization refers to a process of upgrading and maintaining critical parts of an elevator to operate with enhanced operational efficiency and ensure optimum safety of the unit. It also involves improving the aesthetics of the existing elevators and embedding technologically advanced systems for longer operational life. Elevator modernization is commonly used for traction and hydraulic elevators that consist of advanced controllers, door equipment, power units, cabin enclosures and signaling fixtures. It finds extensive application across residential, commercial and industrial complexes for enhanced safety and comfort of the occupants and minimal maintenance requirements.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report

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Elevator Modernization Market Trends:

The global elevator modernization market is primarily being driven by the increasing requirement for premium-quality and aesthetically appealing elevators. Modernized elevators are widely used in offices, shopping malls, airports, hospitals, buildings and hotels for improved safety and comfort. Moreover, various technological advancements, such as the integration of predictive maintenance and big data analytics solutions for obtaining real-time insights regarding the functioning of the elevators, are favoring the market growth. Other factors, including significant infrastructural development, along with extensive research and development (R&D) for the development of energy-efficient and faster elevators, are creating a positive outlook for the market. 

 Report Scope of Elevator Modernization Market:

Competitive Landscape:

• 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.

Key Market Segmentation:

Breakup by Elevator Type:

• Traction Elevator
• Hydraulic Elevator

Breakup by Modernization Type:

• Partial Modernization
• Full Modernization 

Breakup by Components:

• Controllers
• Door Equipment
• Cabin Enclosures
• Signaling Fixtures
• Power Units
• Others

Breakup by End User:

• Residential
• Commercial
• Industrial

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)

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Key highlights of the report:                                                           

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• The Impact of COVID-19 on the Global Market
• Value Chain Analysis
• Structure of the Global Market
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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