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Elevator Modernization Market Potential Growth, Share, Demand and Analysis of Key Players – Research Forecasts


(USGovernment-News.Com, May 10, 2019 ) Elevator modernization is the process of upgrading the critical parts of the elevator in order to maintain the speed, efficiency, and safety of the elevator and the passengers traveling through it. Many of the elevators are built to provide around 20-30 years of service. As the age of the elevators increases and the equipment of the elevators are very difficult to find or replace, then the elevator is subjected to a total replacement. Modernization of the elevator includes the replacement of various components of the elevator such as cabin enclosures, signaling fixtures, door equipment, controllers, power units, and others. To ensure safety and convenience of the passengers traveling through the elevator, each of these components should be observed and replaced as it gets wear and tears to maintain a proper operating condition of the elevator.

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The key players influencing the market are:

1. KONE Corporation
2. United Technologies Corporation
3. Siemens AG
4. Schindler Holding Ltd.
5. Mitsubishi Electric Corporation
6. thyssenKrupp AG
7. Fujitec Co., Ltd.
8. Hitachi, Ltd.

This report contains:

Market sizing for the global Elevator Modernization
Compare major Elevator Modernization providers strategies and approaches to the challenges they face
Analysis of the effects deglobalisation trends may have for Elevator Modernization providers
Profiles of major Elevator Modernization providers
6-year CAGR forecasts for Elevator Modernization -intensive vertical sectors
Elevator Modernization Market Insights

Rising concerns of safety in elevators in high rise buildings is fuelling the Elevator Modernization market

Modernization of elevators or replacement of the old elevators improves the user safety and comfort, also results in uptime of the lift and reduces the unplanned repair costs for the owners. In the high rise buildings, vertical transportation systems such as elevators become the primary and only mode of transport for the passengers. 15 year older elevators are highly prone to safety risks and refrain the passengers from using such systems. Thus, the concerns around the safety have led to implementations of more sophisticated and up to date elevator systems equipped with the latest technologies.

Predictive maintenance service for elevators

As per the current trends, IoT is one technology that is set to revolutionize the management of Commercial Real Estate (CRE). Realizing the potentials of IoT in predictive maintenance services, leading players in the Elevator Modernization Market have ventured out into this space. As an example, KONE in partnership with IBM Watson has come up with 24/7 real-time monitoring solution. Similarly, ThyssenKrupp in partnership has launched a real-time, cloud-based predictive maintenance solution called MAX. These solutions leverage the power of IoT in order to create a predictive maintenance service and maximize the uptime of elevators.

Elevator Modernization Market Strategic Insights

The new development was observed as the most adopted strategy in global Elevator Modernization market. Few of the recent development by some of the players in the Elevator Modernization market landscape are listed below:

2017: Otis’ connected IoT systems enable intelligent and predictive service to address maintenance issues before they occur. After receiving “health reports” from every elevator, the system will diagnose and determine the parts that need to be replaced. This information is then relayed to the OTISLINE customer service center automatically so that technicians can prepare the necessary tools and parts before servicing customers.

2017: The Company announced the implementation of 26 new elevators and escalators at the new Rinascente department store at Piazza del Tritone in Rome. These elevators will help to carry up to 90,000 people per hour.

2017: The Company announced the development in the existing elevator with the concept for its net-zero energy solution at Energy Efficiency Global Forum 2017. This concept is implemented via modernization, producing net-energy positive systems without replacing the entire elevator.

Key Benefits

This report provides a detailed study of Elevator Modernization market trends and forecast from 2019 to 2025, which assist to identify the prevailing market opportunities.
In-depth coverage of the global Elevator Modernization market that includes drivers, restraints, and opportunities, helps professionals to understand the market behavior in a better way.
This study further includes market analysis in terms of type and applications.
Detailed study of the strategies of key leaders, partnerships, and acquisitions in the Elevator Modernization market is provided.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Semiconductors, Healthcare, Manufacturing, Automotive and Defense.

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