lobal Elevator Modernization market accounted for US$ 10,640.0 Mn in 2017 and is expected to grow at a CAGR of 3.8% during the forecast period 2018 – 2025, to account for US$ 14,386.2 Mn in 2025.
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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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.
The key companies profiled in this report include United Technologies Corporation, KONE Corporation, Schindler Holding Ltd., ThyssenKrupp AG, Fujitec Co Ltd., Hitachi Ltd., Electra Elevators, Hyundai Elevator Co., Ltd, Mitsubishi Electric Corporation, and Toshiba International Corporation.
Many of the countries are moving towards the modernization of the elevators in the existing buildings because of the reconstruction process taking place to convert the buildings to high rise buildings and towers. The government of several countries has taken initiatives for reconstruction of the existing building, which is leading to the modernization of the existing elevators in the buildings either partial or full. For instance, energy efficient initiatives by the German government is leading to the reconstruction of a large number of buildings that are more than 10-15 years old. For initiating the residential sector growth of Spain, the government is encouraging the vendors for replacing the existing elevators. UK government took initiatives for smart and green infrastructure which boosted the renovation process in the country, leading to modernization of existing elevators with the renovation process. Several other initiatives have been taken by many countries in different regions for reconstruction, which is boosting the market for elevator modernization.
The global Elevator Modernization market has been segmented based on type, i.e., Hydraulic and Traction type. The traction elevator modernization market presents a huge scope for modernization market. Countries such as the US, UK, Germany, and others are considered as a lucrative revenue pocket for modernization of traction elevators because of the large number of the existing old building which needs renovation and modernization. Whereas, countries like China and India are considered as a long term destination for traction 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.
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