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.
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.
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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.
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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.
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.
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