Elevator Modernization is the process of reforming the critical parts in order to handle new technology so that it improves performance and safety. Elevators are designed with a service life of about 30-40 years.
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One of the important considerations in elevator modernization is compliance with codes and safety standards.
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The key factors influencing the growth in elevator modernization is the concern towards energy efficiency, emission of carbon dioxide gases and emphasis majorly on safety measures.
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Elevators are a major part of commercial, residential, institutional and other applications. When an elevator is taken out of service for modernization, the remaining elevators will have to bear that extra load.
This means that the possibility of breakdown increases which act as one of the restraining factors in the growth of elevator modernization. The future trend of elevator modernization is the implementation of destination-based elevators to avoid huddling over elevator doors in the peak hours.
Elevator Modernization Market Players:
- KONE Corporation
- United Technologies Corporation
- Siemens AG
- Schindler Holding Ltd.
- Mitsubishi Electric Corporation
- thyssenKrupp AG
- Fujitec Co., Ltd.
- Hitachi, Ltd.
- HYUNDAIELEVATOR CO., LTD.
- TOSHIBA CORPORATION.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global elevator modernization market based on type, component and end users.
It also provides market size and forecast till 2025 for overall elevator modernization market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SAM). The market by each region is later sub-segmented by respective countries and segments.
The report covers analysis and forecast of 15 counties globally along with current trend and opportunities prevailing in the region.
Also, key elevator modernization market players influencing the market are profiled in the study along with their SWOT analysis and market strategies. The report also focuses on leading industry players with information such as company profiles, products and services offered, financial information of last 3 years, key development in past five years.
Some of the key players influencing the market are KONE Corporation, United Technologies Corporation, Siemens AG, Schindler Holding Ltd., Mitsubishi Electric Corporation, thyssenKrupp AG, Fujitec Co., Ltd., Hitachi, Ltd., HYUNDAIELEVATOR CO., LTD., and TOSHIBA CORPORATION.
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