HYDERABAD, India and MINNEAPOLIS, June 22, 2016 /PRNewswire/ --

According to the report "Elevators Modernization Market - By Elevator Type (Traction, Hydraulic); byComponents (Controller, Cabin Enclosure, Signal); by Type (Full & Phased Modernization); by End User (Residential, Offices, Marine, Industrial) & By Geography - Forecast (2016 - 2021), published by IndustryARC, the elevator modernization market to reach $11,289 Million by 2021 at a high CAGR.

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Browse - 82 Market Tables, 70 Figures spread through 176 slides and an in-depth TOC on "Elevator Modernization Market (2015 - 2021) "

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Elevator modernization is a process of improving or upgrading the existing elevators in order to improve the performance of the elevator and provide an aesthetic look to it. Modernization of elevator components is done to handle the new technologies to improve safety and aesthetics. Elevator modernization market is well established in developed nations especially in Europe and Americas and is gaining prominence in emerging nations.

Controllers are devices which enable the elevator systems to operate independently and manage the visual monitoring, interactive command control and traffic analysis of the system. These devices ensure that the elevators are functioning efficiently as per their specifications. Elevator control systems primarily consist of three key components namely: inputs, outputs and controller. Controllers are primarily responsible for coordinating all aspects of elevator service such as travel speed, acceleration, deceleration, door opening speed and delay, leveling, signals and others. Modernization of controller enhances safety, performance, reliability, serviceability and energy efficiencies of elevators. The controllers are hence the most dominant components category in the elevators modernization market. Transition from solid state technology to digital control system which can process with the help of 32 bit microprocessors in control equipment and the adoption of controllers to enhance reliability and reduce waiting times are the primary factors that have been driving the growth of this market.

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Europe is the dominant market for elevator modernization and is estimated to reach $4,032.69 Million by 2021 at a CAGR of 4.43% during the forecast period. Regulations from SNEL and increasing old, high-rise buildings have put the European market in the top position. Increase in the large-scale buildings with respect to the construction industry and establishment of factories, commercial buildings and high raised buildings will spur the market for modernizations in APAC region.

The Major Players in Elevator Modernization Market Include: 

• Otis Elevator Company (U.S)
• ThyssenKrupp Elevator AG (Germany)
• Schindler (Switzerland)
• Kone Corporation (Finland)
• Mitsubishi Electric Corporation (Japan)

Elevator modernization Service providers are continuously investing in developing and launching of new modernization services and products with consistent requirements from the customers for energy efficiency and environmental protection. However, emerging companies have been active in launching new services at lower prices, which impacts the dominance of top players in the coming years.

The Global Elevator Modernization Market report provides detailed analysis of the different components and end-use segments.

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Various Types of Components included in the Market Study are: 

SOURCE IndustryARC