Portland, OR, March 21, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global elevator modernization market was estimated at $7.78 billion in 2020 and is expected to hit $19.94 billion by 2030, registering a CAGR of 9.4% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Changing trends in the elevator industry, rapid urbanization, and increase in awareness about safety and security drive the growth of the global elevator modernization market. On the other hand, unsuitable elevator designs and several environmental hazards associated with the same restrain the growth to some extent. However, development in the commercial sector and high-end technological advancements in the domain are projected to create an array of opportunities in the industry.
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Covid-19 Scenario-
- Significant lockdown measures in different countries and delay in service & production of elevators had a negative impact on the global elevator modernization market.
- However, the market is projected to recoup soon.
The global elevator modernization market is analyzed across elevator type, component, end-user, and region.
Based on equipment, the controller segment accounted for nearly one-third of the total market share in 2020, and is expected to rule the roost by 2030. The door equipment segment, on the other hand, would garner the fastest CAGR of 10.0% throughout the forecast period.
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Based on application, the traction elevator segment contributed to more than three-fourths of the total market revenue each in 2020, and are projected to lead the trail by 2030. The same segment would also exhibit the fastest CAGR of 9.7% during the forecast period.
Based on region, the market across Asia-Pacific held the major share in 2020, garnering nearly half of the global market. The same region would also manifest the fastest CAGR of 9.9% throughout the forecast period.
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Leading Players:
The key market players analyzed in the global elevator modernization market report include Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Co., Ltd., KONE Corporation, Escon Elevators, Mitsubishi Electric Corporation, Schindler, TK Elevator, Toshiba Corporation, and OTIS Worldwide Corporation.These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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