According to the new report published by Allied Market Research, titled, Elevator Modernization Market by Elevator Type, Components, End User, and Geography: Global Opportunity Analysis and Industry Forecast, 2014-2022, the global elevator modernization market is expected to reach $12,283 million by 2022. The traction segment is expected to dominate the market from 2016 to 2022.
Asia-Pacific elevator modernization industry is expected to rise at the highest growth rate, whereas Europe accounted for around 37% share of the market in 2014, and is anticipated to grow at a significant rate. End users across the globe are inclined toward investing into elevator modernization activities as it enhances various features of elevator and makes it more safe, attractive, and efficient.

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Furthermore, rapid urbanization and increased safety awareness among end users has driven the market growth. However, unsuitable designs of elevators and environmental hazards from elevators restraint the market growth. By component type, the controllers segment dominated the market with around 34% market share in 2014, followed by door equipment segment.
In addition, the controllers segment is projected to expand at the highest CAGR of 7.9% during the forecast period. Among the end users, commercial sector generated the maximum revenue in the global elevator modernization market and represented around 46% share of the total elevator modernization market revenue in 2014. Furthermore, by 2022, the segment is expected to dominate the market, with a CAGR of 7.4%.

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Whereas, industrial sector spending over elevator modernization is projected to increase at the second-fastest CAGR of 7.3%, owing to increase in construction activities in industrial sector. In addition, prominent market players in elevator modernization industry are inclined toward establishing new production facilities to cater increased demand from end-user verticals.
For example, Mitsubishi Electric Corporation built a new manufacturing facility for Mitsubishi Elevator Korea Co., Ltd. (KMEC) in South Korea, which was anticipated to reinforce the companies capability to provide high-speed, innovative elevators, and attract more customers across the globe.

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