Elevator Modernization Market Going Up

Will elevators soon become smarter? A new report from Research and Markets looks at the elevators modernization market—and predicts trends for the future.

The global elevators modernization market is poised to reach approximately $13.92 billion by 2025.

The adoption of machine room-less elevators, green elevators, and other eco-friendly designs of elevators have provided huge opportunities for modernization. A rise in investments in commercial sector such as information technology and banking, financial services, and insurance buildings, malls and hospitality, hospitals, airports, transportation, and other commercial buildings, rapid urbanization and industrialization, and significant gross domestic product growth will enable the market to rise in the near future.

Elevator components such as power units, cabin enclosures, controllers, signaling fixtures, door equipment, and other components will be a big part of the elevator modernization market. Hydraulic and traction elevators are two types that will see change.

The industries that will be affected that contractors should be aware of is transportation, industrial, residential buildings, institutional, marine, commercial, offices, malls, and hotels. Contractors who specialize in this segment will have many prospects for work during the next several years.

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