Elevator Modernization Market to 2025 - Global Analysis and Forecasts by Type (Hydraulic and Traction); Component (Power Units, Cabin Enclosures, Controllers, Signalling Fixtures, Door Equipment and Others); and End User (Industrial, Residential Building, Institutional, Marine, Commercial and Others)
The most widely modernized component in the elevator modernization are the controllers, and due to this, the segment contributed the maximum market share of 36.6% in 2016. Although, signaling fixtures is projected to surge at the fastest pace of 5.1%. This is due to the fact that controllers act as a brain of the elevator and are responsible for the speed, levelling and the smooth functioning of the elevator, and signaling fixtures are widely used for signaling the direction and level of the elevator and are subjected to wear and tear at a faster rate. Owing to these factors, the market for controllers and signaling fixtures is anticipated to surge during the forecast period from 2017 to 2025, at a significant rate.
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One of the future trend that is prevailing in the market is the implementation of destination-based elevators, which are majorly used in the commercial buildings such as offices, malls and others. Such type of elevators is helpful in avoiding the huddling over the elevator doors in the peak hours. Furthermore, implementation of IoT in the elevator system will help the product for collecting and analyzing the data of elevator with the operators and manufacturers, and respond quickly in case of any