Elevators Modernization Market: Asia Pacific Is Expected to Witness High Demand Due to Rise in Infrastructure Through 2021.

Elevator modernization is a process of upgrading the existing elevator to make the elevator safer, more efficient and more attractive. It is one of the emerging services in the elevator industry and the modernization elevator service company will assist the customers in choosing the modernization type and services, thus boosting the scope of the Elevators Modernization Market during 2016-2021.

Scope and Regional Forecast of the Elevators Modernization Market:

Europe is the dominating market which held a major revenue share in 2015 and is estimated as fastest growing market region in the Elevators Modernization Market next to Asia Pacific, mainly driven by implementation of regulations from Safety Norm for Existing Lifts (SNEL) and increasing old high rise buildings.

The global Elevators Modernization Market is estimated to grow at a CAGR of 4.16% during the forecast period 2016-2021. The Countries like the US, India, China and Brazil are expected to have high demand due to the rising infrastructure in this region.

According to the IndustryARC research analysis studies on the Elevators Modernization Market, Increase in concerns towards energy efficiency, Co2 emissions and emphasis on security and safety are the primary factors that have been driving the growth for this market. Opposition from vintage elevator enthusiasts and the suitability of modernization with old power infrastructure buildings obstructs the reach of modernization services.

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Segmentation and Key Players of the Elevators Modernization Market:

The Elevators Modernization Market is segmented into various categories in the IndustryARC marketing research report by component type, by modernization type, by end user and by geography.

By component type: controllers, door equipment, cabin enclosures, signaling fixtures, power units and others

By modernization type: partial modernization and full modernization

By end...