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Elevator modernization market Report by 2022

Elevator modernization market Report by 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.

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Elevator Modernization Market Global Opportunity Analysis and Industry Forecast, 2014-2022

Elevator Modernization Market Global Opportunity Analysis and Industry Forecast, 2014-2022

Elevator Modernization Market Overview: Modernization styles elevators safer, more attractive, and efficient, which further results in a change in the image and performance of a building. Rapid urbanization, awareness about safety, demographic changes, and infrastructural development in commercial, residential as well as theindustrial sector has driven the growth in elevator modernization market. However, unsuitable designs of elevators and environmental hazards from elevators restraint the market growth. Yet, adoption of machine room-less elevators, green elevators, and other eco-friendly designs of elevators have provided huge opportunities for growth in elevator modernization market. Furthermore, rise in investments in commercial sectors such as IT & BFSI buildings, malls & hospitality, hospitals, airports, transportation, and other commercial buildings, rapid urbanization and industrialization, and significant GDP growth will enable elevator modernization market to bloom in the near future.

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