Rising infrastructure development and rising demand for sustainability are driving the growth in the global elevator modernization market in the forecast period, 2023-2027. According to TechSci Research report, “Elevator Modernization Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027”, the global elevator modernization market was valued at USD9042.05 million in 2021 and is anticipated to grow at a CAGR of 5.25% in the forecast period.
The Important Factors of Elevator Modernization Market
The world is going through digital transformation in almost all the prominent industry verticals. Market players are launching elevators equipped with novel technologies and high-tech gadgets to capture the highest market share. Integration of advanced technologies like the internet of Things and artificial intelligence is expected to provide consumers with a multi-sensory and enhanced experience while traveling. Companies like Schindler are launching solar-powered elevators to optimize energy usage and save costs.
However, the chances of corrosion of lift equipment and limited tolerance of lift shafts may restrain the global elevator modernization market growth for the next five years.
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The global elevator modernization market is segmented into elevator type, component, end-user, modernization type, regional distribution, and competitive landscape.
Based on components, the market is divided into controllers, door equipment, cabin enclosure, signaling fixture, power unit, and others. The controller segment dominated the market in 2021 by covering 24.00% of the overall market share. The demand for reconstruction and renovations of buildings, airports, and other infrastructure is rapidly increasing, which in turn is boosting the rate of modernization of elevators. Controllers are a significant part of the elevator and play a crucial role in ensuring the working of elevators. Various factors, including safety, convenience, and the number of people traveling through elevators, play a major role in the modernization of elevators.
Based on the end user, the market is divided into residential sector, institutional sector, commercial sector, and infrastructural sector. The residential sector led the market in 2021 and captured 53.47% of the overall market share. Rapid urbanization and the rise in the construction of residential buildings are accelerating the installation rate of elevators. Elevators are made of complex components, which creates the need for frequent modernization and maintenance. The demand for reliable and affordable modern elevators is increasing rapidly, increasing the integration of advanced components and technologies. Also, residential elevators are not frequently replaced owing to their limited usage, which fuels the demand for the installation of safety systems such as fire service systems, protection devices, and redundancy circuits.
Based on modernization type, the market is bifurcated into partial and full. The partial segment held the highest market share of 70.68% in 2021 and is expected to maintain its dominance through the next five years. The aging urban infrastructure is negatively affecting the life of elevators.
The building owners make the necessary changes by changing some of the components of the elevators, which saves exorbitant amounts from modernizing the whole elevator in a single time. Building owners and leading authorities are investing in availing elevator modernization services to stay ahead in the market and provide the best facilities to the residents, which in turn is expected to boost the segment demand for the next five years.
Major market players operating in the global elevator modernization market are:
- Fujitec Co., Ltd.
- Hitachi, Ltd.
- Hyundai Elevator Co., Ltd.
- Kone Corporation
- Mitsubishi Electric Corporation
- Otis Worldwide Corporation
- Schindler Group
- Toshiba Corporation
- Shenyang Yuanda Intellectual Industry Group Co. Ltd
- TK Elevator Gmbh
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“The Asia-pacific region was the dominant region in 2021 and captured 46.51% of the overall market share owing to the ongoing massive infrastructure development projects and construction of high-rise buildings. The Asia-pacific region is developing at a rapid rate and is undergoing a massive economic transformation. The government of emerging nations like India is focusing on the growth of the construction industry. It is launching projects like the Housing for All and Smart Cities Project, which are expected to fuel the demand for elevator modernization services. Also, the rise in the investments by the market players to advance the working of elevators and improve the safety and comfort of passengers is expected to propel the growth of the global elevator modernization market till 2027”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Elevator Modernization Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027, Segmented By Elevator Type (Traction, Machine Room Less (MRL) Traction, Hydraulic), By Component (Controller, Door Equipment, Cabin Enclosure, Signalling Fixture, Power Unit, Others), By End User (Residential Sector, Institutional Sector, Commercial Sector, Infrastructural Sector), By Modernization Type (Partial, Full), By Region”, has evaluated the future growth potential of global elevator modernization market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global elevator modernization market.
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Table of Content
1. Service Overview
- Research Methodology
- Executive Summary
- Impact of COVID-19 on Global Elevator Modernization Market
- Voice of Customer
5.1. Brand Awareness
5.2. Key Factors for Selecting Vendor
5.3. Satisfaction Level
5.4. Modernization Contract Expectation
5.5. Modernization Contract Challenges
- Global Elevator Modernization Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1. By Elevator Type (Traction, Machine Room-Less (MRL) Traction, Hydraulic)
6.2.2. By Component (Controller, Door Equipment, Cabin Enclosure, Signalling Fixture, Power Unit, Others)
6.2.3. By End User (Residential Sector, Institutional Sector, Commercial Sector, Infrastructural Sector)
6.2.4. By Modernization Type (Partial, Full)
6.2.5. By Region
6.2.6. By Company (2021)
6.3. Market Map (By Elevator Type, By Component, By End User, By Modernization Type, By Region)
- Asia-Pacific Elevator Modernization Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value & Volume
7.2. Market Share & Forecast
7.2.1. By Elevator Type
7.2.2. By Component
7.2.3. By End User
7.2.4. By Modernization Type
7.2.5. By Country
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