Traction Segment to Dominate the Thailand Elevator Modernization Market
Increasing commercial
and residential infrastructure development and advancements in technology are
the major factors driving the growth of Thailand Elevator Modernization market during
the forecast period
According to TechSci Research report, “Thailand
Elevator Modernization Market - By Region, Competition Forecast & Opportunities, 2028F,” the Thailand Elevator Modernization market is expected to
register a high CAGR in the forecast period due to elevator modernization
companies installing systems that can synchronize data through the Internet of
Things. This allows building managers and security personnel to view real-time
elevator status using their cellphones and IoT. It also establishes a
transparent environment in which all important stakeholders can access
real-time information about their equipment from any location.
Additionally,
elevator modernization companies are working on improving contactless facilities,
enabling passengers to connect to the elevators through a mobile phone
application. They have also started conducting in-depth safety assessments
during elevator modernization to provide reliable consultations and
recommendations for upgrading additional components and functions to comply
with the latest safety codes.
Moreover,
elevator modernization companies are implementing door systems that prevent
passengers from attempting dangerous self-rescues during entrapment by forcing
them to open the door from inside. Sensory intelligence systems are also
incorporated to monitor elevators and passengers, initiating a request
constantly and proactively upon detecting any suspicious occurrence and making
elevators more secure and advanced. These factors are expected to propel market
growth in the forecast period.
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spread through xx Pages and an in-depth TOC on “Thailand Elevator Modernization Market.”
The Thailand
Elevator Modernization Market can be segmented by elevator type, component, end
user, modernization type, speed, height, region, and competitive landscape.
Based on elevator type, the market is divided into Traction, Machine Room-Less
Traction, and Hydraulic. Based on component, the market is segmented into
Controller, Door Equipment, Cabin Enclosure, Signaling Fixture, Power Unit, and
Others. Based on end user, the market is divided into the Residential Sector,
Industrial Sector, Commercial Sector, and Infrastructural Sector. Based on
modernization type, the market is divided into partial and full. Based on
speed, the market is divided into <200 fpm, 200-500 fpm, and >500 fpm.
Based on height, the market is divided into >20 floors, 20-50 floors, and
<50 floors.
On the basis
of elevator type, the market is dominated by the traction segment, due to the
need for quicker vertical transit as a result of the rising number of high-rise
residential structures and new business hubs being built. Comparatively,
traction elevators offer a lot more speed than hydraulic elevators. Machine
room less (MRL) traction elevators are not only more space-efficient than
conventional elevator technologies but also more energy-efficient. Additionally,
they require less maintenance than hydraulic elevators. In addition, traction
elevator rides are smoother and more comfortable than those in other varieties
of elevators.
On the basis
of End-User, the commercial sector will dominate the market, due to the use of
elevators in commercial buildings including shopping malls, office buildings,
and co-working spaces. The commercial sector is being driven by the rising
trend towards eco-efficiency, flexible design, and safety. Therefore, changing
investments in office space are also anticipated to support market expansion.
Key market players in the Thailand Elevator
Modernization Market include:
- Jardine Schindler (Thai) Ltd
- Otis Elevator Company (Thailand) Limited
- Mitsubishi Electric Asia (Thailand) Co. Ltd.
- Kone
- Fujitec Co., Ltd
- THYSSENKRUPP INDUSTRIAL SOLUTIONS
(THAILAND) LIMITED
- Hitachi Asia (Thailand) Co., Ltd
- Fuji Elevator International Co. Ltd.
(FJETH).
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“The market is robust and is likely to
witness further upward trajectory due to increasing mergers and acquisitions in
the industry. Additionally, elevator modernization companies are installing
systems that can synchronize data through various technologies. Moreover,
leading companies are launching high-speed, machine room-less elevators that
are increasingly used in low and medium-story structures, saving space and
construction costs. Therefore, such advancements are likely to drive growth in
the Thailand Elevator Modernization Market in the upcoming years," said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Thailand Elevator
Modernization Market By Elevator Type (Traction,
Machine Room-Less Traction, Hydraulic), By Component (Controller, Door
Equipment, Cabin Enclosure, Signaling Fixture, Power Unit, Others), By End User
(Residential Sector, Industrial Sector, Commercial Sector, Infrastructural
Sector), By Modernization Type (Partial, Full), By Speed (<200 fpm, 200-500
fpm, >500 fpm), By Height (>20 floors, 20 -50 floors, <50 floors),
By Region, Competition Forecast & Opportunities, 2028F,” has evaluated the future
growth potential of Thailand Elevator Modernization Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended 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 present in the Thailand elevator modernization
market.
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