Elevator Modernization Market to Grow with a CAGR of 5.25% through 2027
Rising infrastructure development and rising demand for
sustainability are driving the growth in 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 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.
Browse over 168 market data Figures spread through 217 Pages and an in-depth TOC on "Global
Elevator Modernization Market"
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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 component, the
market is divided into controller, door equipment, cabin enclosure, signalling
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, the 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 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 global elevator modernization market.
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