Vietnam Elevator Modernization Market expected to Grow at 6% CAGR through 2028
Vietnam Elevator
Modernization market is expected to grow due to Rising Digital Urbanization and
Reduces Electromagnetic Noise.
According to TechSci Research
report, “Vietnam Elevator Modernization Market - By Region, Competition,
Forecast & Opportunities, 2028”, Vietnam Elevator Modernization is not
an exception as virtually every industry and sector throughout the globe is
undergoing a digital transformation. Modern elevators provide consumers with a
rich, multi-sensory experience by utilizing cutting-edge hardware and
technology, such as artificial intelligence (AI) and the internet of things
(IOT). The user experience is enhanced by these technologies, which also let
people stay connected to the outside world. The Global Elevator
Modernization Market stood at USD9,042.05 million in the year 2021 and is
expected to grow at a CAGR of 5.25% in the forecast period.
Based on Elevator Type, Vietnam Elevator
Modernization Market is dominated by the Traction segment dominates the
Elevator Modernization Market, this is because more commercial and residential
buildings are being built around the world, which is increasing demand for
high-speed traction elevators. To save space and reduce construction costs,
major manufacturers are also creating quick, machine-room-free elevators that
are utilized more frequently in low and medium floor structures. As a result of
these advancements, it is anticipated that the elevator modernization industry
would grow in the years to come.
Browse over xx market data Figures spread through xx Pages and an in-depth TOC on "Vietnam Elevator Modernization Market"
Based on End User, Residential
segment is the dominant in Vietnam Elevator Modernization Market, there is a
larger requirement for elevator installation and renovation because of growing
urbanization and residential construction. However, because to their numerous
fragile components, elevators always need upkeep and modification to preserve
their efficacy and safety. Additionally, the expansion of the industry is
positively impacted by growing awareness of the benefits of elevator modernization.
In terms of regional analysis, the Vietnam Elevator Modernization Market is segmented
into Northern Region, Central region, Southern Region. The Southern region is
estimated to be the largest region in Vietnam. Modernization,
industrialization, and urbanization in infrastructure projects, and increased
demand for green elevators are the primary drivers of market growth for
elevators and escalators. The Southern region's elevators and escalator
industry is anticipated to grow rapidly over the next few years due to increase
in construction projects that call for the installation and modernization of
elevators in high-rise residential and commercial structures.
Due
to the complexity of their many components, elevators require routine
maintenance and modernization initiatives in order to remain effective and
secure. Additionally, the value of elevator modernisation is becoming more
widely recognised by building managers as this manager will recommend changing
some parts or adding some new technologies, which is good for the market.
Key market
players in the Vietnam Elevator Modernization Market include:
- KONE Vietnam Co.,
Ltd.
- TOSHIBA Elevator
(Vietnam) Limited Liability Company
- Schindler Vietnam
Ltd.
- OTIS Elevator Company (Vietnam) Ltd.
- TK Elevator Vietnam Private Limited
- Mitsubishi Elevator
Vietnam Co., Ltd
- Pacific Elevator Co., Ltd.
- VGSI Elevator LLC
- Alpec Joint Venture
Joint Stock Company
- Thang Long Venture Joint Stock Company
Elevator modernization market has benefited from increased public
awareness of elevator safety. Modernizing elevators can increase its lifespan
and reduce the need for pricey elevator replacements. Technology developments
greatly enhance the quality, functionality, and safety of elevator. These
elements have accelerated the upgrading of elevators in residential and
commercial buildings as well as in airports and public transportation systems.
Additionally, benefits like decreased vibration and noise levels increase
demand for elevator modernization systems.
Companies are now installing upgraded technology like Wi-Fi, HVAC
systems, music players, etc. in elevators for technical improvements.
Additionally, the efficiency of elevator hoisting machinery has improved with
the use of AC and permanent magnet gearless motor technologies, allowing fewer
elevator trips and better elevator balancing, resulting in energy savings.
Download Free Sample Report
Customers
can also request for 10% free customization on this report.
Building managers
and other security personnel can see real-time elevator status using their
smartphones and the Internet of Things thanks to systems that elevator
modernization providers have previously installed (IoT). Additionally, it
creates an open environment where all significant participants can obtain
real-time data on their equipment at any time and from any location.
“During the anticipated
period, the Vietnam Elevator Modernization Market is anticipated to grow due to
a growth in industry mergers and acquisitions and the installation of systems
that can synchronize data utilizing various technologies by elevator
modernization businesses, and Electromagnetic (EM) noise can be reduced with
elevator upgrading. Modernizing elevators is necessary because solid-state
elevators emit EM waves, which are a significant contributor to human tissue
damage, the market is robust and is anticipated to continue expanding and many
more factors will drive the market,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Vietnam Elevator Modernization Market By Elevator Type (Traction,
Hydraulic, Machine Room-Less Traction), 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 Region, Competition, Forecast &
Opportunities, 2028”, has
evaluated the future growth potential of Vietnam 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 Vietnam
Elevator Modernization Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com