Indonesia Elevator Modernization Market Expected to Register a high CAGR Through 2028
Increasing Demand for modern machine room
less elevators and augmenting new technological advancements is expected to
drive the Indonesia Elevator Modernization Market.
According to TechSci Research report, “Indonesia
Elevator Modernization Market - By Region, Competition, Forecast &
Opportunities, 2028”, Indonesia Elevator Modernization is not an exception
as the world experiences a digital revolution in practically every sector and
industry. Elevators today use cutting-edge technology, including artificial
intelligence (AI) and the Internet of Things (IOT), to give users a rich and
multi-sensory experience. These technologies improve user experience while
assisting people in maintaining connections to the outside world. The Global Elevator Modernization
Market stood at USD 9,042.05 million in the year 2021 and is expected to register
at a CAGR of 5.25% during the forecast period.
Based on
elevator
type, Indonesia Elevator
Modernization Market is dominated by the traction segment. This is due to the
rising demand for high-speed traction elevators as more commercial and
residential buildings are constructed around the world. Additionally, top
manufacturers are introducing fast, machine-room-free elevators that are
increasingly used in low- and medium-story buildings to conserve space and cut
construction costs. Thus, in the years to come, the elevator modernization
market is projected to expand as a result of these developments.
Based on End User, the residential is
the dominant segment in the Indonesia Elevator Modernization Market owing to
increased urbanization and an increase in residential structures, there is a
greater need for elevator installation and renovation. However, because
elevators are made up of a large variety of intricate parts, they frequently
need to be maintained and modernized in order to preserve their effectiveness
and safety. Additionally, increased understanding of the value of elevator
modernization has a favorable impact on the market's expansion.
In terms of regional analysis, the Indonesia
Elevator Modernization Market is segmented into Java, Sumatra, Kalimantan, Bali, and Others. The Java Region is dominant as this
region is expected to maintain its market dominance over the coming years owing
to the presence of several rapidly developing nations and construction of
various infrastructure related projects in the region.
In
major cities such as Jakarta, Indonesia makes significant investments in
infrastructure projects. The new MRT and LRT projects in Jakarta, the high-speed
rail from Jakarta to Bandung, the Ring Roads, and other major projects are only
a few examples.
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Key market players in the
Indonesia Elevator Modernization Market include:
- PT. KONE Indo Elevator
- Toshiba Elevator and Building
Systems Corporation (TOSHIBA)
- PT Berca Schindler Lifts
- OTIS Elevator Company (Indonesia) Ltd.
- TK Elevator Indonesia Private Limited
- PT Mitsubishi Jaya Elevator and
Escalator
- PT. Fujitec Indonesia, PT. Jaya
Kencana
- PT Sarang Teknik Utama Indonesia
(Hitachi)
- Shanghai Mitsubishi Elevator
The
residential and public transit categories are growing at the quickest rates due
to increased urbanization and population growth, respectively. Indonesia has
the third-largest share of urban land in East Asia, behind China and Japan.
Property values in Bali have
increased significantly over the past ten years as a result of an increase in
visitors and foreign investors. Local analysts claim that during the pandemic,
freehold values have dropped by as much as 25% in Island like Bali. The
introduction of laxer restrictions on foreign ownership will probably drive the
Indonesian market.
Increased infrastructure
spending and connection between cities and regions are other important points.
As long as the places are serviced by public transportation and the routes are
feasible, prospective purchasers don't appear to be concerned about investing
in properties farther from the city centers.
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During the forecast period,
it is projected that Indonesia's affordable housing developments, which are
funded by the government, international investors, and organizations such as the
World Bank, will accelerate real estate market growth. The "One Million
Houses" (OMH) program was launched by the Indonesian government to build
at least 1 million homes annually. Approximately 312,290 dwelling units were
recorded under the One Million Houses program till the end of May 2021,
according to the Ministry of Public Works and Public Housing (PUPR).
“The Indonesia
Elevator Modernization Market is expected to expand during the projected
period. The market is strong and is expected to continue growing as a result of
an increase in industry mergers and acquisitions and the installation of
systems that can synchronise data using different technologies by elevator
modernization businesses and many more factors will drive the market,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global management
consulting firm.
“Indonesia
Elevator Modernization Market By Elevator Type (Traction, Hydraulic, Machine
Room-Less Traction), By Component (Controller, Door Equipment, Cabin Enclosure,
Signalling 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 the Indonesia 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 Indonesia Elevator Modernization Market.
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