Thailand Elevator Modernization market is projected to experience
significant growth with a high CAGR during the forecast period. The increasing
focus on digital infrastructure, coupled with rising urbanization, are expected
to be the driving force behind this growth.
Elevator modernization, also known as lift modernization,
involves upgrading crucial parts of the equipment to improve safety standards
and performance that may have deteriorated over time. Typically, elevator
modernization involves modifications to the turning motors and controller
equipment. With elevators in Thailand having an average age of 25 (durability
age) years, a considerable number of them are approaching the end of their
lifespan. Therefore, modernization becomes necessary to extend their lifespan
and ensure safe and efficient operation.
One of the benefits of elevator modernization is the reduction
of electromagnetic (EM) noise. Traditional elevators produce EM waves, which
can cause tissue damage in humans and interfere with computers and wireless
networks. Modernization helps prevent EM waves and reduces the associated
risks. Furthermore, the need for elevator modernization is driven by the
increasing adoption of Artificial Intelligence (AI) and Internet of Things
(IoT) technologies. These advancements enhance safety, reliability, and efficiency
by monitoring elevator performance, detecting potential issues, and optimizing
operations.
For instance, AI can analyze data from elevator sensors to
identify patterns indicative of malfunctions or overloads. IoT enables
elevators to be connected to a central monitoring system, allowing for
real-time alerts and proactive maintenance. These technological advancements
improve efficiency by predicting passenger demand and adjusting elevator speed
and routing accordingly. With the ongoing digital revolution in various
sectors, elevators equipped with AI and IoT technologies provide a
multi-sensory and enhanced user experience while aligning with the rising
living standards of people.
As a result, the elevator modernization market is poised to register
a high CAGR during the forecast period, driven by the integration of AI and IoT
technologies and the pursuit of improved safety, reliability, and efficiency in
elevators.
Major companies in Thailand are using this AI & IOT
feature for better management. For instance, Mitsubishi Electric Company has developed
a systеm that usеs AI to monitor еlеvator pеrformancе and dеtеct potеntial
problеms. If a problеm is dеtеctеd, thе systеm will sеnd an alert to thе
building ownеr or opеrator, which will hеlp passеngеrs. Additionally,
ThyssеnKrupp is using AI to pеrsonalizе thе еlеvator еxpеriеncе in Thailand. Thе
firm has dеvеlopеd a systеm that usеs AI to dеtеct thе passеngеrs’ prеfеrеncеs
and to providе rеcommеndations for nearby dеstinations. Thеsе are just a fеw еxamplеs of how AI and
IoT arе bеing usеd in еlеvators in Thailand. As these technologies continue to develop,
there are expected to be more innovative and exciting applications for elevators
in the future.
Increasing Demand for Modern Machine Room Less Elevators
Modern machine room less elevators have several advantages,
including increased energy efficiency, lighter weight, more design options, and
better usage of hoist-way space. The demand for high-speed traction elevators
is skyrocketing as the number of high-rise commercial and residential buildings
increases worldwide. Elevator space has grown over time to handle more traffic
between multi-story structures. Moreover, these emerging elevators are now
equipped with various devices such as Wi-Fi routers, advanced fire alarm
systems, wheelchair lifts, etc. Additionally, the number of floors in the
building determines the elevator's speed, which has fluctuated dramatically
throughout the years, reaching over 10 m/s. Modern machine room less elevators
are increasingly being used in low and medium-story structures, saving space
and construction costs. To cater to the growing market demand, leading
companies are launching high-speed, ultra-high-speed, and machine room less
elevators to meet specific regional requirements. Such advancements are likely
to further propel the Thailand elevator modernization market in the coming
years.
Thailand's Government is Investing Heavily in Infrastructure
Development
The government of Thailand is highly investing in
infrastructure development to improve the country's economy. It is involved in
the construction of new malls, houses, and airport projects. Improved
connectivity will make it easier for people and goods to move around the
country, boosting economic growth. The Thailand government is investing in
infrastructure to attract foreign investment, as major foreign investors seek
countries with good infrastructure like Thailand. They are spending on
infrastructure to improve the quality of life for its citizens, including the
construction of new hospitals, schools, and water treatment plants. Improved
infrastructure will make it easier for people to access essential services,
improving their quality of life. Thus, they are investing in public
infrastructure projects. For instance, the EEC (Eastern Economic Corridor) is a
major infrastructure project aimed at transforming Thailand's eastern region
into a hub for high-tech industries. The project includes the construction of
railways, airports, and seaports. Additionally, a huge number of new malls are
being built in Thailand, which will have higher standards for elevators
compared to older malls. This means that the new elevators will need to be more
energy-efficient, reliable, and user-friendly. All the above-mentioned factors
are responsible for future market growth.
Corrosion of Lift Equipment Hindering the Market Growth
Corrosion poses a great challenge for Thailand elevator modernization
market. Corrosion has adverse impact on the material used in the modernization
of lift as the material can have chemical or electromechanical reaction with
the surrounding medium. This phenomenon degrades the surface, color, and
strength of the metallic surfaces. Such degradation costs a huge amount of
money, when it comes to repairing or replacing these materials. Additionally,
another critical and safety risk area is bi-metallic corrosion (Galvanic
corrosion). Such corrosion is difficult to notice and poses a great threat to
the overall strength of the elevators. Owing to such harmful effects of
corrosion, people tend to avoid the modernization of lifts, which is becoming a
great challenge for the Thailand elevator modernization market.
Recent Developments
- In 2022, Mitsubishi Elеctric announcеd that it would bе
invеsting USD10 million in AI-powеrеd elevator modеrnization in the upcoming years.
The company said that investment would be used to develop new technologies that
would improvе thе safеty, efficiency, and passenger experience.
- In 2022, Konе partnеrеd with IoT startup Whizpacе to collеct
data on еlеvator usagе in Thailand. Thе partnеrship is dеsignеd to hеlp Konе
idеntify opportunitiеs for improving еfficiеncy and rеducing еnеrgy
consumption.
- In 2022, ThyssеnKrupp launchеd a nеw AI-powered elevator
control system. Thе systеm usеs AI to optimizе еlеvator opеrations and makе
еlеvators morе еfficiеnt.
- In 2022, Fujitеc introducеd a nеw еlеvator with facial
rеcognition tеchnology. The technology is designed to improvе thе sеcurity and
convеniеncе of еlеvator usе.
Market Segmentation
The Thailand Elevator
Modernization Market can be segmented based on 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, Hydraulic. Based on component, the market is segmented into
Controller, Door Equipment, Cabin Enclosure, Signaling Fixture, Power Unit, Others.
Based on end user, the market is divided into Residential Sector, Industrial
Sector, Commercial Sector, Infrastructural Sector. Based on modernization type,
the market is divided into partial, full. Based on speed, the market is divided
into <200 fpm, 200-500 fpm, >500 fpm. Based on height, the market is
divided into >20 floors, 20 -50 floors, <50 floors.
Market Players
The major players in the Thailand
Elevator Modernization Market are Jardine
Schindler (Thai) Ltd, Otis Elevator Company (Thailand) Limited, Mitsubishi
Electric Asia (Thailand) Co., Ltd, KONE Public Company Limited, Fujitec Co.,
Ltd, THYSSENKRUPP INDUSTRIAL SOLUTIONS (THAILAND) LIMITED, Hitachi Asia
(Thailand) Co., Ltd, Fuji Elevator International Co., Ltd. (FJETH).
Attribute | Details |
Base
Year | 2022 |
Historical
Years | 2018 –
2021 |
Estimated
Year | 2023 |
Forecast
Period | 2024 – 2028 |
Quantitative
Units | Revenue
in USD Million, and CAGR for 2018-2022 and 2023E-2028F |
Report
Coverage | Revenue forecast,
company share, growth factors, and trends |
Segments
Covered | Elevator Type Component End User Modernization Type Speed Height Region |
Regional
Scope | Central
Thailand, Eastern Thailand, Southern Thailand, and Northern Thailand |
Key
Companies Profiled | Jardine Schindler
(Thai) Ltd, Otis Elevator Company (Thailand) Limitedx, Mitsubishi Electric
Asia (Thailand) Co.,Ltd, KONE Public Company Limited, Fujitec Co., Ltd,
THYSSENKRUPP INDUSTRIAL SOLUTIONS (THAILAND) LIMITE, Hitachi Asia (Thailand)
Co., Ltd, Fuji Elevator International Co.,Ltd. (FJETH) |
Customization
Scope | 10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope. |
Pricing
and Purchase Options | Avail
of customized purchase options to meet your exact research needs. Explore purchase options |
Delivery
Format | PDF and Excel through
Email (We can also provide the editable version of the report in PPT/pdf
format on special request) |
Report
Scope:In this report, the Thailand Elevator
Modernization Market has been segmented into the following categories, in
addition to the industry trends which have also been detailed below:
·
Thailand Elevator
Modernization Market, By Elevator Type:
o
Traction
o
Machine Room-Less
Traction
o
Hydraulic
·
Thailand
Elevator Modernization Market, By Component:
o
Controller
o
Door Equipment
o
Cabin Enclosure
o
Signaling Fixture
o
Power Unit
o
Others
·
Thailand Elevator
Modernization Market, By End User:
o
Residential Sector
o
Industrial Sector
o
Commercial Sector
o
Infrastructural Sector
·
Thailand Elevator
Modernization Market, By Modernization Type:
o
Partial
o
Full
·
Thailand Elevator
Modernization Market, By Speed:
o
<200 fpm
o
200-500 fpm
o
>500 fpm
·
Thailand Elevator
Modernization Market, By Height:
o
>20 floors
o
20-50 floors
o
<50 floors
·
Thailand Elevator
Modernization Market, By Region:
o
Central Thailand
o
Eastern Thailand
o
Southern Thailand
o
Northern Thailand
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Thailand Elevator Modernization market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
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