TechSci Research's report titled "Global Elevator Modernization Market - Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027" reveals that the market for elevator modernization worldwide reached a value of USD 9042.05 million in 2021, and it is projected to grow at a CAGR of 5.25% during the forecast period. The digital revolution is transforming almost all major industry sectors worldwide, prompting industry participants to introduce elevators equipped with state-of-the-art technology and high-tech devices to seize a greater market share. Incorporation of advanced technologies such as the internet of things and artificial intelligence is anticipated to offer travelers a multi-sensory and enriched experience. To optimize energy usage and reduce expenses, companies such as Schindler are launching solar-powered elevators. Nonetheless, the global elevator modernization market's growth may be limited over the next five years due to the likelihood of lift equipment corrosion and lift shafts' restricted tolerance.
The global elevator modernization market is segmented into elevator type, component, end user, modernization type, regional distribution, and competitive landscape.
The market is categorized based on components such as the controller, door equipment, cabin enclosure, signaling fixture, power unit, and others. In 2021, the controller segment dominated the market, covering 24.00% of the overall market share. The increasing demand for the reconstruction and renovation of buildings, airports, and other infrastructure is accelerating the rate of elevator modernization. Controllers are a crucial component of elevators, ensuring their safe operation and functionality. Factors such as safety, convenience, and the number of people using elevators play a significant role in elevator modernization.
The market is also segmented based on end-users such as the residential sector, institutional sector, commercial sector, and infrastructural sector. The residential sector led the market in 2021, capturing 53.47% of the overall market share. The rapid growth of urbanization and the construction of residential buildings are driving the installation of elevators. The complex components of elevators necessitate frequent modernization and maintenance. The demand for affordable and reliable modern elevators is increasing rapidly, leading to the integration of advanced components and technologies. Moreover, since residential elevators are not frequently replaced, safety systems such as fire service systems, protection devices, and redundancy circuits are being installed to cater to the rising demand for safety.
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 over the next five years. The aging urban infrastructure negatively impacts the lifespan of elevators, and building owners make necessary changes by replacing some components, thereby saving costs of modernizing the entire elevator at once. Building owners and leading authorities are investing in elevator modernization services to stay ahead in the market and provide the best facilities to the residents, which is expected to boost the segment demand over 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
“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.