Elevator Modernization Market 2027: Future Growth and Opportunities | Techsci Research

1
Elevator Modernization Market 2018- 2027
Regional Analysis and Forecast Techsci Research
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
2
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. Browse over 168 market data Figures
spread through 217 Pages and an in-depth TOC on
"Global Elevator Modernization
Market" https//www.techsciresearch.com/report/ele
vator- modernization-market/10591.html 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
3
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.
4

• 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
• Download Sample
• Report _at_ https//www.techsciresearch.com/sample-
  report.aspx?cid10591
• 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

5
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. Download Sample Report _at_
https//www.techsciresearch.com/sample-
report.aspx?cid10591 About TechSci Research
6
TechSci Research is a research-based management
consulting firm providing market research and
advisory solutions to its customers worldwide,
spanning a range of industries. TechSci
Researchs core values are value, integrity and
insight. Led by a team of dynamic industry
experts, TechSci Research provides its customers
with high value market research and advisory
services that helps them identify new market
opportunities, growth engines and innovative ways
to capture the market share. As a result,
TechScis client leads rather than follow market
trends. Not bound by legacy, TechScis
cutting-edge research model leverages its decades
of research knowledge and an increased use of
technology as engines of innovation to deliver
unique research value. Provided as an alternative
to traditional market research, TechSci Research
reports do not just deliver data and knowledge
rather highlights the insights in a more usable
and interactive format for its
clients. Contact Mr. Ken Mathews 708 Third
Avenue, Manhattan, NY, New York 10017 Tel
1-646-360-1656 Email sales_at_techsciresearch.com W
eb https//www.techsciresearch.com
7
(No Transcript)