Elevator Modernization Market Size, Share & Industry Analysis, By Type (Hydraulic, Traction), By Application (Industrial, Residential Building, Institutional, Marine, Commercial, Others) And Regional Forecast, 2024-2032

The process of updating the crucial parts of the elevator in order to maintain the efficiency, speed & safety of the passengers traveling through the elevator is elevator modernization. Several elevators are made to deliver around 20-30 years of service. As the duration of the elevators rises and the tools of the elevators are very hard to replace or find, then it is subjected for full replacement. The replacement of various parts of the elevator such as signalling fixtures, door equipment, cabin enclosures, power units, controllers and others are being included in modernization of the elevator. Each of the tools should be replaced and observed to make sure the convenience and safety of the people traveling in the elevator as it gets tears and wears to sustain a correct operating condition of the elevator. The modernization of elevators & replacement of the old elevators enhances the passenger comfort and safety, also lessens the unexpected repair costs for owners as well as increases the uptime of the lift.

The vertical transportation modes like elevators become the primary and only medium of transport for the passengers in especially high rise buildings. The elevators much older like 15 years and above are extremely susceptible to safety risks. Therefore, the safety concerns around have led to implementations of more advanced and updated elevator systems equipped with the latest technologies. These new technical advances are contributing towards to growth in the market.

The elevator modernization market is projected to witness major growth over forecast period owing to increase in elevator safety concerns in high rise building & latest technologies being introduced in the market. The Internet of things (IoT) is technology which may revolutionize commercial real estate. As this technology holds the potential in predictive maintenance services, the leading players are also focusing on elevator modernization industry & contributing in the growth by offering variety of products in their elevator segment range.

Key Market Driver -

• Increasing concerns of safety in elevators in high rise buildings. • Ageing urban infrastructure & global population driving elevator replacement with latest technology.

Key Market Restraint -

• Damages due to leakages in hydraulic elevators

Key Players Covered:

Some of the major key players in the industry are United Technologies Corporation, KONE Corporation, Schindler Holding Ltd, Siemens AG, Mitsubishi Electric Corporation, Fujitec Co., Ltd., Thyssenkrupp AG, Hitachi, Ltd., Toshiba Corporation, Hyundai elevator Co., Ltd, Otis, and etc.

Regional Analysis:

North America is expected to witness considerable growth in recent years owing to increase in safety concerns & latest technology being introduced. As there has been a rise in the industrial, commercial and residential application, therefore the market is expected to demonstrate the major growth over forecast period. Even manufacturers are more focused on their product offering that are equipped with latest technical advances. For instances, United Technologies Corporation, headquartered in Farmington, Connecticut, U.S. manufacturers in elevators and escalators, HVAC, building automation, fire and security,  & industrial products, along with others. One of their business unit includes, Otis elevator company the manufacturer, installer, moving walkaways & service of elevator. Their products ranges from Mid-Rise Lifts (6 to 15 stops), Low-Rise Lifts (up to 6 stops), High-Rise Lifts (16+ stops), Moving Walks & Escalators etc. equipped with latest technology and modernization of elevator.

Europe region is anticipated to exhibit the substantial growth over forecast period owing to the presence of leading players and rise in the in the renovations in the region. As government is taking initiative for the reconstruction of old & high rise buildings because of the safety factor is also increasing the tourism industry. For instances, Kone corporation, located in Finland are manufacturers for moving walkaways, escalators and elevators, automatic doors and gates. This company even provides local services for developer, builders, building owners, architects and designers in 1,000 offices over 50 countries. Their range of products includes Kone EcoDisc motor, Kone UltraRope, Kone Access Turnstiles, Kone Destination, Elevators etc. Whereas, Thyssenkrupp AG, headquatered in Duisburg and Essen, Germany is a multinational company focused on industrial engineering and steel production. Along with steel production, the company’s ranges to high-speed trains, elevators and etc. This company introduced TWIN elevator, having two car arranged on top each other that can operate independently and reducing energy consumption. These players are also contributing in the growth with their wide range modernized products.

Furthermore, Asia Pacific Region is projected to grow rapidly owing to the growth in working population as well as rise in industrialization and urbanization. The growth of real estate market in the region may boost the elevator modernization market. The commercial usage of elevators has increased the demand of latest technology in the elevator equipped with all the safety precautions. Manufacturers also are attempting to provide quality of products with the availability of latest technology & safety factor included. For example, Japanese manufacturers Mitsubishi Electric Corporation, Hitachi, Ltd & Toshiba Corporation created a technological strides, by using high tech pressure system & new motors that empowered  elevators to carry people faster & higher than ever before in order maintain pace in high rise buildings.

Africa and Middle East countries are expected to witness a strong growth. As the real estate market in Middle East countries like UAE, Saudi Arabia are growing rapidly, therefore the commercial, residential demand for modernized elevators will also increase in forecast period. Manufacturers are also focusing to grow their market in this region. Whereas, Africa is also growing their market however, due to lack of technology & industries as well as the economy situation the market may witness the slow growth.

To gain extensive insights into the market, Request for Customization

Segmentation

Key Industry Developments

• In June 2020: Air Products and thyssenkrupp were agreed on exclusive strategic partnership for industrial electrolysis systems for the production of green hydrogen


• In March 2021: Mitsubishi Electric Corporation announced that its subsidiary Mitsubishi Elevator (Thailand) Co., Ltd. (MET) secured a major order from Thailand's largest private sector property initiative ever undertake “One Bangkok.” The order consists of 250 elevators, including 12 double-deck elevators, the first of its kind in Thailand, and 28 escalators, totalled 278 units.