PUBLISHER: 360iResearch | PRODUCT CODE: 1492557
PUBLISHER: 360iResearch | PRODUCT CODE: 1492557
[185 Pages Report] The Elevator Modernization Market size was estimated at USD 9.22 billion in 2023 and expected to reach USD 9.95 billion in 2024, at a CAGR 8.11% to reach USD 15.93 billion by 2030.
The elevator modernization market includes the process of upgrading the critical parts of an elevator according to current codes and standards, thereby improving performance, safety, and aesthetics. Stringent government regulations regarding elevator safety and efficiency drive the need for modernization. Older elevators require updates to match new technological standards and user expectations. Innovations such as IoT integration in elevator systems offer improved serviceability and user experience. However, the significant investment required for modernization can be a barrier, especially in less economically developed regions. Upgrading older systems with state-of-the-art technology requires skilled professionals and can sometimes be technically challenging for market growth. Moreover, connecting elevators with IoT can lead to smarter maintenance and operations. High-end installations in luxury residences and premium commercial spaces present significant opportunities in the market space.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 9.22 billion |
Estimated Year [2024] | USD 9.95 billion |
Forecast Year [2030] | USD 15.93 billion |
CAGR (%) | 8.11% |
Regional Insights
The Americas region is witnessing a significant shift toward the modernization of aging infrastructure. In the United States, stringent regulations regarding access and safety are major driving forces behind elevator modernization, alongside consumer demands for speed and comfort. Canada has an additional emphasis on environmentally sustainable solutions, and Public & private sector investments are geared towards enhancing elevator efficiency and integration with new building technologies. With a large inventory of historical buildings, EU countries focus heavily on integrating modern technologies while preserving aesthetic values. Initiatives such as the European Lift Directive aim to standardize safety measures across the EU, influencing modernization needs. The construction boom in countries such as the UAE and Saudi Arabia involves state-of-the-art infrastructure, where advanced elevator systems are essential. African countries, including South Africa, have led modernization efforts due to their more developed urban infrastructure. APAC countries are experiencing rapid urbanization and infrastructural development, increasing the demand for modernized elevators. In China, initiatives such as the "Made in China 2025" plan include upgrading the industrial sector, which encompasses elevator technologies. Japan, with a highly developed urban landscape, is focusing on incorporating energy-efficient and disaster management technologies in elevator designs. India is witnessing a rise in retrofitting old buildings with new technologies due to safety regulations and aesthetics. Investment in R&D in these regions reflects a trend towards more automated and energy-efficient elevator systems.
Market Insights
The market dynamics represent an ever-changing landscape of the Elevator Modernization Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Elevator Modernization Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Elevator Modernization Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
Elevator Modernization, Enhancing Safety, and Aesthetics in Commercial Buildings
Godwin Elevator introduces a comprehensive modernization program aimed at commercial elevators, promising technological advancements, improved safety measures, and a refreshed aesthetic appeal. This initiative is particularly timely for spring, a season of renewal, perfect for evaluating and updating elevator systems to suit modern needs. The modernization process involves the strategic upgrade of critical components which can extend the lifespan of an elevator by 20 to 25 years, significantly reducing the frequency and cost of future repairs. [Published On: 2024-02-26]
Comprehensive Elevator Modernization by Otis Brazil, Enhancing Efficiency and Comfort in Sao Paulo's Birmann 21 Building
Otis Brazil has completed a substantial modernization project involving 13 elevators at the Birmann 21 building in Sao Paulo, achieving completion within the slated 36 months. This project, standing as one of the largest in the company's history, saw the original Otis elevators-installed in 1998-upgraded to the cutting-edge Otis SkyRise models. This ambitious overhaul revitalizes the Birmann 21's vertical transportation efficiency and also advances sustainable practices in line with both Otis' and the building management's commitment to environmental responsibility. [Published On: 2024-01-11]
Enhancing Urban Mobility in Asia Pacific, TK Elevator's Innovative AGILE Destination Control Systems
TK Elevator is advancing urban mobility by introducing a new generation of AGILE Destination Control kiosks across Asia Pacific. The kiosks enhance the user experience with customizable graphics and messages, and are optimized for both new installations and the modernization of existing elevator systems. The integration of AGILE with TK Elevator's Destination Selection Control system facilitates up to 25% faster journeys and increases elevator capacity by 30%, significantly easing traffic during peak periods. [Published On: 2023-05-15]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Elevator Modernization Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Elevator Modernization Market, highlighting leading vendors and their innovative profiles. These include Adams Elevator, Amtech Elevator Services, Columbia Elevator Products Co., Inc., Draka Elevator Products by Prysmian Group, Eita Elevator (Malaysia) Sdn. Bhd., Escon Elevators Pvt Ltd., Fujitec Co., Ltd., GAL Manufacturing Corp., Henning GmbH & Co. KG, Hitachi Ltd., Hollister-Whitney Elevator Corporation, Hyundai Elevator Co., Ltd., KONE Corporation, MEILLER Aufzugturen GmbH, Mitsubishi Electric Corporation, Motion Control Engineering, Inc., Nova Elevator Parts Co., Ltd., Orona S.C., Otis Elevator Company, Schindler Group, Sematic Group, Thyssenkrupp AG, Toshiba Elevator, and Wittur Holding GmbH.
Market Segmentation & Coverage