Elevator Modernization Market Reach $19,941.6 Million Projection by 2030 | Top Vendors and End Users
The global Elevator Modernization market is registering a CAGR of 9.4% forecast by 2030
PORTLAND, OREGON, UNITED STATES, October 9, 2023 /EINPresswire.com/ — The global elevator modernization market size was valued at $7,781.2 million in 2020, and is projected to reach $19,941.6 million by 2030, registering a CAGR of 9.4% from 2021 to 2030
The Elevator Modernization Market involves upgrading and refurbishing existing elevators to improve their performance, safety, and energy efficiency. This process is crucial for keeping older buildings up to date with current standards and regulations, ensuring the safety and comfort of occupants while also reducing energy consumption and operational costs.
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Top Leading Companies: Escon Elevators, Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Co., Ltd., KONE Corporation, Mitsubishi Electric Corporation, OTIS Worldwide Corporation, Schindler, TK Elevator, and Toshiba Corporation.
Depending on elevator type, the market is divided into traction and hydraulic. Among these, the traction segment accounted for the highest market share in 2020 and it is expected to witness significant elevator modernization market growth during the forecast period, owing to increased modernization activities in residential and commercial buildings. By application, it is classified into residential, commercial, and industrial. The market is mainly driven by a rise in demand for modernization solutions from commercial and residential buildings and advancements in elevator technology. However, factors such as unsuitable elevator design and lack of skilled labor hinder market growth.
In terms of revenue, accounting for around half the share of the elevator modernization industry, followed by Europe and North America. Moreover, the market in Asia-Pacific is growing with high CAGR, owing to increase in awareness regarding elevator safety and large number of old residential & commercial elevated buildings.
Modernization helps older elevators meet current safety standards and regulations, reducing the risk of accidents and ensuring the well-being of passengers. Elevators are energy-intensive systems. Modernization can significantly enhance energy efficiency by replacing outdated components with more efficient ones, ultimately reducing a building’s carbon footprint. Modernized elevators offer smoother rides, reduced downtime, and enhanced reliability, leading to improved tenant satisfaction and the longevity of the elevator system.
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Rise in global population and rapid urbanization have significantly increased the demand for commercial and residential buildings in the last few years. This propelled the demand for escalators, as they enable continuous vertical movement of people. However, elevators consist of a wide range of complex components, thereby creating a demand for frequent maintenance and periodic modernization activities to ensure safety and efficiency. Furthermore, the rise in awareness among building managers regarding the importance of elevator modernization positively influences the growth of the market.
Furthermore, owing to the increase in demand for elevator modernization from residential buildings and various initiatives for business expansion adopted by major players in the industry. The elevator modernization market is poised for continued growth as urbanization continues, and building owners prioritize safety, sustainability, and efficiency. With advancements in technology, including AI-driven predictive maintenance and energy-efficient solutions, the industry is evolving rapidly to meet the demands of the future.
The elevator modernization market plays a vital role in ensuring the safety, efficiency, and sustainability of our buildings as they age. With a growing emphasis on technology and sustainability, this market is set to thrive as it contributes to safer, more energy-efficient, and smarter vertical transportation systems in buildings around the world. Elevator modernization is not just an upgrade; it’s a step forward in creating smarter, safer, and more sustainable urban environments.
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