According to IMARC Group’s latest report, titled “Elevator Modernization Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032. offers a detailed analysis of the global elevator modernization market size, drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

How Big is the Elevator Modernization Market?

The global elevator modernization market size reached US$ 9.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.5% during 2024-2032.

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What is Elevator Modernization?

Elevator modernization refers to a process of upgrading and maintaining critical parts of an elevator to operate with enhanced operational efficiency and ensure optimum safety of the unit. It also involves improving the aesthetics of the existing elevators and embedding technologically advanced systems for longer operational life. Elevator modernization is commonly used for traction and hydraulic elevators that consist of advanced controllers, door equipment, power units, cabin enclosures and signaling fixtures. It finds extensive application across residential, commercial and industrial complexes for enhanced safety and comfort of the occupants and minimal maintenance requirements.

Elevator Modernization Market Trends:

The global elevator modernization market is primarily being driven by the increasing requirement for premium-quality and aesthetically appealing elevators. Modernized elevators are widely used in offices, shopping malls, airports, hospitals, buildings and hotels for improved safety and comfort. Moreover, various technological advancements, such as the integration of predictive maintenance and big data analytics solutions for obtaining real-time insights regarding the functioning of the elevators, are favoring the market growth. Other factors, including significant infrastructural development, along with extensive research and development (R&D) for the development of energy-efficient and faster elevators, are creating a positive outlook for the market.

Elevator Modernization Market 2024-2032 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the elevator modernization market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Champion Elevator Corporation
• Fujitec Co. Ltd
• Hitachi Ltd
• Hyundai Elevator Co. Ltd.
• Kone Oyj
• Liberty Elevator Corporation
• Mid-American Elevator
• Mitsubishi Electric Corporation
• Olympia Elevators Pvt. Ltd.
• Pincus Elevator Company Inc.
• Schindler Group
• Stanley Elevator Company Inc.

Key Market Segmentation:

The report has segmented the elevator modernization market on the basis of elevator type, modernization type, components and end user.

Breakup by Elevator Type:

• Traction Elevator
• Hydraulic Elevator

Breakup by Modernization Type:

• Partial Modernization
• Full Modernization

Breakup by Components:

• Controllers
• Door Equipment
• Cabin Enclosures
• Signaling Fixtures
• Power Units
• Others

Breakup by End User:

• Residential
• Commercial
• Industrial

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)

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