The latest report by IMARC Group, titled " Elevator Modernization Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," finds that the global elevator modernization market size reached US$ 8.6 Billion in 2022. Elevator modernization, also known as lift modernization, is the process of upgrading the critical parts of an elevator. It involves modernizing the controller equipment, hoist machines, buttons, motors, and electrical wiring. It enhances the overall performance, safety, and aesthetics of the elevator while reducing energy costs and minimizing electromagnetic noise. Over the years, elevator modernization has gained traction across the residential, commercial, and industrial sectors since it helps eliminate breakdowns, slow mobility, and frequent maintenance.
Global Elevator Modernization Market Trends:
The market is primarily driven by the growing need for an efficient mobility system within buildings. In addition, the rising safety concerns in elevators in high-rise buildings and the expanding working population represent other growth-inducing factors. Besides this, governments of various countries are taking favorable initiatives to construct and renovate buildings due to the aging urban infrastructure. This, coupled with the introduction of advanced product variants that are faster, energy-efficient, and compact, is positively influencing market growth. Moreover, the increasing investments in the commercial sector, such as hospitals, shopping malls, and airports, rapid urbanization and industrialization, improving living standards, and rising consumer expenditure capacities are some of the other factors creating a favorable market outlook across the globe. Looking forward, IMARC Group expects the market to reach US$ 11.9 Billion by 2028, exhibiting a CAGR of 5.2% during the forecast period (2023-2028).
- Based on the elevator type, the market has been bifurcated into traction and hydraulic elevator.
- On the basis of modernization type, the market has been segmented into partial and full modernization.
- Based on the components, the market has been categorized into controllers, door equipment, cabin enclosures, signaling fixtures, power units, and others.
- On the basis of the end user, the market has been segregated into residential, commercial, and industrial.
- Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being 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 and Stanley Elevator Company Inc.
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