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The Global Elevator Modernization and New Installation Market is estimated to reach $106.2 billion by 2026, growing at a CAGR of 5.3% from 2021 to 2026. Elevator modernization is the process of upgrading the critical parts of the elevators or replacing the critical parts of the elevator completely according to the new technology for better performance, speed and safety of the elevators. Deployment of lifts or elevators in the residential, commercial, healthcare and other buildings is the process of elevators new installation.Elevator Modernization and New Installation Market Segment Analysis - By Type
By modernization the market is segmented into full modernization and partial modernization. Full modernization is dominating over the other modernization techniques with a share of 61% in 2020. Full modernization replaces the components of the elevators and makes the aged hydraulic elevators and screw conveyor based bucket elevators perform more efficiently. The new technology full modernization process uses the latest microprocessor technology owing to which the performance of the ageing equipment is well improved by new technology elevator systems.
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Elevator Modernization and New Installation Market Segment Analysis - By End Users
By End Users Elevator Modernization and New Installation Market is segmented into residential, commercial, institutional, construction and others. Commercial sector is witnessing significant growth in the market at a CAGR of 7.4% through 2026. The rise in infrastructural activities along with government & non-government offices, hotels and others are fueling the growth of the market. In commercial sector the construction of new buildings are installing new technology elevators to transport stock around different levels of building instead of dumbwaiters. These new installation are basically providing long term reliability along with diverse products in elevators such as hydraulic elevators and screw conveyor based bucket elevators thereby driving the growth of the market.
Elevator Modernization and New Installation Market Segment Analysis - By Geography
Global Elevator Modernization and New Installation Market is dominated by APAC region with a market share 37% in 2020. APAC dominated the market owing to the high construction sector growth. In APAC region the emerging countries which are developed and developing like India, China, Indonesia, Malaysia and other countries are looking for highly productive, efficient and eco-friendly lifting technologies. China is accounting for the largest growth in infrastructure projects by the government.
Elevator Modernization and New Installation Market Drivers
Rise in Infrastructural activities increasing the rise in hydraulic elevator modernization :
Rise in infrastructural activities are accounting for rise in growth of the market. There is increased spending on the commercial sector for infrastructural development purposes including hotels, office buildings, data centers and warehouses. According to Office for National Statistics, the construction firms operating in construction industries are reaching its highest level on record with 325,736 registered firms in 2018, operating in Britain. There is an increase in construction firms with 3.5% since 2017 in 2018. Furthermore, the growth is driven by construction works increased by 10.8% since 2010 in 2018. .Furthermore, growth of mall-culture and investments in public spaces like railways stations, airports, subways sectors has created demand for elevators aiding the growth of the market.
Rise in rise in new technology for modernization and new installation:
The rising urbanization and industrialization are driving the growth of the market. The development of smart cities and growth in the industrial sectors are driving the demand for elevators with rising deployment of new technology related to power consumption reduction and increased passengers safety. New technology hydraulic elevators can run by harnessing solar power along with harnessing power from grid and are replacing hydraulic Elevators. Rooftop Solar panels are used for running elevators which store the sunlight in form of electricity in the batteries and run the elevators thereby reducing and saving energy. These factors are boosting the growth of the market. Furthermore, Machine room less technology incorporates smaller, gearless and highly efficiently geared machines with variable speed and variable frequency with latest digital technology driving the growth of the market.
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Elevator Modernization and New Installation Market Challenges
Rising operational costs:
New installation with smart technologies of elevators in the construction buildings is high resulting to hinder the growth of the market.. In addition, the elevator maintenance requires repair of different parts like motor replacement, piston grip installation, cab wiring, cab operation panel and others which drives the high cost of repair. Furthermore, full replacement cost depending on the age of elevator maintenance get more expensive. The hydraulic elevators maintenance is more expensive as compared to the vacuum or pneumatic elevators. These operational and maintenance costs are hindering the growth of the market.
Elevator Modernization and New Installation Market Landscape
Launches, acquisitions, and R&D activities are key strategies adopted by players in the Elevator Modernization and New Installation Market are given in this report. Elevator Modernization and New Installation Market is dominated by major companies such as Otis Elevator Company, Schindler Group, Kone Corporation, Toshiba Johnson Elevators Pvt.ltd., AOSCAR Elevators, Mitsubishi Electric, Sigma Elevator Company, Dover Elevators, Hitachi Ltd and Fujitec Co. Ltd. among others.
Acquisitions/Technology Launches
In March, 2021 TK Elevator Canada completed the installation of Fastest elevators in Western Canada in a modernization service for Tata Sky in Calgary
In March 2021, Kone Elevator India, a subsidiary of Kone, launched the world’s first digitally connected Kone DX Class Elevator in India.
Key Takeaways
Rise in urbanization, industrialization has resulted in more use of new elevators along with the replacement of old elevators with new technology thereby driving the growth of the market.
Full replacement technique is dominating the market owing to the new technology implementation that reduces power consumption and increases efficiency along with more passenger safety precision.
APAC is expected to dominate the global Elevator Modernization and New Installation Market in the forecast period 2021-2026 owing to the aged elevators in most of the end use segments and increased investments to replace the aged elevators with new technology elevators. Furthermore, high construction sector growth is another big factor driving the growth of the market.
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