The Global Elevator Modernization and New Installation Market is estimated to reach $104.8 billion by 2025, growing at a CAGR of 5.7% from 2020 to 2025. 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.

Key Takeaways:

1. Rise in urbanization, industrialization has resulted more use of new elevators along with the replacement of old elevators with new technology thereby driving the growth of market.
2. 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 precisions.
3. APAC’s expected to dominate global Elevator Modernization and New Installation Market in the forecast period 2020-2025 owing to aged elevators in most of the end use segments and increased investments to replace the aged elevators with new technology elevators.

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Geography – Segment Analysis:
Global Elevator Modernization and New Installation Market is dominated by APAC region by market share 37% in 2019. 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 largest growth in infrastructure projects by government.

Drivers – Elevator Modernization and New Installation Market:

a) Rise in Infrastructural activities increasing the rise in 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, data centers and warehouses.

b) Rise in rise in new technology for modernization and new installation:
Development of smart cities and growth in industrial sectors are driving the demand for elevators with rising deployment of new technology related to power consumption reduction and increased passengers safety.

Market Landscape: 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 Ltdand Fujitec Co. Ltd. among others.

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