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Elevator Modernization Market Size Growth Forecast: What to Expect by 2025?
The market for elevator modernization has seen robust growth in the past few years. Its size is projected to increase from $13.12 billion in 2024 to $14.13 billion in 2025, indicating a compound annual growth rate (CAGR) of 7.7%. This notable growth during the historic period can be ascribed to various factors such as the burgeoning number of high-rise buildings, growing urban populace, stringent government rules and norms, heightened demand from residential and commercial sectors, and a surge in building construction activities.

How Will the Elevator Modernization Market Size Evolve and Grow by 2029?
In the coming years, a robust expansion is anticipated in the elevator modernization market, which is projected to reach $18.85 billion in 2029, with a compound annual growth rate (CAGR) of 7.5%. This significant upturn during the forecast period is linked to a surge in high-rise structures, escalated property values, heightened tenant requirements, growing demand for elevator upgrades, and a boost in certifications for green buildings. Major burgeoning trends within this period encompass LED-focused cabin light systems, anticipatory maintenance algorithms, solar-backed power amalgamation for elevators, AI-enabled traffic control, along with facial identification and customization.

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What Drivers Are Propelling the Growth of Elevator Modernization Market Forward?
The surge in high-rise construction is expected to drive elevator modernization market expansion in the future. High-rise buildings, generally exceeding 12 to 15 floors and used for residential, commercial, or mixed purposes, utilize vertical construction to optimize space in city locales. The volume of these developments is swelling as swift urbanization bolsters the requirement for space-efficient accommodation and commercial establishments in densely populated city hubs. High-rise infrastructure benefits from elevator modernization, as it enhances the existing elevator infrastructure, bolstering speed, dependability, energy conservation, and occupant safety to ensure optimal vertical mobility in crowded structures. For example, in January 2024, the Council on Tall Buildings and Urban Habitat, a non-profit entity based in the United States, reported that 2023 had seen a record-breaking count of completed tall structures, with 185 buildings hitting the 200 meters or higher mark, a 12.8% rise from the 164 completions in the previous year. Thus, the escalating count of high-rise constructions is bolstering the advancement of the elevator modernization market.

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Which Emerging Trends Are Transforming the Elevator Modernization Market in 2025?
There is a trend among leading firms within the elevator modernization market to create high-tech solutions such as smart elevators, as a way to increase operational efficiency and incorporate real-time monitoring and predictive maintenance capabilities. These smart elevators are advanced systems that use artificial intelligence (AI) and digital control technologies to improve efficiency, safety, energy management and the user experience. They achieve this through the use of features such as destination control, real-time monitoring, and predictive maintenance. An example of this is the US-based manufacturing company Otis Electric, which in November 2024, launched the Otis Electric 7000. This smart elevator has been developed to facilitate both new construction and modernization projects. The elevator showcases advanced safety features like AI-powered cameras for detecting trapped passengers, real-time 24/7 operating data delivery, automatic rescue operations, and it complies with the highest industry safety standards. The Otis Electric 7000's intention is to improve reliability, passenger experience, and operational efficiency for building owners and facility managers as a demonstration of Otis's continuous commitment to smart, interconnected elevator solutions.

What Are the Key Segments in the Elevator Modernization Market?
The elevator modernization market covered in this report is segmented -

1) By Type Of Modernization: Equipment Upgrades, Control System Enhancements, Safety Improvements, Aesthetic Renovations, Energy Efficiency Retrofits
2) By Elevator Type: Traction Elevator, Hydraulic Elevator
3) By Technology Integration: IoT-Enabled Elevators, Smart Control Systems, AI And Machine Learning Applications, Telematics And Monitoring Solutions, Energy Management Systems
4) By End-User Industry: Residential Buildings, Commercial Buildings, Industrial Facilities, Healare Institutions, Hospitality Sector

Subsegments:
1) By Equipment Upgrades: Motors, Gearboxes, Door Operators, Brake Systems
2) By Control System Enhancements: Microprocessor Controllers, Variable Voltage Variable Frequency (VVVF) Drives, Call Dispatch Systems, Remote Monitoring Units
3) By Safety Improvements: Emergency Alarm Systems, Overspeed Governors, Buffer Springs, Interlocks
4) By Aesthetic Renovations: Cabin Interiors, Fixtures And Panels, Lighting Systems, Flooring And Wall Panels
5) By Energy Efficiency Retrofits: Regenerative Drives, LED Lighting, Sleep Mode Controllers, Energy-Efficient Motors

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Who Are the Key Players Shaping the Elevator Modernization Market's Competitive Landscape?
Major Companies operating in the elevator modernization market are Hyundai Group, Hitachi Ltd., Mitsubishi Electric Corporation, Toshiba Corporation, Otis Worldwide Corporation, Schindler Holding Ltd., TK Elevator GmbH, KÖHLER Elevator GmbH, Fujitec Co. Ltd., Wittur Holding GmbH, Kleemann GmbH, SJEC Corporation, KONE Corporation, Champion Elevator Corp., Delaware Elevator Inc., Delta Elevator Company Ltd., Liberty Elevator Corporation, Escon Elevators Private Limited, Mid-American Elevator Company Inc., Stanley Elevator Company Inc.

What Geographic Markets Are Powering Growth in the Elevator Modernization Market?
North America was the largest region in the elevator modernization market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elevator modernization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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