Thailand Elevator Modernization Market is expected to grow at a CAGR of 8.58% Through 2029

Increasing commercial and residential infrastructure development and advancements in technology are the major factors driving the growth of Thailand Elevator Modernization market during the forecast period

According to TechSci Research report, “Thailand Elevator Modernization Market - By Region, Competition Forecast & Opportunities, 2029F,” the Thailand Elevator Modernization market is expected to register a high CAGR in the forecast period due to elevator modernization companies installing systems that can synchronize data through the Internet of Things. This allows building managers and security personnel to view real-time elevator status using their cellphones and IoT. It also establishes a transparent environment in which all important stakeholders can access real-time information about their equipment from any location.

Elevator modernization companies are working on improving contactless facilities, enabling passengers to connect to the elevators through a mobile phone application. They have also started conducting in-depth safety assessments during elevator modernization to provide reliable consultations and recommendations for upgrading additional components and functions to comply with the latest safety codes.

Elevator modernization companies are implementing door systems that prevent passengers from attempting dangerous self-rescues during entrapment by forcing them to open the door from inside. Sensory intelligence systems are also incorporated to monitor elevators and passengers, initiating a request constantly and proactively upon detecting any suspicious occurrence and making elevators more secure and advanced. These factors are expected to propel market growth in the forecast period.

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On the basis of elevator type, the market is dominated by the Machine Room-Less segment, In the Thailand elevator modernization market, the Machine Room-Less (MRL) segment has emerged as the dominant basis of elevator type. This trend is driven by several factors that highlight the advantages and preferences for MRL elevators in both new installations and modernization projects across the country.

MRL elevators are favored for their space-saving design and flexibility. Unlike traditional traction elevators that require a separate machine room for housing bulky machinery, MRL elevators integrate the motor and other mechanical components within the elevator shaft itself or in a compact space adjacent to the shaft. This design minimizes the overall footprint required for installation, making MRL elevators ideal for retrofitting into existing buildings where space constraints are a concern.

Energy efficiency is a significant driver for the adoption of MRL elevators. These systems typically use gearless traction machines that consume less energy compared to conventional elevator systems with geared machines and separate machine rooms. The reduction in energy consumption not only lowers operational costs for building owners but also aligns with sustainability goals and regulatory requirements promoting energy-efficient building practices in Thailand.

MRL elevators offer enhanced ride quality and performance. The use of advanced control systems, smooth acceleration and deceleration profiles, and noise reduction technologies contribute to a comfortable and quiet passenger experience. This improved ride quality is particularly valued in commercial and residential buildings where user comfort and satisfaction are priorities.

Technological advancements in MRL elevator systems support integration with smart building solutions and IoT platforms. These elevators can be equipped with sensors for real-time monitoring, predictive maintenance capabilities, and remote diagnostics. Building owners and facility managers benefit from proactive maintenance scheduling, reduced downtime, and improved operational efficiency, which are critical factors in the decision to modernize elevator systems.

In addition to these technical and operational advantages, market demand and customer preferences also play a crucial role in driving the dominance of the MRL segment. As building owners and developers in Thailand increasingly prioritize modernization projects that enhance building value, safety, and sustainability, MRL elevators are perceived as a contemporary and cost-effective solution that meets these evolving expectations.

The Machine Room-Less segment dominates the Thailand elevator modernization market due to its space-saving design, energy efficiency, superior ride quality, technological integration capabilities, and alignment with market demands for sustainable and high-performance vertical transportation solutions. These factors collectively underscore the growing preference for MRL elevators in both new installations and retrofit projects across various sectors in Thailand's urban landscape.

Key market players in the Thailand Elevator Modernization Market include:

• Jardine Schindler (Thai) Ltd
• Otis Elevator Company (Thailand) Limited
• Mitsubishi Electric Asia (Thailand) Co., Ltd
• KONE Public Company Limited
• Fujitec Co., Ltd
• THYSSENKRUPP INDUSTRIAL SOLUTIONS (THAILAND) LIMITED
• Hitachi Asia (Thailand) Co., Ltd
• Fuji Elevator International Co., Ltd. (FJETH)

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“The market is robust and is likely to witness further upward trajectory due to increasing mergers and acquisitions in the industry. Additionally, elevator modernization companies are installing systems that can synchronize data through various technologies. Moreover, leading companies are launching high-speed, machine room-less elevators that are increasingly used in low and medium-story structures, saving space and construction costs. Therefore, such advancements are likely to drive growth in the Thailand Elevator Modernization Market in the upcoming years," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Thailand Elevator Modernization Market By Elevator Type (Traction, Machine Room-Less Traction, Hydraulic), By Component (Controller, Door Equipment, Cabin Enclosure, Signaling Fixture, Power Unit, Others), By End User (Residential Sector, Industrial Sector, Commercial Sector, Infrastructural Sector), By Modernization Type (Partial, Full), By Speed (<200 fpm, 200-500 fpm, >500 fpm), By Region, Competition Forecast & Opportunities, 2029F,” has evaluated the future growth potential of Thailand Elevator Modernization Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Thailand elevator modernization market.

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