Elevator Modernization Market to Grow with a CAGR of 7.29% through 2029

Rising infrastructure development and rising demand for sustainability are driving the growth in global elevator modernization market in the forecast period, 2025-2029.

According to TechSci Research report, “Elevator Modernization Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2019-2029”, the global elevator modernization market was valued at USD12.78 Billion in 2021 and is anticipated to grow at a CAGR of 7.29% in the forecast period. The world is going through digital transformation in almost all the prominent industry verticals. Market players are launching elevators equipped with novel technologies and high-tech gadgets to capture the highest market share. Integration of advanced technologies like the internet of things and artificial intelligence is expected to provide consumers with a multi-sensory and enhanced experience while traveling. Companies like Schindler are launching solar-powered elevators to optimize energy usage and save costs.

However, the chances of corrosion of lift equipment and limited tolerance of lift shafts may restrain the global elevator modernization market growth for the next five years.  

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Based on the component, Door Equipment segment dominates the market in the forecast period, Based on the component, the door equipment segment dominates the global elevator modernization market, reflecting its critical role in elevator safety, reliability, and user experience. Elevator doors are essential for ensuring passenger safety and efficient operation, making their modernization a top priority in upgrade projects. Older door systems often suffer from wear and tear, leading to frequent malfunctions, increased maintenance costs, and potential safety hazards. By modernizing door equipment, building owners can significantly enhance the performance and reliability of their elevators, reducing downtime and improving overall safety standards.

The door equipment segment includes various components such as door panels, door operators, sensors, and control systems. Modern door operators are equipped with advanced technologies that enable smooth and quiet operation, reducing noise and vibrations. These operators often feature variable frequency drives (VFDs) that allow for precise control of door movements, ensuring consistent performance and minimizing mechanical stress. Additionally, the integration of intelligent sensors and control systems enhances passenger safety by preventing doors from closing when an obstruction is detected, thus reducing the risk of accidents and injuries.

Energy efficiency is another driving factor for the dominance of the door equipment segment. Modern door systems are designed to be more energy-efficient, reducing the overall energy consumption of the elevator. For instance, new door operators consume less power during operation and can enter standby mode when not in use, further contributing to energy savings. This is particularly important in the context of growing environmental concerns and the increasing emphasis on sustainable building practices. By upgrading to energy-efficient door systems, building owners can contribute to sustainability goals and potentially benefit from government incentives and rebates.

The focus on accessibility and user convenience is boosting demand for modern door equipment. Modernized elevators often feature wider door openings and smoother operation, making them more accessible for individuals with disabilities, elderly passengers, and those with strollers or luggage. The inclusion of features like touchless controls and automatic door opening/closing mechanisms further enhances user convenience and aligns with the growing trend of smart buildings.

The increasing adoption of smart technologies in building management systems also contributes to the prominence of the door equipment segment. Modern elevator doors can be integrated with building management systems, allowing for real-time monitoring and remote control. This integration enables proactive maintenance, where potential issues can be detected and addressed before they lead to significant problems, thus improving the overall reliability and lifespan of the elevator system.

The dominance of the door equipment segment in the global elevator modernization market is driven by its critical impact on safety, reliability, energy efficiency, accessibility, and integration with smart building technologies. As urbanization continues and the demand for modern, efficient, and safe elevators grows, the importance of upgrading door equipment will remain a key focus in the elevator modernization market.

Major market players operating in the global elevator modernization market are:

• Otis Worldwide Corporation
• Schindler Group
• KONE Corporation
• Mitsubishi Electric Corporation
• TK Elevator GmbH
• Hitachi, Ltd.
• Fujitec Co., Ltd.
• Hyundai Elevator Co., Ltd.
• Toshiba Elevator and Building Systems Corporation
• Canny Elevator Co., Ltd.

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“The global elevator modernization market is experiencing robust growth, driven by the need to update aging infrastructure, enhance safety, and improve energy efficiency. As urbanization accelerates, many buildings, especially in developed regions, require significant upgrades to their outdated elevator systems to comply with modern safety standards and energy regulations. Technological advancements, such as IoT integration and AI-driven predictive maintenance, are revolutionizing elevator performance, offering real-time monitoring and reduced downtime. This modernization not only extends the lifespan of existing elevators but also optimizes their efficiency and reliability. The demand is particularly strong in North America and Europe, where older buildings dominate the skyline, while rapid urban development in Asia-Pacific and Latin America is also contributing to market expansion. Additionally, sustainability concerns are pushing for energy-efficient solutions, with features like regenerative drives and advanced control systems becoming standard in modernized elevators. Government initiatives and incentives aimed at reducing carbon footprints and enhancing building safety are further propelling the market. As a result, the global elevator modernization market is poised for continued growth, driven by technological innovation, regulatory pressures, and the ongoing trend toward urbanization and sustainable building practices”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Elevator Modernization Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2019-2029, Segmented By Elevator Type (Traction, Machine Room Less (MRL) Traction, Hydraulic), By Component (Controller, Door Equipment, Cabin Enclosure, Signalling Fixture, Power Unit, Others), By End User (Residential Sector, Institutional Sector, Commercial Sector, Infrastructural Sector), By Modernization Type (Partial, Full), By Region”, has evaluated the future growth potential of global elevator modernization market and provides statistics & information on market size, structure, and future market growth. The report intends 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 in global elevator modernization market.

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