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Forecast Period
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2025-2029
|
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Market Size (2023)
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USD 213.5 Million
|
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Market Size (2029)
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USD 353.01 Million
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CAGR (2024-2029)
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8.58%
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Fastest Growing Segment
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Traction
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Largest Market
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Central Thailand
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Market Overview
Thailand Elevator Modernization Market
has valued at USD 213.5 million in 2023 and is anticipated to project robust growth in the forecast
period with a CAGR of 8.58% through 2029. The Thailand elevator
modernization market is driven by increasing urbanization and infrastructure
upgrades, demanding enhanced safety features, energy efficiency, and
reliability in aging elevator systems. Government initiatives promoting
sustainable development and compliance with updated safety regulations also
contribute to market growth. Technological advancements such as IoT integration
for predictive maintenance and digitalization of elevator operations are
further accelerating demand. Rising customer expectations for improved user
experience and reduced downtime are key factors influencing the adoption of
modernization solutions in Thailand's rapidly evolving urban landscape.
Key Market Drivers
The Thailand elevator modernization
market is propelled by several key drivers stemming from the country's
urbanization trends, regulatory changes, technological advancements, and
evolving consumer expectations.
Rapid urbanization in Thailand has led
to increased construction of high-rise buildings and urban infrastructure
projects. As these buildings age, there is a growing need to upgrade elevator
systems to meet modern safety standards, enhance energy efficiency, and improve
reliability. Urbanization also drives demand for smarter, more connected
elevator solutions that can seamlessly integrate into smart building
ecosystems.
Regulatory changes and government
initiatives play a crucial role in shaping the elevator modernization market.
The Thai government has been focusing on sustainable urban development and
enhancing building safety standards. Regulations mandating the upgrade of older
elevator systems to comply with current safety codes drive significant demand
for modernization services. Additionally, incentives or subsidies offered by
the government to encourage energy-efficient and environmentally friendly
elevator solutions further stimulate market growth.
Technological advancements represent
another major driver. The integration of Internet of Things (IoT) technology
allows for predictive maintenance and real-time monitoring of elevator
performance, reducing downtime and improving operational efficiency. Elevator
modernization involves retrofitting older systems with IoT sensors and
connectivity, enabling remote diagnostics and proactive maintenance, which are
increasingly valued by building owners and facility managers.
Evolving consumer expectations
contribute to the demand for elevator modernization. Building occupants and
users expect safer, more comfortable, and faster elevator experiences.
Modernized elevators offer enhanced safety features such as advanced door systems,
emergency communication capabilities, and improved ride comfort through
smoother acceleration and deceleration. These factors not only improve user
satisfaction but also contribute to the overall attractiveness and
marketability of buildings.
Economic factors such as the total cost
of ownership and lifecycle benefits drive decisions towards elevator
modernization. While upfront costs may be significant, modernized elevators
typically offer lower maintenance costs, reduced energy consumption, and longer
operational lifespans compared to older systems. This cost-effectiveness
appeals to building owners and managers looking to optimize operational
efficiency and asset performance over the long term.
The Thailand elevator modernization
market is driven by urbanization trends, regulatory requirements, technological
innovations, and evolving user expectations. These factors collectively create
a dynamic market environment where the demand for safer, smarter, and more
sustainable elevator solutions continues to grow, positioning modernization
services as essential for enhancing building performance and user experience in
Thailand's evolving urban landscape.
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Key Market Challenges
The Thailand elevator modernization
market faces several significant challenges that impact the adoption and
implementation of modernization solutions across the country. Economic
constraints pose a considerable challenge. Many building owners and managers
may perceive elevator modernization as a costly investment, especially for
older buildings or properties with limited budgets. The upfront capital
required for modernization projects, which includes equipment costs,
installation expenses, and potential disruption to building operations, can
deter decision-makers from committing to upgrades.
Technical complexities associated with
retrofitting older elevator systems present challenges. Older buildings often
have structural limitations and outdated infrastructure that may not easily
accommodate modernization requirements. Retrofitting modern safety features,
energy-efficient components, and advanced technology can be technically
challenging and may require extensive modifications to existing building
structures and systems.
Regulatory compliance and safety
standards add another layer of complexity. While regulatory requirements drive
demand for elevator modernization, navigating through diverse and sometimes
stringent regulations can be cumbersome. Compliance with updated safety codes
and environmental standards requires careful planning and execution to ensure
that modernized elevators meet all legal requirements.
Moreover, logistical and operational
disruptions during the modernization process can be disruptive to building
occupants and operations. Elevators are critical for vertical transportation
within buildings, and any downtime or reduced service capacity during the
modernization period can inconvenience tenants, residents, and visitors.
Minimizing disruption through effective project management and communication is
crucial but challenging in practice.
Market fragmentation and the presence of
numerous small-scale elevator service providers in Thailand can complicate
decision-making for building owners. The market lacks standardized practices
and pricing structures, making it difficult for stakeholders to compare service
offerings and select the most suitable modernization solutions and partners.
Technological integration and
cybersecurity concerns are emerging challenges in the modernization market. As
elevators become more connected through IoT and digital platforms for remote
monitoring and predictive maintenance, ensuring robust cybersecurity measures
becomes essential to protect sensitive data and maintain operational integrity.
Cultural and social factors may
influence attitudes towards elevator modernization. Traditional preferences or
resistance to change in maintenance practices or technology adoption can slow
down the pace of modernization initiatives. Educating stakeholders about the
benefits of modernization, including improved safety, energy efficiency, and
user experience, is crucial for overcoming cultural barriers.
While the Thailand elevator
modernization market holds significant growth potential driven by urbanization
and regulatory requirements, it also faces several challenges. These include
economic constraints, technical complexities, regulatory compliance, operational
disruptions, market fragmentation, cybersecurity risks, and cultural
considerations. Addressing these challenges requires collaborative efforts
among stakeholders, innovative solutions, and strategic planning to accelerate
the adoption of modernized elevator systems and improve building safety,
efficiency, and user satisfaction across Thailand's urban landscape.
Key Market Trends
The Thailand elevator modernization
market is witnessing several key trends that are shaping its growth trajectory
and transforming the landscape of vertical transportation within urban
environments.
There is a strong emphasis on
sustainability and energy efficiency. Building owners and developers in
Thailand are increasingly prioritizing environmentally friendly solutions to
reduce energy consumption and carbon footprints. Modernization projects often
include the installation of energy-efficient components such as LED lighting,
regenerative drives, and standby power systems. These upgrades not only align
with global sustainability goals but also help buildings achieve green
certifications, which are increasingly valued in the market.
Technological advancements are driving
innovation in elevator modernization. The integration of Internet of Things
(IoT) technology enables predictive maintenance, real-time monitoring, and
remote diagnostics of elevator systems. IoT sensors and connectivity allow for
proactive management of maintenance schedules, which helps minimize downtime
and operational disruptions. Additionally, digitalization and smart building
integration are enhancing user experience through features like touchless
controls, destination dispatch systems, and personalized service options.
Safety and compliance remain critical
drivers of modernization projects. The implementation of stringent safety
standards and regulatory requirements by local authorities necessitates the
upgrade of older elevator systems to meet current codes. Modernized elevators
feature advanced safety technologies such as improved door systems, emergency
communication devices, and enhanced fire protection measures, ensuring a higher
level of passenger safety and building security.
There is a growing demand for
customization and design aesthetics in elevator modernization. Building owners
and architects are increasingly seeking modernization solutions that not only
improve functionality and efficiency but also enhance the visual appeal and
ambiance of building interiors. Customized finishes, materials, and design
options allow elevators to complement the overall architectural style and
branding of the property.
Partnerships and collaborations among
industry stakeholders are driving innovation and market expansion.
Manufacturers, service providers, and technology firms are forming alliances to
develop integrated solutions that combine hardware, software, and services for
comprehensive elevator modernization. These partnerships facilitate the
adoption of cutting-edge technologies and best practices, accelerating the pace
of innovation and market penetration in Thailand.
The Thailand elevator modernization
market is characterized by trends focused on sustainability, technology
integration, safety compliance, design aesthetics, user experience enhancement,
and collaborative partnerships. These trends reflect a dynamic market
environment where stakeholders are leveraging innovation to meet evolving
demands for safer, more efficient, and aesthetically pleasing vertical
transportation solutions in urban settings across Thailand.
Segmental Insights
End
User Insights
The Commercial Sector segment emerged as
the dominating segment in 2023. In the Thailand elevator modernization market,
the Commercial Sector segment has emerged as the dominant segment, driven by
several key factors. Commercial buildings, including office complexes, retail
centers, hotels, and malls, constitute a significant portion of Thailand's
urban landscape. As these buildings age, there is a growing need to upgrade
their elevator systems to enhance safety, improve efficiency, and meet modern
user expectations.
Commercial building owners and
developers prioritize elevator modernization to maintain competitiveness in the
market, attract tenants, and provide a superior experience for visitors and
occupants. Modernized elevators not only enhance building aesthetics but also
contribute to operational efficiency and sustainability goals. Energy-efficient
components and smart technologies, such as IoT-enabled monitoring and
predictive maintenance, are particularly appealing to commercial property
owners looking to reduce operational costs and environmental impact.
Regulatory compliance also plays a
crucial role in driving elevator modernization in the commercial sector.
Building codes and safety regulations require older elevator systems to be
upgraded to meet current standards, ensuring the safety and security of
building occupants and visitors.
The commercial sector's adoption of
modernization solutions is supported by the potential for increased property
value and rental yields. Upgraded elevator systems enhance building
marketability and tenant satisfaction, contributing to higher occupancy rates
and revenue generation for commercial property owners. As a result, the
commercial sector remains pivotal in driving growth and innovation within the
Thailand elevator modernization market.
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Regional Insights
Central Thailand Region is expected to
be the dominating region during the forecast period. In the Thailand elevator
modernization market, the Central Thailand region is poised to be the
dominating region for several compelling reasons. Central Thailand,
encompassing Bangkok and its surrounding metropolitan areas, represents the
country's economic and commercial hub, characterized by extensive urban
development and infrastructure growth. This region hosts a concentration of
high-rise buildings, commercial complexes, hotels, and residential towers, many
of which require elevator modernization due to aging infrastructure and
increasing urbanization.
Bangkok, as the capital city and major
economic center, drives significant demand for elevator modernization solutions
to meet modern safety standards, enhance energy efficiency, and improve user
experience. The city's rapid urbanization and ongoing development projects
further stimulate the need for upgraded vertical transportation systems that
can support growing population densities and urban mobility demands.
Regulatory initiatives promoting
sustainable urban development and compliance with updated safety codes
contribute to the demand for elevator modernization in Central Thailand.
Government incentives and regulations aimed at enhancing building efficiency and
safety standards encourage building owners and developers to invest in
modernization projects.
The presence of leading elevator
manufacturers, service providers, and technology firms in Bangkok strengthens
the region's position as a hub for innovation and market leadership in elevator
modernization solutions. These factors collectively position Central Thailand
as the dominating region in driving growth and adoption within the Thailand
elevator modernization market.
Recent Developments
- In 2022, Mitsubishi Electric announcеd
that it would be investing USD10 million in AI-powered elevator modernization
in the upcoming years. The company said that investment would be used to
develop new technologies that would improve the safety, efficiency, and
passenger experience.
- In 2022, Kone partnered with IoT startup
Whizpacе to collect data on еlеvator usage in Thailand. The partnership is designed
to help Konе identify opportunities for improving efficiency and reducing energy
consumption.
Key Market Players
- 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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- Traction
- Machine
Room-Less Traction
- Hydraulic
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- Controller
- Door Equipment
- Cabin Enclosure
- Signaling Fixture
- Power Unit
- Others
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- Residential Sector
- Industrial Sector
- Commercial Sector
- Infrastructural Sector
|
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- <200 fpm
- 200-500 fpm
- >500 fpm
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- Central Thailand
- Eastern Thailand
- Southern Thailand
- Northern Thailand
|
Report Scope:
In this report, the Thailand Elevator
Modernization Market has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Thailand
Elevator Modernization Market, By Elevator Type:
o Traction
o Machine Room-Less Traction
o Hydraulic
- Thailand
Elevator Modernization Market, By Component:
o Controller
o Door Equipment
o Cabin Enclosure
o Signaling Fixture
o Power Unit
o Others
- Thailand
Elevator Modernization Market, By End User:
o Residential Sector
o Industrial Sector
o Commercial Sector
o Infrastructural Sector
- Thailand
Elevator Modernization Market, By Modernization Type:
o Partial
o Full
- Thailand
Elevator Modernization Market, By Speed:
o <200 fpm
o 200-500 fpm
o >500 fpm
- Thailand
Elevator Modernization Market, By Region:
o Central Thailand
o Eastern Thailand
o Southern Thailand
o Northern Thailand
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the Thailand Elevator Modernization Market.
Available Customizations:
Thailand Elevator Modernization Market report
with the given market data, Tech Sci Research offers customizations according
to a company's specific needs. The following customization options are
available for the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
Thailand Elevator
Modernization Market is an upcoming report to be released soon. If you wish an
early delivery of this report or want to confirm the date of release, please
contact us at [email protected]