Europe Elevators Modernization Market was valued at USD 12 Billion in 2022 and is projected to reach USD 22 Billion by 2030, growing at a CAGR of 8.4% from 2024 to 2030.
The European elevator modernization market is experiencing significant growth, driven by the need to upgrade aging infrastructure and meet contemporary safety and efficiency standards. With approximately 7 million of the world's 21 million elevators over 20 years old—a figure expected to double in the next decade—the urgency for modernization is evident. This trend is particularly pronounced in Europe, where many buildings require updated elevator systems to ensure reliability and compliance with current regulations.
Modernization encompasses various types, including full and partial upgrades. Full modernization involves a comprehensive overhaul of the elevator system, replacing critical components like controllers, motors, and safety mechanisms. Partial modernization focuses on specific elements, such as updating control systems or refurbishing cab interiors. The choice between these options depends on factors like the elevator's age, condition, and the building's requirements.
Industry requirements for elevator modernization are multifaceted:
Safety and Compliance: Adherence to stringent European Union regulations, such as the Lift Directive 2014/33/EU, mandates that elevators meet specific safety and performance criteria. Modernization ensures compliance with these standards, enhancing passenger safety and reducing liability risks.
Energy Efficiency: Upgrading to energy-efficient systems aligns with the European Green Deal's sustainability goals. Modern elevators equipped with advanced technologies can achieve energy savings of up to 50%, contributing to reduced operational costs and environmental impact.
Technological Integration: The incorporation of smart technologies and IoT-enabled systems allows for real-time monitoring, predictive maintenance, and improved user experiences. Features like destination control systems and touchless interfaces enhance efficiency and passenger satisfaction.
Accessibility: Europe's aging population necessitates elevators that cater to mobility challenges. Modernization projects often include enhancements to improve accessibility, ensuring compliance with the EU’s Accessibility Act and accommodating all users.
Regionally, Germany leads the European elevator modernization market, holding approximately 30% of the share. This leadership is attributed to its robust manufacturing industry, high urban density, and stringent building safety regulations. The United Kingdom follows with a 25% market share, driven by initiatives to retrofit buildings for sustainability and energy efficiency. Southern European countries like Italy and Spain contribute around 15% to the market, focusing on modernizing historic buildings and integrating smart technologies.
Key players in the European elevator modernization market include KONE Corporation, Schindler Group, Thyssenkrupp AG, and Otis Elevator Company. These companies are at the forefront of delivering innovative solutions that meet the evolving demands of the industry.
In conclusion, the European elevator modernization market is poised for sustained growth, propelled by the imperative to upgrade aging systems, enhance safety, improve energy efficiency, and integrate advanced technologies. Stakeholders must prioritize modernization to ensure their buildings meet contemporary standards and provide safe, efficient, and reliable vertical transportation for all users.
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Hitachi Ltd
Hyundai Elevator Co.
Ltd.
Doppler S.A.
Fujitec Co.
Ltd
Sematic S.p.A
ThyssenKrupp Elevator AG
Schindler Group
Johnson Lifts Private Ltd
Magnetek
Inc.
Richmond Elevator (REM)
Wittur Group
Mitsubishi Electric
Otis Elevator Company
KONE Corporation
Toshiba Elevator and Building Systems Corporation (TOSHIBA)
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Europe Elevators Modernization Market
Complete Overhaul
Partial Upgrade
Green Modernization
Traction Elevators
Hydraulic Elevators
Pneumatic Elevators
Machine-room-less (MRL) Elevators
Residential Buildings
Commercial Buildings
Institutional Buildings
Industrial Facilities
Energy Efficiency
Smart Elevators (IoT-enabled)
Accessibility Features
Safety Enhancements
Hospitality
Healthcare
Retail
Education
Manufacturing
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Europe Elevators Modernization Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Europe Elevators Modernization Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Europe Elevators Modernization Market, By Type
6. Europe Elevators Modernization Market, By Application
7. Europe Elevators Modernization Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Europe Elevators Modernization Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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