The Singapore Elevator Modernization Market is anticipated to grow steadily in the forecast period. The market is strong and is expected to continue growing as a result of an increase in industry mergers and Increasing Demand for Modern Machine Room Less Elevators, The Digital Revolution is fueling the expansion of the Singapore Elevator Modernization Market.
Updating the necessary components of an elevator or lift constitutes modernization. Lift modernization is a common term used to describe this process. Its goal is to boost safety standards and enhance performance that has declined over time. The turning motors and controller hardware are frequently affected during the modernization process for elevators. Elevator modernization can improve their performance and make them more reliable and effective. All the outdated components are changed with new, modern components that prolong the elevator’s life and save maintenance costs.
Increasing Demand for Modern Machine Room Less Elevators
Modern machine room-less elevators offer several benefits such as improved hoist-way area use, lower weight, enhanced energy efficiency, and more design alternatives. Additionally, there is a huge increase in demand for high-speed traction elevators due to the expansion of high-height office and residential buildings around the world. To accommodate greater traffic moving between multi-story buildings, the elevator space has increased over time.
Additionally, these newly developed elevators are now furnished with a variety of gadgets, including Wi-Fi routers, sophisticated fire alarm systems, wheelchair lifts, etc. The number of floors in the building also affect the elevator’s speed, which has varied significantly throughout the years, exceeding 10 m/s. Modern machine room-less elevators are being utilized more frequently in low- and medium-story buildings, saving both space and money on construction.
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Leading firms are introducing high-speed, ultra-high speed, and machine room-less elevators for certain regional requirements to meet the expanding market demand. In the upcoming years, such developments are projected to propel The Global Elevator Modernization Market further.
High Safety Standards
To provide trustworthy consultations and recommendations about extra components and functions to upgrade added equipment to comply with the most recent safety requirements, companies have started to conduct a thorough safety assessment while modernizing elevators. Additionally, firms that specialize in elevator modernization are currently putting in place door systems that, in the event of entrapment, would prevent passengers from risky self-rescue attempts by requiring them to open the door from within. Additionally, sensory intelligence systems are now included in elevators to monitor passengers and elevators continuously and proactively, which can start a request at the right time and detect any suspicious activity, while making an elevator more advanced and secure.
Digital Revolution
Elevators are not an exception as the globe experiences a digital revolution in every sector and industry. Elevators today use cutting-edge devices and technology, including artificial intelligence (AI) and the internet of things (IOT), to give users a rich and multi-sensory experience. These technologies improve user experience while assisting people in maintaining connections to the outside world. The efficiency of an elevator’s electricity usage is also improved by these qualities. As a result, in the years to come, the industry is anticipated to expand to cope with rising standards of living of people.
Market Segmentation
The Singapore Elevator Modernization Market is divided based on Elevator Type, Component, End User, and Modernization Type. Based on Elevator Type, the market is divided into Traction, Hydraulic, and Machine Room-Less Traction. Based on Component, the market is segmented into Controller, Door Equipment, Cabin Enclosure, Signalling Fixture, Power Unit, and Others. Based on End User, the market is divided into Residential Sector, Industrial Sector, Commercial Sector, and Infrastructural Sector. The market is also segmented by region Central Region, North-East Region, East region, West Region, and North Region.
Market Players
Major market players in the Singapore Elevator Modernization Market are Chevalier Singapore Holdings Pte. Ltd., Fujitec Singapore Corpn. Ltd., TK Elevator Singapore Pte. Ltd., EM Services Pte. Ltd., C&W Services (S) Pte. Ltd., Kone Pte Ltd, Schindler Lifts (Singapore) Pte. Ltd., Mitsubishi Elevator (Singapore) Pte. Ltd., Otis Elevator Company (S) Pte Ltd, Hitachi Elevator Asia Pte. Ltd.
Recent Development
- Chevalier Singapore Holdings Pte. Ltd. has recently obtained ISO 9001: 2015 certification for the design, installation and maintenance of elevators and escalators, and ISO 45001: 2018 for the supply, design, installation, and maintenance of equipment such as elevators, escalators, and other vertical and horizontal transportation equipment such as walkways.
- TK Elevator Singapore Pte. Ltd. Uses new technologies such as TWIN elevator – two independently operating cabs in the same shaft that can reduce energy consumption by up to 27% and cut electrical power requirements in half, while increasing usable floor space by as much as 30%.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2023 – 2028 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028 |
| Report coverage | Revenue forecast, company share, growth factors, and trends |
| Segments covered | Elevator Type
Component End User Modernization Type |
| Regional scope | Central Region, North-East Region, East region, West Region, North Region |
| Key companies profiled | Chevalier Singapore Holdings Pte. Ltd., Fujitec Singapore Corpn. Ltd., TK Elevator Singapore Pte. Ltd., EM Services Pte. Ltd., C&W Services (S) Pte. Ltd., Kone Pte Ltd, Schindler Lifts (Singapore) Pte. Ltd., Mitsubishi Elevator (Singapore) Pte. Ltd., Otis Elevator Company (S) Pte Ltd, Hitachi Elevator Asia Pte. Ltd. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Report Scope:
In this report, the Singapore Elevator Modernization Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Singapore Elevator Modernization Market, By Elevator Type:
o Traction, Hydraulic
o Machine Room-Less Traction
- Singapore Elevator Modernization Market, By Component:
o Controller
o Door Equipment
o Cabin Enclosure
o Signalling Fixture
o Power Unit
o Others
- Singapore Elevator Modernization Market, By End User:
o Residential Sector
o Industrial Sector
o Commercial Sector
o Infrastructural Sector
- Singapore Elevator Modernization Market, By Modernization Type:
o Partial
o Full
- Singapore Elevator Modernization Market, By Region:
o Central Region
o North-East Region
o East region
o West Region
o North Region
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Singapore Elevator Modernization Market.
Available Customizations:
Singapore 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).
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Table of Content-Singapore Elevator Modernization Market
- Service Overview
- Research Methodology
- Impact of COVID-19 on Singapore Elevator Modernization Market
- Executive Summary
- Voice of Customers
5.1. Brand Awareness
5.2. Factors Influencing Purchase Decision
5.3. Key Satisfaction Level
5.4. Annual Maintenance Contract (AMC) Expectations
5.5. Annual Maintenance Contract (AMC) Challenges
- Singapore Elevator Market Outlook
- Singapore Elevator Modernization Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value & Volume
7.2. Market Share & Forecast
7.2.1. By Elevator Type (Traction, Hydraulic, Machine Room-Less Traction)
7.2.2. By Component (Controller, Door Equipment, Cabin Enclosure, Signalling Fixture, Power Unit, Others)
7.2.3. By End User (Residential Sector, Industrial Sector, Commercial Sector, Infrastructural Sector)
7.2.4. By Modernization Type (Partial, Full)
7.2.5. By Region (Central Region, North-East Region, East region, West Region, North Region)
7.3. By Company (2022)
7.4. Market Map
- Singapore Residential Elevator Modernization Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value & Volume
8.2. Market Share & Forecast
8.2.1. By Elevator Type
8.2.2. By Component
8.2.3. By Modernization Type
8.2.4. By Region
- Singapore Industrial Elevator Modernization Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value & Volume
9.2. Market Share & Forecast
9.2.1. By Elevator Type
9.2.2. By Component
9.2.3. By Modernization Type
9.2.4. By Region
- Singapore Commercial Elevator Modernization Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value & Volume
10.2. Market Share & Forecast
10.2.1. By Elevator Type
10.2.2. By Component
10.2.3. By Modernization Type
10.2.4. By Region
- Singapore Infrastructural Elevator Modernization Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value & Volume
11.2. Market Share & Forecast
11.2.1. By Elevator Type
11.2.2. By Component
11.2.3. By Modernization Type
11.2.4. By Region