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Egypt Elevator Modernization Market By Type (Traction Elevators, Hydraulic Elevators, Machine Room-Less (MRL) Elevators); By Application (Residential, Commercial, Industrial, Institutional); By Component (Control Systems, Door Systems, Cab Enclosures, Power Units) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Name: Egypt Elevator Modernization Market - Demand, Size and Competitive Analysis
Creator: Credence Research Inc.
Published: 2025-11-14
License: https://www.credenceresearch.com/info/privacy-policy
Keywords: Egypt Elevator Modernization Market

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Market Overview:

The Egypt Elevator Modernization Market size was valued at USD 32.10 million in 2018 to USD  57.08  million in 2024 and is anticipated to reach USD  115.43  million by 2032, at a CAGR of 8.57% during the forecast period.

REPORT ATTRIBUTE	DETAILS
Historical Period	2020-2023
Base Year	2024
Forecast Period	2025-2032
Egypt Elevator Modernization Market Size 2024	USD  57.08  Million
Egypt Elevator Modernization Market, CAGR	8.57%
Egypt Elevator Modernization Market Size 2032	USD 115.43  Million

Rapid urban growth in Egypt is driving demand for elevator system upgrades as older buildings require modernization to keep pace with new residential and commercial developments. Building owners are actively investing in retrofits to improve safety, enhance energy efficiency, and meet modern regulatory standards. Upgraded elevator systems also help property managers reduce downtime and long‑term maintenance costs, making modernization an integral part of facility management strategies.

In terms of geography, the modernization market is led by major urban hubs such as Cairo and Alexandria where high‑rise developments and aging infrastructure converge. Emerging zones around the Suez Canal and Upper Egypt are gaining traction due to expanding industrial and mixed‑use construction. This geographic spread reflects a shift from the historical core cities into newer growth regions where modernization needs are ramping up.

Market Insights:

The Egypt Elevator Modernization Market was valued at USD 32.10 million in 2018, and it is projected to reach USD 115.43 million by 2032, growing at a CAGR of 8.57%.
Cairo dominates the market with the largest regional share of approximately 40%, driven by high-rise developments and continuous urban growth. Alexandria follows with 25% due to the region’s aging infrastructure and growing commercial developments. The emerging regions of Upper Egypt and planned cities contribute to the remaining 35%, with rapid infrastructure investment supporting their growth.
Upper Egypt and other developing regions are the fastest-growing, accounting for a rising share of the market as government initiatives and new projects create modernization opportunities.
The segment share distribution shows traction elevators leading the market, followed by hydraulic elevators, and machine room-less (MRL) elevators, which are expected to show substantial growth by 2032.
Traction elevators hold the majority share in the market, while machine room-less (MRL) elevators are rapidly gaining popularity due to their space-saving design and lower maintenance costs.

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Market Drivers:

Urban Growth and Development in Egypt

Rapid urbanization in Egypt significantly boosts demand for modernization in the elevator sector. As cities expand, especially in Cairo and Alexandria, the need for efficient, updated transportation systems in buildings becomes crucial. New high-rise constructions require advanced elevator systems that meet safety and energy efficiency standards. Older buildings, particularly those with outdated elevator infrastructure, must modernize to accommodate rising building heights and increased traffic. This growth directly influences the Egypt Elevator Modernization Market, making it essential for building owners to upgrade their systems. The ongoing construction boom necessitates continuous improvements to existing elevator systems for compatibility with modern structures. As urban development expands, the Egypt Elevator Modernization Market will keep growing to meet these needs.

For instance, in 2023, Otis completed the modernization of elevators across a new mixed-use development in Cairo, incorporating advanced, energy-efficient systems to meet the growing demand. New high-rise constructions, such as the Cairo Business Tower, require advanced elevator systems that meet stringent safety and energy efficiency standards.

Safety and Regulatory Compliance

Elevator safety and compliance with updated regulations act as key drivers in the modernization market. The introduction of stricter safety standards for elevators has made it imperative for building owners to refurbish outdated systems. Regulations around fire safety, weight capacity, and emergency protocols are evolving, compelling property managers to modernize their equipment. Non-compliance with safety standards leads to risks that could affect building operations and reputation. Elevators installed decades ago may not align with the latest safety requirements, putting tenants and visitors at risk. Therefore, updating these systems not only ensures compliance but also contributes to improved building safety, enhancing occupant confidence. These regulatory factors are pushing the Egypt Elevator Modernization Market toward significant growth.

For instance, Schindler leads in adopting India’s new elevator standard, IS 17900, which includes comprehensive safety and fire classification requirements for car materials. Schindler has undertaken significant projects in Cairo.

Energy Efficiency and Sustainability

Energy efficiency is becoming an increasingly important driver in the Egypt Elevator Modernization Market. Modern elevators are designed with energy-saving technologies that minimize power consumption, which is essential for property owners looking to reduce operational costs. Sustainability is gaining more importance as environmental concerns grow. Modernization efforts that focus on energy-efficient elevators reduce a building’s carbon footprint, benefiting both the environment and long-term operational expenses. By upgrading to eco-friendly elevators, building owners contribute to energy conservation while improving the overall performance of the building. As businesses aim to lower their energy expenditures, the market demand for energy-efficient elevator systems will continue to rise. This trend is particularly evident in commercial and industrial sectors where high energy usage is common.

Technological Advancements in Elevator Systems

The integration of cutting-edge technology is another driving force behind the Egypt Elevator Modernization Market. The introduction of smart elevators equipped with IoT-enabled features and AI technology offers better performance, predictive maintenance, and real-time diagnostics. Such technological advancements provide building owners with greater control and insights into their elevator systems. Predictive maintenance, for instance, allows for early detection of issues, reducing downtime and repair costs. These improvements enhance user experience, making elevators safer, faster, and more reliable. As smart technologies become more affordable and accessible, the demand for modernization projects in Egypt is expected to continue growing, particularly for high-rise and commercial buildings. The increasing focus on automation and digitalization in elevators will drive the market forward.

Market Trends:

Shift Toward Retrofit and Upgrades Over New Installations

A growing trend in the Egypt Elevator Modernization Market is the shift from entirely new installations to retrofitting existing elevators. Retrofitting allows building owners to update their elevator systems with the latest technologies without the need for a complete overhaul. This trend helps businesses save on installation costs while still benefiting from the enhanced safety, performance, and energy efficiency of new technology. The focus is on upgrading older systems with features like touchless controls, improved energy-saving mechanisms, and advanced safety systems. Retrofitting has gained popularity as it offers a more cost-effective alternative for modernizing existing infrastructure. This trend is expected to continue, especially in Egypt’s older buildings, where full replacement might be too costly.

Increased Demand for Smart Elevators

Smart elevator systems are on the rise in Egypt’s modernization market. These elevators are equipped with advanced technologies such as cloud connectivity, IoT integration, and artificial intelligence. By utilizing smart systems, building owners can monitor elevator performance in real time, optimize traffic flow, and manage maintenance schedules more efficiently. Predictive analytics is also becoming a key feature of smart elevators, allowing for proactive management and reducing the likelihood of system failure. This trend toward smarter, more connected elevator systems enhances building operation and provides convenience for users. As digital solutions become more mainstream in Egypt, the shift toward smart elevators will likely accelerate, particularly in high-rise and commercial buildings.

For example, in 2024, Mitsubishi Electric installed IoT-enabled elevators in a high-rise building in Cairo that allows real-time monitoring and predictive maintenance, reducing downtime. By utilizing smart systems, building owners can monitor elevator performance, optimize traffic flow, and manage maintenance schedules more efficiently.

Focus on Sustainability and Green Building Standards

Sustainability continues to shape the Egypt Elevator Modernization Market, with a growing emphasis on green building certifications. Modern elevator systems are being designed to meet global sustainability standards, offering improved energy efficiency and reduced environmental impact. Green certifications, such as LEED, are pushing property owners to modernize their elevator systems to comply with eco-friendly building criteria. The market is seeing an increase in elevators that use less power, are made with recyclable materials, and have low-emission components. As Egypt’s construction industry aligns with global sustainability efforts, elevator modernization projects that focus on sustainability will become a more significant market segment.

Integration of AI and Machine Learning for Predictive Maintenance

AI and machine learning are revolutionizing the way elevators are maintained in Egypt. Predictive maintenance tools powered by these technologies can forecast potential issues and enable timely repairs before failure occurs. This trend is particularly beneficial for high-traffic elevators in commercial and residential buildings, where downtime must be minimized. The integration of AI also enhances user experience by optimizing elevator scheduling and traffic management, reducing wait times. As AI becomes more advanced and cost-effective, it will be integrated into more modernization projects, further driving the evolution of elevator systems in Egypt.

Market Challenges Analysis:

High Initial Investment Costs for Modernization Projects

One of the primary challenges facing the Egypt Elevator Modernization Market is the high initial investment required for modernization projects. While modernization offers long-term savings and performance improvements, the upfront cost of upgrading elevator systems can be significant, especially in older buildings. Many property owners, particularly in smaller commercial properties, are hesitant to invest in these expensive upgrades. Although modernization is necessary for long-term efficiency and safety, the financial burden remains a major obstacle for widespread adoption. Some property owners may opt to delay or forgo upgrades due to the perceived high costs, which could slow down the market’s growth.

Lack of Skilled Labor for Advanced Installations

The demand for skilled labor is another challenge faced by the Egypt Elevator Modernization Market. The advanced technologies being integrated into modern elevator systems require specialized expertise for installation and maintenance. There is a shortage of qualified technicians and engineers who can handle the complexities of modern elevators equipped with AI, IoT, and smart features. This skills gap hinders the ability of companies to fully meet the demand for elevator modernization projects. The shortage of skilled workers may delay project timelines and raise costs, which could affect the overall market expansion.

Market Opportunities:

Government Support for Infrastructure Modernization

The Egyptian government is increasingly focusing on modernizing infrastructure, which includes upgrading building systems like elevators. Government initiatives that prioritize urban development and safety standards present significant opportunities for the Egypt Elevator Modernization Market. These initiatives may include funding support, regulatory incentives, and partnerships with private sector companies to encourage modernization efforts. As the government continues to invest in infrastructure, property owners will be more likely to engage in elevator modernization projects, creating new growth opportunities in the market.

Emerging Demand for Retrofit Solutions in Commercial Buildings

There is growing demand for retrofit elevator solutions, especially in Egypt’s commercial building sector. As businesses look for cost-effective ways to meet safety and efficiency standards, retrofitting existing elevators with the latest technologies offers a viable option. Retrofit solutions can extend the lifespan of old elevator systems while introducing features like energy efficiency, improved traffic management, and enhanced safety. This trend will likely expand, especially in the commercial real estate sector, where large-scale elevator modernization projects are needed to meet the evolving demands of businesses and their customers.

Market Segmentation Analysis:

By Type

The Egypt Elevator Modernization Market is segmented into traction elevators, hydraulic elevators, and machine room-less (MRL) elevators. Traction elevators hold a significant share due to their efficiency and adaptability for high-rise buildings. Hydraulic elevators are popular in low-rise buildings for their cost-effectiveness and simplicity. MRL elevators are gaining traction due to their space-saving design and reduced maintenance costs. Each of these types serves distinct building requirements, with traction elevators primarily used in high-demand environments, hydraulic elevators in smaller buildings, and MRL elevators in space-conscious applications.

For instance, Otis Elevator Company completed a modernization project in an iconic, high-traffic building such as the Empire State Building, upgrading their systems to improve efficiency and reduce wait times. Hydraulic elevators are popular in low-rise buildings (typically two to five stories) for their cost-effectiveness and simplicity.

By Application

The market also divides by application into residential, commercial, industrial, and institutional sectors. The residential sector is seeing growing modernization demand due to aging infrastructure in apartment buildings. Commercial buildings, especially in urban areas, prioritize modernization for improved traffic flow and energy efficiency. The industrial segment emphasizes durability and cost-effective upgrades for heavy-duty use. Institutional buildings, such as hospitals and educational facilities, require modernization to comply with safety standards and improve service for high foot traffic.

For instance, Schindler provides elevator modernization services in Cairo, bringing older systems into compliance with current safety standards. These efforts often involve addressing outdated equipment to improve performance, reliability, and safety. In commercial buildings, particularly in urban areas, modernization is a priority for optimizing traffic flow and improving energy efficiency, with some solutions capable of reducing energy consumption by up to 40%.

By Component

The component-based segmentation includes control systems, door systems, cab enclosures, and power units. Control systems are integral to ensuring smooth operation, with modernization efforts focused on upgrading to smart, energy-efficient technologies. Door systems are being enhanced for safety, speed, and accessibility, while cab enclosures are increasingly being upgraded to improve aesthetics and passenger experience. Power units, being critical for elevator operation, are modernized to increase energy efficiency and reduce long-term maintenance costs. Each component’s upgrade plays a crucial role in improving elevator performance in the Egypt Elevator Modernization Market.

Segmentation:

By Type

Traction Elevators
Hydraulic Elevators
Machine Room-Less (MRL) Elevators

By Application

Residential
Commercial
Industrial
Institutional

By Component

Control Systems
Door Systems
Cab Enclosures
Power Units

Regional Analysis:

Cairo Metropolitan Region

The Egypt Elevator Modernization Market receives its largest share from the Cairo metropolitan region, capturing approximately 40% of the total market. High‑density development in Cairo drives the modernization of elevators in residential towers, commercial offices, and institutional buildings. Building owners in Cairo actively replace outdated systems to comply with evolving safety and energy standards. These projects respond to both regulatory demands and operational performance needs. This region’s leadership in modernization reflects its role as Egypt’s primary urban centre. Strong infrastructure growth and high‑rise construction further reinforce the Cairo region’s dominance.

Alexandria and Northern Coastal Region

The Northern coastal region including Alexandria holds about 25% of the Egyptian modernization market. Modernization demand in Alexandria stems from aging mid‑rise buildings and expanding commercial hubs. Property managers in this coastal area upgrade elevators to enhance user safety, energy performance and building value. Emerging tourism‑led real‑estate developments add to the modernization workload. The region shows stable growth thanks to its established residential stock and commercial expansion. This makes the Northern coastal corridor a key secondary market for elevator upgrades.

Emerging Interior and New Development Zones

Interior regions and new development zones, including Upper Egypt and planned cities, account for the remaining roughly 35% share of the market. These zones are becoming attractive for modernization projects due to recent infrastructure investment and government expansion plans. Building owners in emerging areas adopt elevator modernization to support new mixed‑use developments and institutional buildings. These regions face unique challenges such as logistics and workforce skills, which can slow adoption. However, they provide significant upside potential for the elevator modernization industry in Egypt. Growth in these regions will help diversify the market beyond the two major urban centres.

Key Player Analysis:

Orona Group
Otis Elevator Company
Schindler Group
KONE Corporation
Mitsubishi Electric Corporation
Toshiba Elevator and Building Systems Corporation
Hyundai Elevator Co., Ltd.

Competitive Analysis:

The Egypt Elevator Modernization Market is highly competitive, with several key players focused on offering advanced technologies and cost-effective solutions. Leading companies like Otis, KONE, and Schindler dominate the market by providing a wide range of elevator modernization services. These companies leverage their global presence, technological expertise, and strong brand recognition to maintain leadership positions. Smaller, regional players also compete by focusing on niche segments or providing specialized services tailored to local needs. The market is driven by factors such as energy efficiency, safety compliance, and the growing demand for smart technologies, with companies constantly innovating to stay competitive. Increasing competition is prompting players to form strategic partnerships, adopt AI and IoT technologies, and improve service delivery to maintain a strong foothold in the Egypt Elevator Modernization Market.

Recent Developments:

In October 2025, Otis Elevator Korea Co. Ltd. reached an agreement to acquire Schindler Elevator Co., Ltd. from Schindler Holding AG on October 17, 2025. Completion of the transaction is subject to merger control review by the Korea Fair Trade Commission. This acquisition marks an important development for Otis’s business in South Korea and will complement the company’s current customer coverage, portfolio, and field execution capacity, enabling it to better serve customers, colleagues, and other key stakeholders in the region.
In September 2025, Otis Elevator Company secured a significant contract with Mountain View Real Estate Development to supply and install 265 Otis Gen2® Prime elevator systems across three major residential projects in Egypt. The installations will be implemented in Mountain View’s developments including the Mountain View 1.1 Project extension in New Cairo, Mountain View iCity in New Cairo, and iCity in 6th of October City. The elevators feature configurations ranging from four to seven stops and include high-quality stainless steel finishes for automatic doors and cabins, ensuring a sleek and modern aesthetic that complements the building design. This collaboration aligns with Mountain View’s vision of developing innovative urban communities while leveraging Otis’s advanced technology to enhance residential living standards in Egypt’s real estate sector.
In August 2025, KONE Egypt and United Elevators signed a strategic contract marking United Elevators as KONE’s first official partner in Egypt on August 27, 2025. This partnership reinforces KONE’s presence in the Egyptian market through its local office and team, while leveraging United Elevators’ strong local expertise to better reach customers. The two companies will collaborate to deliver innovative and sustainable mobility solutions for both new installations and modernization projects, supporting Egypt’s urban transformation. This agreement represents a significant step within KONE’s global RISE strategy, which aims to serve the residential sector with a comprehensive range of innovative and sustainable solutions at accessible prices for all market segments.
In July 2025, KONE Egypt launched its first Training Center in Egypt, marking a key milestone in supporting Egypt Vision 2030 and the country’s expanding urban infrastructure. Located in Cairo, the center offers hands-on, immersive training to technicians, engineers, and service professionals, applying a modern, skill-based approach combining elevator mock-ups, virtual reality, safety simulations, and smart maintenance tools. The center will train over 500 professionals annually, including subcontractors, building a strong local talent pipeline to support Egypt’s rapid urban expansion, especially in fast-growing cities like the New Administrative Capital and New Alamein.

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Report Coverage:

The research report offers an in-depth analysis based on type, application, and component. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook:

The Egypt Elevator Modernization Market will see continued growth driven by urbanization and infrastructure development.
Demand for energy-efficient elevator systems will rise, especially in commercial and residential buildings.
Smart technologies, including IoT-enabled systems, will become integral to elevator modernization projects.
Companies will focus more on retrofitting existing systems instead of complete replacements to reduce costs.
Regulatory compliance will drive frequent upgrades, particularly in older buildings.
Residential sectors will witness a significant demand for modernization to accommodate high-rise developments.
Increasing investments in high-rise office buildings and commercial real estate will contribute to market growth.
Enhanced focus on safety features and regulatory adherence will boost modernization activities.
New players entering the market will provide cost-effective solutions to compete with established brands.
Regional growth outside Cairo, particularly in Upper Egypt, will open new opportunities for market expansion.

CHAPTER NO. 1 : INTRODUCTION 18

1.1.1. Report Description 18

Purpose of the Report 18

USP & Key Offerings 18

1.1.2. Key Benefits for Stakeholders 18

1.1.3. Target Audience 19

1.1.4. Report Scope 19

CHAPTER NO. 2 : EXECUTIVE SUMMARY 20

2.1. Elevator Modernization Market Snapshot 20

2.1.1. Egypt Elevator Modernization Market, 2018 – 2032 (Units) (USD Million) 21

2.2. Insights from Primary Respondents 21

CHAPTER NO. 3 : ELEVATOR MODERNIZATION MARKET – INDUSTRY ANALYSIS 22

3.1. Introduction 22

3.2. Market Drivers 23

3.2.1. Urbanization & growing construction / high-rise building stock 23

3.2.2. Safety, regulatory compliance and aging equipment 24

3.3. Market Restraints 25

3.3.1. High upfront investment / cost of modernization 25

3.4. Market Opportunities 26

3.4.1. Market Opportunity Analysis 26

3.5. Porter’s Five Forces Analysis 27

3.6. Value Chain Analysis 28

3.7. Buying Criteria 29

CHAPTER NO. 4 : PRICE ANALYSIS 30

4.1. Price Analysis by Type 30

4.1.1. Egypt Elevator Modernization Market Price, By Type, 2018 – 2032 30

4.1.2. Egypt Elevator Modernization Market Price, By Type, 2018 – 2032 31

CHAPTER NO. 5 : ANALYSIS COMPETITIVE LANDSCAPE 32

5.1. Company Market Share Analysis – 2024 32

5.1.1. Egypt Elevator Modernization Market: Company Market Share, by Volume, 2024 32

5.1.2. Egypt Elevator Modernization Market: Company Market Share, by Revenue, 2024 33

5.1.3. Egypt Elevator Modernization Market: Top 6 Company Market Share, by Revenue, 2024 33

5.1.4. Egypt Elevator Modernization Market: Top 3 Company Market Share, by Revenue, 2024 34

5.2. Egypt Elevator Modernization Market Company Volume Market Share, 2024 35

5.3. Egypt Elevator Modernization Market Company Revenue Market Share, 2024 36

5.4. Company Assessment Metrics, 2024 37

5.4.1. Stars 37

5.4.2. Emerging Leaders 37

5.4.3. Pervasive Players 37

5.4.4. Participants 37

5.5. Start-ups /SMEs Assessment Metrics, 2024 37

5.5.1. Progressive Companies 37

5.5.2. Responsive Companies 37

5.5.3. Dynamic Companies 37

5.6. Starting BlocksStrategic Developments 37

5.6.1. Acquisitions & Mergers 38

New Product Launch 38

Country-wise Expansion 38

5.7. Key Players Product Matrix 39

CHAPTER NO. 6 : PESTEL & ADJACENT MARKET ANALYSIS 40

6.1. PESTEL 40

6.1.1. Political Factors 40

6.1.2. Economic Factors 40

6.1.3. Social Factors 40

6.1.4. Technological Factors 40

6.1.5. Environmental Factors 40

6.1.6. Legal Factors 40

6.2. Adjacent Market Analysis 40

CHAPTER NO. 7 : ELEVATOR MODERNIZATION MARKET – BY TYPE SEGMENT ANALYSIS 41

7.1. Elevator Modernization Market Overview, by Type Segment 41

7.1.1. Elevator Modernization Market Volume Share, By Type, 2023 & 2032 42

7.1.2. Elevator Modernization Market Revenue Share, By Type, 2023 & 2032 42

7.1.3. Elevator Modernization Market Attractiveness Analysis, By Type 43

7.1.4. Incremental Revenue Growth Opportunity, by Type, 2024 – 2032 43

7.1.5. Elevator Modernization Market Revenue, By Type, 2018, 2023, 2027 & 2032 44

7.2. Traction Elevators 45

7.3. Hydraulic Elevators 46

7.4. Machine Room-Less (MRL) Elevators 47

CHAPTER NO. 8 : ELEVATOR MODERNIZATION MARKET – BY APPLICATION SEGMENT ANALYSIS 48

8.1. Elevator Modernization Market Overview, by Application Segment 48

8.1.1. Elevator Modernization Market Volume Share, By Application, 2023 & 2032 49

8.1.2. Elevator Modernization Market Revenue Share, By Application, 2023 & 2032 49

8.1.3. Elevator Modernization Market Attractiveness Analysis, By Application 50

8.1.4. Incremental Revenue Growth Opportunity, by Application, 2024 – 2032 50

8.1.5. Elevator Modernization Market Revenue, By Application, 2018, 2023, 2027 & 2032 51

8.2. Residential 52

8.3. Commercial 53

8.4. Industrial 54

8.5. Institutional 55

CHAPTER NO. 9 : ELEVATOR MODERNIZATION MARKET – BY APPLICATION SEGMENT ANALYSIS 56

9.1. Elevator Modernization Market Overview, by Component Segment 56

9.1.1. Elevator Modernization Market Volume Share, By Component, 2023 & 2032 57

9.1.2. Elevator Modernization Market Revenue Share, By Component, 2023 & 2032 57

9.1.3. Elevator Modernization Market Attractiveness Analysis, By Component 58

9.1.4. Incremental Revenue Growth Opportunity, by Component, 2024 – 2032 58

9.1.5. Elevator Modernization Market Revenue, By Component, 2018, 2023, 2027 & 2032 59

9.2. Control Systems 60

9.3. Door Systems 61

9.4. Cab Enclosures 62

9.5. Power Units 63

CHAPTER NO. 10 : ELEVATOR MODERNIZATION MARKET – EGYPT 64

10.1. Egypt 64

10.1.1. Key Highlights 64

10.1.2. Egypt Elevator Modernization Market Volume, By Type, 2018 – 2023 (Units) 65

10.1.3. Egypt Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 66

10.1.4. Egypt Elevator Modernization Market Volume, By Application, 2018 – 2023 (Units) 67

10.1.5. Egypt Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 68

10.1.6. Egypt Elevator Modernization Market Volume, By Component, 2018 – 2023 (Units) 69

10.1.7. Egypt Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 70

CHAPTER NO. 11 : COMPANY PROFILES 71

11.1. Orona Group 71

11.1.1. Company Overview 71

11.1.2. Product Portfolio 71

11.1.3. Swot Analysis 71

11.1.4. Business Strategy 72

11.1.5. Financial Overview 72

11.2. Otis Elevator Company 73

11.3. Schindler Group 73

11.4. KONE Corporation 73

11.5. Mitsubishi Electric Corporation 73

11.6. Toshiba Elevator and Building Systems Corporation 73

11.7. Hyundai Elevator Co., Ltd. 73

11.8. Company 8 73

11.9. Company 9 73

11.10. Company 10 73

11.11. Company 11 73

11.12. Company 12 73

11.13. Company 13 73

11.14. Company 14 73

List of Figures

FIG NO. 1. Egypt Elevator Modernization Market Volume & Revenue, 2018 – 2032 (Units) (USD Million) 21

FIG NO. 2. Porter’s Five Forces Analysis for Egypt Elevator Modernization Market 27

FIG NO. 1. Egypt Elevator Modernization Market Price, By Type, 2018 – 2032 30

FIG NO. 2. Company Share Analysis, 2024 32

FIG NO. 3. Company Share Analysis, 2024 33

FIG NO. 4. Company Share Analysis, 2024 33

FIG NO. 5. Company Share Analysis, 2023 34

FIG NO. 6. Elevator Modernization Market – Company Volume Market Share, 2024 35

FIG NO. 7. Elevator Modernization Market – Company Revenue Market Share, 2024 36

FIG NO. 8. Elevator Modernization Market Volume Share, By Type, 2023 & 2032 42

FIG NO. 9. Elevator Modernization Market Revenue Share, By Type, 2023 & 2032 42

FIG NO. 10. Market Attractiveness Analysis, By Type 43

FIG NO. 11. Incremental Revenue Growth Opportunity by Type, 2024 – 2032 43

FIG NO. 12. Elevator Modernization Market Revenue, By Type, 2018, 2023, 2027 & 2032 44

FIG NO. 13. Egypt Elevator Modernization Market for Traction Elevators, Volume & Revenue (Units) (USD Million) 2018 – 2032 45

FIG NO. 14. Egypt Elevator Modernization Market for Hydraulic Elevators, Volume & Revenue (Units) (USD Million) 2018 – 2032 46

FIG NO. 15. Egypt Elevator Modernization Market for Machine Room-Less (MRL) Elevators, Volume & Revenue (Units) (USD Million) 2018 – 2032 47

FIG NO. 16. Elevator Modernization Market Volume Share, By Application, 2023 & 2032 49

FIG NO. 17. Elevator Modernization Market Revenue Share, By Application, 2023 & 2032 49

FIG NO. 18. Market Attractiveness Analysis, By Application 50

FIG NO. 19. Incremental Revenue Growth Opportunity by Application, 2024 – 2032 50

FIG NO. 20. Elevator Modernization Market Revenue, By Application, 2018, 2023, 2027 & 2032 51

FIG NO. 21. Egypt Elevator Modernization Market for Residential, Volume & Revenue (Units) (USD Million) 2018 – 2032 52

FIG NO. 22. Egypt Elevator Modernization Market for Commercial, Volume & Revenue (Units) (USD Million) 2018 – 2032 53

FIG NO. 23. Egypt Elevator Modernization Market for Industrial, Volume & Revenue (Units) (USD Million) 2018 – 2032 54

FIG NO. 24. Egypt Elevator Modernization Market for Institutional, Volume & Revenue (Units) (USD Million) 2018 – 2032 55

FIG NO. 25. Elevator Modernization Market Volume Share, By Component, 2023 & 2032 57

FIG NO. 26. Elevator Modernization Market Revenue Share, By Component, 2023 & 2032 57

FIG NO. 27. Market Attractiveness Analysis, By Component 58

FIG NO. 28. Incremental Revenue Growth Opportunity by Component, 2024 – 2032 58

FIG NO. 29. Elevator Modernization Market Revenue, By Component, 2018, 2023, 2027 & 2032 59

FIG NO. 30. Egypt Elevator Modernization Market for Control Systems, Volume & Revenue (Units) (USD Million) 2018 – 2032 60

FIG NO. 31. Egypt Elevator Modernization Market for Door Systems, Volume & Revenue (Units) (USD Million) 2018 – 2032 61

FIG NO. 32. Egypt Elevator Modernization Market for Cab Enclosures, Volume & Revenue (Units) (USD Million) 2018 – 2032 62

FIG NO. 33. Egypt Elevator Modernization Market for Power Units, Volume & Revenue (Units) (USD Million) 2018 – 2032 63

FIG NO. 34. Egypt Elevator Modernization Market Volume & Revenue, 2018 – 2032 (Units) (USD Million) 64

List of Table

TABLE NO. 1. : Egypt Elevator Modernization Market: Snapshot 20

TABLE NO. 2. : Drivers for the Elevator Modernization Market: Impact Analysis 23

TABLE NO. 3. : Restraints for the Elevator Modernization Market: Impact Analysis 25

TABLE NO. 1. : Egypt Elevator Modernization Market Price, By Type, 2018 – 2023 31

TABLE NO. 2. : Egypt Elevator Modernization Market Price, By Type, 2024 – 2032 31

TABLE NO. 3. : Egypt Elevator Modernization Market Volume, By Type, 2018 – 2023 (Units) 65

TABLE NO. 4. : Egypt Elevator Modernization Market Volume, By Type, 2024 – 2032 (Units) 65

TABLE NO. 5. : Egypt Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 66

TABLE NO. 6. : Egypt Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 66

TABLE NO. 7. : Egypt Elevator Modernization Market Volume, By Application, 2018 – 2023 (Units) 67

TABLE NO. 8. : Egypt Elevator Modernization Market Volume, By Application, 2024 – 2032 (Units) 67

TABLE NO. 9. : Egypt Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 68

TABLE NO. 10. : Egypt Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 68

TABLE NO. 11. : Egypt Elevator Modernization Market Volume, By Component, 2018 – 2023 (Units) 69

TABLE NO. 12. : Egypt Elevator Modernization Market Volume, By Component, 2024 – 2032 (Units) 69

TABLE NO. 13. : Egypt Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 70

TABLE NO. 14. : Egypt Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 70

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Frequently Asked Questions

What is the current market size for the Egypt Elevator Modernization Market, and what is its projected size in 2032?

The Egypt Elevator Modernization Market was valued at USD 57.08 million in 2024 and is projected to reach USD 115.43 million by 2032.

At what Compound Annual Growth Rate is the Egypt Elevator Modernization Market projected to grow between 2024 and 2032?

The Egypt Elevator Modernization Market is projected to grow at a CAGR of 8.57% from 2024 to 2032.

Which Egypt Elevator Modernization Market segment held the largest share in 2024?

In 2024, the “By Type” segment, particularly traction elevators, held the largest share in the Egypt Elevator Modernization Market.

What are the primary factors fueling the growth of the Egypt Elevator Modernization Market?

Urban growth, increased regulatory compliance, and the demand for energy-efficient, smart elevator systems are driving the growth of the Egypt Elevator Modernization Market.

Who are the leading companies in the Egypt Elevator Modernization Market?

Key players in the Egypt Elevator Modernization Market include Otis, KONE, Schindler, and Mitsubishi Electric Corporation, among others.

Which region commanded the largest share of the Egypt Elevator Modernization Market in 2024?

The Cairo metropolitan region commanded the largest share of the Egypt Elevator Modernization Market in 2024, accounting for approximately 40% of the market.

About Author

Ganesh Chandwade

Senior Industry Consultant

Ganesh is a senior industry consultant specializing in heavy industries and advanced materials.

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