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

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Published: | Report ID: 69760 | Report Format : PDF
REPORT ATTRIBUTE DETAILS
Historical Period 2019-2022
Base Year 2023
Forecast Period 2024-2032
Egypt Elevator Modernization Market Size 2023 USD 50.13 million
Egypt Elevator Modernization Market , CAGR 8.89%
Egypt Elevator Modernization Market Size 2032 USD 99.09 million

Market Overview

The Egypt elevator modernization market is expected to grow from USD 50.13 million in 2023 to USD 99.09 million by 2032, at a CAGR of 8.89%.

The Egypt elevator modernization market is driven by the country’s rapid urbanization, growing construction industry, and the need for enhanced safety and energy efficiency in older buildings. As urban infrastructure continues to expand, the demand for modernized elevator systems that comply with updated safety standards is increasing. Technological advancements in elevator systems, such as smart and energy-efficient solutions, are also fueling the market’s growth. Moreover, the rising focus on sustainability and energy conservation is pushing building owners to adopt energy-efficient elevator systems. The growing preference for eco-friendly building certifications and the introduction of government regulations mandating energy efficiency further support the market’s development. Additionally, the need for reducing downtime and ensuring smoother, more reliable transportation in high-rise buildings is increasing, further accelerating the adoption of elevator modernization solutions in Egypt. These factors collectively drive the market towards substantial growth in the coming years.

The geographical analysis of Egypt’s elevator modernization market highlights key regions such as Cairo, Alexandria, the Suez Canal region, and Upper Egypt, where modernization efforts are increasingly in demand due to urbanization and infrastructure development. Cairo and Alexandria, as major urban centers, are leading the market with a significant portion of the modernization projects focused on residential, commercial, and institutional buildings. The Suez Canal region, with its expanding industrial and economic zones, and Upper Egypt, with its growing urbanization, also present opportunities for elevator system upgrades. Key players in Egypt’s elevator modernization market include global leaders like Otis Elevator Company, Schindler Group, Thyssenkrupp AG, KONE Corporation, and Mitsubishi Electric Corporation. Local players such as Alamein Elevator Company and Sanyo Elevators and Escalators also contribute significantly, offering customized solutions and servicing the growing demand for efficient and modern elevator systems.

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Market Insights

  • The Egypt elevator modernization market is valued at USD 50.13 million in 2023 and is expected to reach USD 99.09 million by 2032, growing at a CAGR of 8.89%.
  • The market is driven by the rapid urbanization and development of high-rise buildings, leading to a significant demand for elevator upgrades.
  • Technological advancements such as smart elevators and energy-efficient systems are reshaping the modernization landscape.
  • Increased focus on safety, energy efficiency, and compliance with updated regulations is driving modernization efforts.
  • Key players in the market include Otis, Schindler, Thyssenkrupp, KONE, and local companies like Alamein Elevator Company.
  • Challenges include high initial investment costs and the limited availability of skilled labor for modernizing older elevator systems.
  • Cairo and Alexandria dominate the market, with emerging opportunities in the Suez Canal region and Upper Egypt due to urbanization and infrastructure development.

Market Drivers

Urbanization and Growing Construction Industry

Egypt’s rapid urbanization and booming construction sector are key drivers of the elevator modernization market. With a significant rise in high-rise buildings, residential complexes, and commercial properties, the demand for modern elevator systems has escalated. As cities like Cairo expand, older buildings with outdated elevator systems require upgrades to meet increasing transportation needs, ensuring smooth and efficient movement within these vertical structures. For instance, the Cairo Festival City project includes the modernization of elevators to accommodate the growing population and enhance mobility. The modernization of elevators in older buildings aligns with the urban development trend and supports the growing demand for advanced mobility solutions.

Safety and Regulatory Compliance

The need for improved safety standards in Egypt’s elevators is a significant driver of the modernization market. Aging elevator systems often fail to meet current safety regulations, posing risks to users. To mitigate these risks, building owners are increasingly upgrading their elevators to comply with updated safety codes and regulations. The modernization process helps to enhance the performance, reliability, and safety of the systems, ensuring that they align with both local and international standards. For instance, the EN 81-20 and EN 81-50 standards set revised safety requirements for elevator construction and installation, which many Egyptian buildings are now adopting. This growing regulatory focus is pushing many property owners to invest in modernization projects.

Technological Advancements and Energy Efficiency

Technological innovations in elevator systems are driving the demand for modernization in Egypt. Modern elevators now incorporate smart features such as remote monitoring, predictive maintenance, and energy-efficient designs. These technologies not only improve the performance and reliability of elevators but also contribute to significant cost savings in terms of energy consumption. As businesses and property owners focus on reducing operational costs, adopting energy-efficient elevator solutions has become a top priority. This technological evolution is encouraging the modernization of outdated systems to align with contemporary standards.

Focus on Sustainability and Eco-friendly Practices

A rising emphasis on sustainability and eco-friendly practices is further contributing to the growth of Egypt’s elevator modernization market. With environmental concerns becoming more prominent, property owners are seeking energy-efficient solutions that align with green building certifications. Modern elevators consume less energy, are quieter, and have a lower environmental impact compared to older models. As building owners strive to meet sustainability goals and reduce carbon footprints, the demand for elevator modernization, especially those focused on energy conservation, continues to rise in Egypt.

Market Trends

Increasing Adoption of Smart Elevator Systems

One of the key trends in Egypt’s elevator modernization market is the growing adoption of smart elevator systems. These advanced systems offer features such as remote monitoring, automated scheduling, and real-time diagnostics, which significantly enhance operational efficiency. Smart elevators allow for predictive maintenance, reducing downtime and repair costs while improving overall service reliability. For instance, Otis’s smart elevator technology includes remote monitoring and predictive maintenance, which enhances operational efficiency and reduces downtime. As Egypt’s urban infrastructure becomes more technology-driven, the demand for these high-tech elevator solutions is expected to rise, offering smoother and faster transportation within high-rise buildings.

Energy-efficient and Sustainable Solutions

Energy efficiency remains a significant trend in Egypt’s elevator modernization market. Modern elevators are designed to consume less energy compared to older models, with features like regenerative drives and LED lighting. These systems help reduce the overall energy consumption of buildings, making them more environmentally friendly. As sustainability becomes a key focus for both government regulations and corporate responsibility, property owners are increasingly opting for energy-efficient elevator solutions. This trend reflects the growing demand for green building certifications and a commitment to lowering the carbon footprint.

Integration of IoT for Enhanced Performance

The integration of the Internet of Things (IoT) into elevator systems is another growing trend in Egypt. IoT-enabled elevators allow for real-time monitoring of system performance, helping to identify issues before they become critical problems. This trend facilitates predictive maintenance, which reduces maintenance costs and increases the overall lifespan of elevator systems. By integrating sensors and cloud-based technology, elevator systems can also provide valuable data on usage patterns, which can be analyzed to optimize building operations. As IoT technology continues to advance, its adoption in elevator modernization is expected to expand.

Government Support for Modernization Initiatives

The Egyptian government’s initiatives to support modernization and infrastructure development are driving trends in the elevator modernization market. Policies aimed at improving building safety and efficiency are encouraging property owners to upgrade their elevator systems to meet new standards. Additionally, government incentives or subsidies for energy-efficient upgrades are becoming more common, making it more attractive for building owners to invest in modernization projects. This trend reflects the government’s commitment to supporting sustainable growth in the construction and real estate sectors while ensuring enhanced safety and accessibility for residents and visitors.

Market Challenges Analysis

High Initial Investment Costs

One of the major challenges in Egypt’s elevator modernization market is the high initial investment required for upgrading older systems. The cost of modernizing elevators, including the installation of advanced technologies, energy-efficient components, and smart systems, can be substantial. Many building owners, especially in older structures, may be reluctant to undertake such costly projects due to budget constraints. For instance, the initial investment for purchasing and installing elevators or escalators can be substantial, especially for high-rise buildings or large-scale infrastructure projects. While the long-term savings in energy efficiency and reduced maintenance costs can offset the initial investment, the upfront financial burden remains a significant barrier, particularly in a market where financial resources for renovation projects can be limited.

Limited Skilled Labor and Technical Expertise

Another challenge facing the elevator modernization market in Egypt is the limited availability of skilled labor and technical expertise. Modernizing elevator systems often requires specialized knowledge of advanced technologies, such as smart systems, IoT integration, and energy-efficient solutions. There is a shortage of trained professionals capable of performing these complex installations and maintenance tasks to the required standards. As the demand for modernization grows, the need for skilled technicians becomes more critical. Without sufficient training and technical support, the quality and efficiency of elevator modernization projects may be compromised, which could delay market growth and deter potential investments.

Market Opportunities

Growing Demand for High-rise Buildings and Infrastructure Development

The ongoing urbanization and rapid development of high-rise buildings in Egypt present significant opportunities for the elevator modernization market. As the demand for residential, commercial, and mixed-use properties continues to rise, many existing buildings are in need of upgrades to meet modern standards. This creates a substantial market for elevator modernization, particularly in older buildings that require new systems to ensure safety, efficiency, and compliance with updated regulations. With a focus on expanding cities like Cairo and Alexandria, the modernization of elevators in these areas offers a lucrative opportunity for companies to cater to the growing demand for more efficient and technologically advanced systems.

Government Initiatives and Sustainability Focus

Government support for infrastructure and building safety regulations presents another valuable opportunity in the elevator modernization market. With the government emphasizing sustainability and energy-efficient building solutions, there is a clear opportunity to upgrade existing elevator systems to meet these green standards. Additionally, the rise of green building certifications and eco-friendly initiatives offers a strong incentive for property owners to invest in energy-efficient and smart elevator solutions. This market opportunity is further supported by potential incentives or subsidies from the government, which could encourage businesses to prioritize elevator modernization to meet safety and environmental criteria. As these trends gain momentum, the market for modernization services and products is expected to see steady growth in the coming years.

Market Segmentation Analysis:

By Type:

The Egypt elevator modernization market is segmented by type into traction systems, hydraulic systems, and machine room-less (MRL) elevators. Traction system elevators dominate the market due to their efficiency and ability to handle high-rise buildings. These systems, which use ropes and pulleys to lift the elevator car, are increasingly being modernized to incorporate energy-efficient technologies and smart features. Hydraulic system elevators, though more common in low-rise buildings, are also being upgraded to meet modern safety and performance standards. The adoption of MRL elevators is on the rise due to their space-saving design and energy efficiency, making them a popular choice for building owners looking to maximize floor space and reduce energy consumption. These systems are particularly suitable for mid-rise buildings and have seen an increased demand in Egypt’s growing real estate sector.

By Application:

The market is also segmented by application into residential, commercial, industrial, and institutional buildings. In residential buildings, the demand for modernization is driven by the need to improve safety, comfort, and energy efficiency in older buildings. Commercial buildings, especially office complexes and retail spaces, are seeing significant investments in modernization to meet the high expectations of tenants and customers for advanced, efficient systems. Industrial buildings require specialized elevator solutions that can handle heavy-duty operations, and institutional buildings, including hospitals and schools, prioritize accessibility and safety in their elevator modernization projects. As Egypt’s infrastructure expands, the demand for modernization across all these segments is expected to grow, driven by a focus on improving building functionality, energy efficiency, and compliance with safety regulations.

Segments:

Based on Type:

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

Based on Application:

  • Residential Buildings
  • Commercial Buildings
  • Industrial Buildings
  • Institutional Buildings

Based on Component:

  • Control System
  • Door System
  • Cab Enclosure
  • Power Units
  • Others

Based on the Geography:

  • Cairo
  • Alexandria
  • Suez Canal Region
  • Upper Egypt

Regional Analysis

Cairo

Cairo, as Egypt’s capital and the largest urban center, is the dominant region in the elevator modernization market. With a market share of 40%, Cairo’s demand for elevator modernization is driven by its rapidly growing high-rise buildings and commercial complexes. The city’s extensive infrastructure development, along with the increasing need to upgrade aging buildings, is significantly contributing to this demand. Cairo’s modernization efforts are largely focused on residential, commercial, and institutional buildings, where the need for improved safety, efficiency, and energy consumption is paramount. The growing number of real estate projects and governmental initiatives in the capital ensures that Cairo will remain a critical driver of the modernization market in the coming years.

Alexandria

Alexandria, Egypt’s second-largest city, holds a 25% share of the elevator modernization market. Known for its bustling commercial activities and a significant number of residential and institutional buildings, Alexandria presents considerable opportunities for modernization. The demand for elevator upgrades in the city is driven by its rapidly expanding real estate sector, especially in multi-story residential complexes and commercial offices. Additionally, Alexandria’s historical infrastructure is becoming outdated, which necessitates modernization to meet current safety standards and energy efficiency requirements. As urbanization continues to grow, Alexandria is positioned to see significant growth in the elevator modernization market, particularly in residential and commercial building applications.

Suez Canal Region & Upper Egypt

The Suez Canal region and Upper Egypt, while contributing smaller market shares of 20% and 15%, respectively, are witnessing emerging opportunities for elevator modernization. The Suez Canal region, known for its strategic importance and ongoing infrastructure development projects, is increasingly seeing modernization efforts in port facilities, industrial buildings, and commercial properties. The demand for advanced elevator systems in this region is expected to rise as new developments come online, especially with the expansion of the Suez Canal economic zone. Upper Egypt, on the other hand, is undergoing gradual urbanization, and while it currently holds a smaller share of the market, there is growing demand for modernization in newly constructed residential and commercial buildings. As infrastructure in Upper Egypt develops, the region is anticipated to experience steady growth in the elevator modernization sector, driven by the increasing need to enhance building performance and safety standards.

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Key Player Analysis

  • Otis Elevator Company
  • Schindler Group
  • Thyssenkrupp AG
  • KONE Corporation
  • Mitsubishi Electric Corporation
  • Orona Group
  • Toshiba Elevator and Building Systems Corporation
  • Hyundai Elevator Co., Ltd.
  • Alamein Elevator Company
  • Sanyo Elevators and Escalators

Competitive Analysis

The Egypt elevator modernization market is highly competitive, with several global and local players offering advanced solutions to meet the growing demand for efficient and safe elevator systems. Leading global players include Otis Elevator Company, Schindler Group, Thyssenkrupp AG, KONE Corporation, and Mitsubishi Electric Corporation, all of which have a strong presence in Egypt. The market features a mix of global and local companies offering a variety of solutions to cater to the growing infrastructure needs. Leading players focus on providing state-of-the-art technologies such as smart elevators, predictive maintenance, and energy-saving systems to meet the evolving needs of high-rise buildings, commercial spaces, and residential complexes. For instance, Otis’s smart elevator technology includes remote monitoring and predictive maintenance, which enhances operational efficiency and reduces downtime. Competition in the market is fueled by factors such as innovation, cost-efficiency, and the ability to offer tailored solutions to different sectors. Companies are increasingly adopting modern technologies to improve operational efficiency, reduce downtime, and enhance the user experience. Additionally, the demand for green building certifications and sustainable solutions is encouraging players to integrate energy-efficient features into their elevator systems. As the modernization of older buildings becomes essential to meet safety regulations and improve energy consumption, businesses are focusing on offering comprehensive modernization services that not only enhance the functionality of elevators but also provide long-term cost savings for clients. This competitive landscape is expected to intensify as the market grows, with companies striving to maintain their market share through continuous technological advancements and quality customer support.

Recent Developments

  • In December 2024, Fujitec Indonesia successfully delivered 19 modernized elevators to the iconic Wisma 46office building in Jakarta. This modernization includes the introduction of the EZSHUTTLE destination dispatch system, which automates elevator assignments based on passenger destinations, improving operational efficiency.
  • In October 2024, Otis Elevator announced its involvement in the modernization of elevators at the Eiffel Towerin Paris, enhancing the duolift™ elevators that serve millions of visitors annually. Additionally, they are set to begin modernization work at the Burj Khalifa in Dubai, which will include a 10-year maintenance and upgrading contract for 34 elevators.
  • In September 2024, KONE Corporation unveiled its ambitious strategy called “Rise” for 2025-2030, which emphasizes driving modernization to unlock growth opportunities and enhance customer experiences. This strategy includes a focus on digital transformation and sustainability initiatives.
  • In September 2024, Thyssenkrupp AG (TK Elevator) was awarded a contract to modernize escalators for the Cologne subway system in Germany. The project includes installing 23 victoria-type escalators equipped with MAX Smart Maintenance technology, which aims to reduce maintenance efforts and enhance operational efficiency.

Market Concentration & Characteristics

The market concentration of Egypt’s elevator modernization sector is relatively fragmented, with a mix of global players and local companies operating in the space. While global giants dominate the high-end segment, offering advanced technologies and comprehensive solutions, local companies play a significant role in catering to specific regional needs and providing cost-effective services. This creates a competitive environment where large players leverage their international expertise and technological advancements, while local firms differentiate themselves by offering customized solutions and localized customer support. The market is characterized by a strong emphasis on innovation, energy efficiency, and safety compliance, which are driving modernization efforts across residential, commercial, and industrial sectors. As Egypt continues to urbanize and expand its infrastructure, the demand for elevator modernization solutions is growing. This trend is fostering increased competition among both global and regional players. The need for energy-efficient and sustainable systems is becoming a primary market characteristic, with building owners prioritizing green certifications and long-term cost savings. Additionally, the focus on improving elevator safety and accessibility is pushing companies to incorporate advanced technologies such as smart systems and predictive maintenance into their offerings. The market’s dynamics are shaped by the integration of modern technologies, customer service excellence, and the ability to provide tailored solutions that address the diverse needs of Egypt’s rapidly developing urban landscape.

Report Coverage

The research report offers an in-depth analysis based on Type, Application, Component and Geography. 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

  1. The Egypt elevator modernization market is expected to grow significantly due to increased urbanization and the rise of high-rise buildings.
  2. Technological advancements, including the integration of smart and energy-efficient systems, will drive the demand for modernization.
  3. Growing focus on sustainability and green building certifications will encourage more investments in energy-efficient elevator solutions.
  4. The demand for improved safety standards and compliance with updated regulations will continue to drive modernization projects.
  5. Cairo and Alexandria will remain key markets, but emerging regions like the Suez Canal and Upper Egypt will experience higher growth.
  6. The increasing need for predictive maintenance and IoT-enabled systems will shape the future of elevator modernization.
  7. Competitive pricing and customized solutions from local players will enhance their market share in the coming years.
  8. The government’s push for infrastructure development and building safety regulations will accelerate elevator upgrades in older buildings.
  9. Local players are expected to expand their service offerings, providing comprehensive modernization packages to meet diverse needs.
  10. The market will likely witness increased collaboration between elevator manufacturers and construction companies for integrated solutions.

CHAPTER NO. 1 : INTRODUCTION 19

1.1.1. Report Description 19

Purpose of the Report 19

USP & Key Offerings 19

1.1.2. Key Benefits for Stakeholders 19

1.1.3. Target Audience 20

1.1.4. Report Scope 20

CHAPTER NO. 2 : EXECUTIVE SUMMARY 21

2.1. Elevator Modernization Market Snapshot 21

2.1.1. Egypt Elevator Modernization Market, 2018 – 2032 (USD Million) 22

CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 23

3.1. Russia-Ukraine and Israel-Palestine War Impacts 23

CHAPTER NO. 4 : ELEVATOR MODERNIZATION MARKET – INDUSTRY ANALYSIS 24

4.1. Introduction 24

4.2. Market Drivers 25

4.2.1. Increasing urbanization and aging building infrastructure 25

4.2.2. Growing focus on energy efficiency and sustainability in building operations 26

4.3. Market Restraints 27

4.3.1. High initial investment cost for modernization projects 27

4.4. Market Opportunities 28

4.4.1. Integration of IoT and AI in elevator modernization systems 28

4.5. Porter’s Five Forces Analysis 29

4.6. Buying Criteria 30

CHAPTER NO. 5 : IMPORT EXPORT ANALYSIS 31

5.1. Import Analysis by Egypt 31

5.1.1. Egypt Elevator Modernization Market Import Volume/Revenue, By Egypt, 2018 – 2023 31

5.2. Export Analysis by Egypt 32

5.2.1. Egypt Elevator Modernization Market Export Volume/Revenue, By Egypt, 2018 – 2023 32

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 33

6.1. Demand Analysis by Egypt 33

6.1.1. Egypt Elevator Modernization Market Demand Volume/Revenue, By Egypt, 2018 – 2023 33

6.2. Supply Analysis by Egypt 34

6.2.1. Egypt Elevator Modernization Market Supply Volume/Revenue, By Egypt, 2018 – 2023 34

CHAPTER NO. 7 : PRODUCTION ANALYSIS 35

7.1. Production Analysis by Egypt 35

7.1.1. Egypt Elevator Modernization Market Production Volume/Revenue, By Egypt, 2018 – 2023 35

CHAPTER NO. 8 : PRICE ANALYSIS 36

8.1. Price Analysis by Type 36

8.1.1. Egypt Elevator Modernization Market Price, By Type, 2018 – 2023 36

8.1.2. Egypt Type Market Price, By Type, 2018 – 2023 36

CHAPTER NO. 9 : RAW MATERIALS ANALYSIS 37

9.1. Key Raw Materials and Suppliers 37

9.2. Key Raw Materials Price Trend 37

CHAPTER NO. 10 : MANUFACTURING COST ANALYSIS 38

10.1. Manufacturing Cost Analysis 38

10.2. Manufacturing Process 38

CHAPTER NO. 11 : ANALYSIS COMPETITIVE LANDSCAPE 39

11.1. Company Market Share Analysis – 2023 39

11.2. Value Chain Analysis 39

11.2.1. Egypt Elevator Modernization Market: Company Market Share, by Volume, 2023 40

11.2.2. Egypt Elevator Modernization Market: Company Market Share, by Revenue, 2023 41

11.2.3. Egypt Elevator Modernization Market: Top 6 Company Market Share, by Revenue, 2023 41

11.2.4. Egypt Elevator Modernization Market: Top 3 Company Market Share, by Revenue, 2023 42

11.3. Egypt Elevator Modernization Market Company Volume Market Share, 2023 43

11.4. Egypt Elevator Modernization Market Company Revenue Market Share, 2023 44

11.5. Company Assessment Metrics, 2023 44

11.5.1. Stars 44

11.5.2. Emerging Leaders 44

11.5.3. Pervasive Players 44

11.5.4. Participants 44

11.6. Start-ups /SMEs Assessment Metrics, 2023 44

11.6.1. Progressive Companies 44

11.6.2. Responsive Companies 45

11.6.3. Dynamic Companies 45

11.6.4. Starting Blocks 45

11.7. Strategic Developments 46

11.7.1. Acquisitions & Mergers 46

New Product Launch 46

Egypt Expansion 46

11.8. Key Players Product Matrix 47

CHAPTER NO. 12 : PESTEL & ADJACENT MARKET ANALYSIS 48

12.1. PESTEL 48

12.1.1. Political Factors 48

12.1.2. Economic Factors 48

12.1.3. Social Factors 48

12.1.4. Technological Factors 48

12.1.5. Environmental Factors 48

12.1.6. Legal Factors 48

12.2. Adjacent Market Analysis 48

CHAPTER NO. 13 : ELEVATOR MODERNIZATION MARKET – BY TYPE SEGMENT ANALYSIS 49

13.1. Elevator Modernization Market Overview, by Type Segment 49

13.1.1. Elevator Modernization Market Revenue Share, By Type, 2023 & 2032 50

13.1.2. Elevator Modernization Market Attractiveness Analysis, By Type 51

13.1.3. Incremental Revenue Growth Opportunity, by Type, 2024 – 2032 51

13.1.4. Elevator Modernization Market Revenue, By Type, 2018, 2023, 2027 & 2032 52

13.2. Traction System 53

13.3. Hydraulic System 54

13.4. Machine Room-Less (MRL) Elevators 55

CHAPTER NO. 14 : ELEVATOR MODERNIZATION MARKET – BY APPLICATION SEGMENT ANALYSIS 56

14.1. Elevator Modernization Market Overview, by Application Segment 56

14.1.1. Elevator Modernization Market Revenue Share, By Application, 2023 & 2032 57

14.1.2. Elevator Modernization Market Attractiveness Analysis, By Application 58

14.1.3. Incremental Revenue Growth Opportunity, by Application, 2024 – 2032 58

14.1.4. Elevator Modernization Market Revenue, By Application, 2018, 2023, 2027 & 2032 59

14.2. Residential Buildings 60

14.3. Commercial Buildings 61

14.4. Industrial Buildings 62

14.5. Institutional Buildings 63

CHAPTER NO. 15 : ELEVATOR MODERNIZATION MARKET – BY COMPONENT SEGMENT ANALYSIS 64

15.1. Elevator Modernization Market Overview, by Component Segment 64

15.1.1. Elevator Modernization Market Revenue Share, By Component, 2023 & 2032 65

15.1.2. Elevator Modernization Market Attractiveness Analysis, By Component 66

15.1.3. Incremental Revenue Growth Opportunity, by Component, 2024 – 2032 66

15.1.4. Elevator Modernization Market Revenue, By Component, 2018, 2023, 2027 & 2032 67

15.2. Control System 68

15.3. Door System 69

15.4. Cab Enclosure 70

15.5. Power Units 71

15.6. Others 72

CHAPTER NO. 16 : ELEVATOR MODERNIZATION MARKET – EGYPT ANALYSIS 73

16.1. Type 73

16.1.1. Egypt Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 73

16.2. Egypt Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 73

16.3. Application 74

16.3.1. Egypt Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 74

16.3.2. Egypt Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 74

16.4. Component 75

16.4.1. Egypt Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 75

16.4.2. Egypt Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 75

CHAPTER NO. 17 : COMPANY PROFILES 76

17.1. Otis Elevator Company 76

17.1.1. Company Overview 76

17.1.2. Product Portfolio 76

17.1.3. Swot Analysis 76

17.1.4. Business Strategy 77

17.1.5. Financial Overview 77

17.2. Schindler Group 78

17.3. Thyssenkrupp AG 78

17.4. KONE Corporation 78

17.5. Mitsubishi Electric Corporation 78

17.6. Orona Group 78

17.7. Toshiba Elevator and Building Systems Corporation 78

17.8. Hyundai Elevator Co., Ltd. 78

17.9. Alamein Elevator Company 78

17.10. Sanyo Elevators and Escalators 78

List of Figures

FIG NO. 1. Egypt Elevator Modernization Market Revenue, 2018 – 2032 (USD Million) 22

FIG NO. 2. Porter’s Five Forces Analysis for Egypt Elevator Modernization Market 29

FIG NO. 3. Egypt Elevator Modernization Market Import Volume/Revenue, By Egypt, 2018 – 2023 31

FIG NO. 4. Egypt Elevator Modernization Market Export Volume/Revenue, By Egypt, 2018 – 2023 32

FIG NO. 5. Egypt Elevator Modernization Market Demand Volume/Revenue, By Egypt, 2018 – 2023 33

FIG NO. 6. Egypt Elevator Modernization Market Supply Volume/Revenue, By Egypt, 2018 – 2023 34

FIG NO. 7. Egypt Elevator Modernization Market Production Volume/Revenue, By Egypt, 2018 – 2023 35

FIG NO. 8. Egypt Elevator Modernization Market Price, By Type, 2018 – 2023 36

FIG NO. 9. Raw Materials Price Trend Analysis, 2018 – 2023 37

FIG NO. 10. Manufacturing Cost Analysis 38

FIG NO. 11. Manufacturing Process 38

FIG NO. 12. Value Chain Analysis for Egypt Elevator Modernization Market 39

FIG NO. 13. Company Share Analysis, 2023 40

FIG NO. 14. Company Share Analysis, 2023 41

FIG NO. 15. Company Share Analysis, 2023 41

FIG NO. 16. Company Share Analysis, 2023 42

FIG NO. 17. Elevator Modernization Market – Company Volume  Market Share, 2023 43

FIG NO. 18. Elevator Modernization Market – Company Revenue Market Share, 2023 44

FIG NO. 19. Elevator Modernization Market Revenue Share, By Type, 2023 & 2032 50

FIG NO. 20. Market Attractiveness Analysis, By Type 51

FIG NO. 21. Incremental Revenue Growth Opportunity by Type, 2024 – 2032 51

FIG NO. 22. Elevator Modernization Market Revenue, By Type, 2018, 2023, 2027 & 2032 52

FIG NO. 23. Egypt Elevator Modernization Market for Traction System, Revenue (USD Million) 2018 – 2032 53

FIG NO. 24. Egypt Elevator Modernization Market for Hydraulic System, Revenue (USD Million) 2018 – 2032 54

FIG NO. 25. Egypt Elevator Modernization Market for Machine Room-Less (MRL) Elevators, Revenue (USD Million) 2018 – 2032 55

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

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

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

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

FIG NO. 30. Egypt Elevator Modernization Market for Residential Buildings, Revenue (USD Million) 2018 – 2032 60

FIG NO. 31. Egypt Elevator Modernization Market for Commercial Buildings, Revenue (USD Million) 2018 – 2032 61

FIG NO. 32. Egypt Elevator Modernization Market for Industrial Buildings, Revenue (USD Million) 2018 – 2032 62

FIG NO. 33. Egypt Elevator Modernization Market for Institutional Buildings, Revenue (USD Million) 2018 – 2032 63

FIG NO. 34. Elevator Modernization Market Revenue Share, By Component, 2023 & 2032 65

FIG NO. 35. Market Attractiveness Analysis, By Component 66

FIG NO. 36. Incremental Revenue Growth Opportunity by Component, 2024 – 2032 66

FIG NO. 37. Elevator Modernization Market Revenue, By Component, 2018, 2023, 2027 & 2032 67

FIG NO. 38. Egypt Elevator Modernization Market for Control System, Revenue (USD Million) 2018 – 2032 68

FIG NO. 39. Egypt Elevator Modernization Market for Door System, Revenue (USD Million) 2018 – 2032 69

FIG NO. 40. Egypt Elevator Modernization Market for Cab Enclosure, Revenue (USD Million) 2018 – 2032 70

FIG NO. 41. Egypt Elevator Modernization Market for Power Units, Revenue (USD Million) 2018 – 2032 71

FIG NO. 42. Egypt Elevator Modernization Market for Others, Revenue (USD Million) 2018 – 2032 72

List of Tables

TABLE NO. 1. : Egypt Elevator Modernization Market: Snapshot 21

TABLE NO. 2. : Drivers for the Elevator Modernization Market: Impact Analysis 25

TABLE NO. 3. : Restraints for the Elevator Modernization Market: Impact Analysis 27

TABLE NO. 4. : Egypt Elevator Modernization Market Revenue, By Type, 2018 – 2023 36

TABLE NO. 5. : Key Raw Materials & Suppliers 37

TABLE NO. 6. : Egypt Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 73

TABLE NO. 7. : Egypt Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 73

TABLE NO. 8. : Egypt Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 74

TABLE NO. 9. : Egypt Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 74

TABLE NO. 10. : Egypt Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 75

TABLE NO. 11. : Egypt Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 75

 

Frequently Asked Questions

What is the current size of the Egypt Elevator Modernization Market?

The Egypt elevator modernization market was valued at USD 50.13 million in 2023 and is projected to grow to USD 99.09 million by 2032, at a compound annual growth rate (CAGR) of 8.89%.

What factors are driving the growth of the Egypt Elevator Modernization Market?

The market’s growth is driven by rapid urbanization, a booming construction industry, and the need for enhanced safety and energy efficiency in older buildings. The adoption of smart and energy-efficient systems, compliance with updated safety regulations, and a rising focus on sustainability further contribute to the increasing demand for elevator modernization solutions.

What are the key segments within the Egypt Elevator Modernization Market?

The market is segmented by type into Traction Systems, Hydraulic Systems, and Machine Room-Less (MRL) Elevators. By application, it includes Residential, Commercial, Industrial, and Institutional buildings. Key components include Control Systems, Door Systems, Cab Enclosures, and Power Units. Geographically, the market is divided into Cairo, Alexandria, the Suez Canal region, and Upper Egypt.

What are some challenges faced by the Egypt Elevator Modernization Market?

The market faces challenges such as high initial investment costs for upgrading older systems and a limited availability of skilled labor and technical expertise. These factors can delay modernization projects and deter building owners from pursuing upgrades.

Who are the major players in the Egypt Elevator Modernization Market?

Key players include global companies such as Otis Elevator Company, Schindler Group, Thyssenkrupp AG, KONE Corporation, and Mitsubishi Electric Corporation. Local companies like Alamein Elevator Company and Sanyo Elevators and Escalators also play a significant role by providing customized and cost-effective solutions.

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