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Indonesia 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: 70274 | Report Format : PDF
REPORT ATTRIBUTE DETAILS
Historical Period  2019-2022
Base Year  2023
Forecast Period  2024-2032
Indonesia Elevator Modernization Market Size 2023  USD 82.12 Million
Indonesia Elevator Modernization Market, CAGR  11.91%
Indonesia Elevator Modernization Market Size 2032  USD 201.96 Million

Market Overview

The Indonesia Elevator Modernization Market is projected to grow from USD 82.12 million in 2023 to USD 201.96 million by 2032, reflecting a compound annual growth rate (CAGR) of 11.91%.

The Indonesia elevator modernization market is driven by increasing demand for advanced, energy-efficient solutions and the need to upgrade aging infrastructure in urban areas. Rapid urbanization and the growing construction of high-rise buildings in cities like Jakarta are propelling the demand for elevator systems that offer improved performance, safety, and sustainability. Government regulations focused on safety standards and energy efficiency further incentivize modernization projects. Additionally, the rising focus on smart technologies and IoT integration in elevators to enhance user experience and operational efficiency is contributing to market growth. The need for reduced downtime and lower maintenance costs is also driving the shift towards modernization, as businesses seek to optimize their building operations. With the rise in disposable income and a growing middle class, demand for high-quality, reliable elevator systems continues to increase, ensuring robust market expansion over the coming years.

The geographical analysis of Indonesia’s elevator modernization market highlights significant demand in regions like Java, Sumatra, Kalimantan, and Sulawesi, with urban centers such as Jakarta, Surabaya, and Medan driving much of the modernization efforts. The country’s rapid urbanization, coupled with increasing construction of high-rise buildings, creates a need for advanced and efficient elevator systems. Key players in the Indonesian elevator modernization market include global and regional leaders such as Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hitachi Elevator Engineering Company, Toshiba Elevator and Building Systems Corporation, KONE Corporation, Otis Elevator Company, Schindler Group, Thyssenkrupp AG, SJEC Corporation, and Canny Elevator Co., Ltd. These companies are instrumental in providing innovative modernization solutions that address safety, energy efficiency, and performance. Their expertise, along with growing demand from both residential and commercial sectors, positions them as key contributors to the market’s ongoing development in Indonesia.

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Market Insights

  • The Indonesia elevator modernization market is valued at USD 82.12 million in 2023 and is projected to reach USD 201.96 million by 2032, growing at a CAGR of 11.91%.
  • Increasing demand for energy-efficient, sustainable elevator systems is a major market driver.
  • Urbanization and the construction of high-rise buildings in cities like Jakarta and Surabaya are fueling the demand for modernized elevator solutions.
  • Technological advancements, including IoT and smart elevators, are becoming a key trend in modernization projects.
  • Key players in the market include Mitsubishi Electric, Fujitec, Hitachi, Otis, and KONE, with strong competition among global and regional brands.
  • High costs of modernization and longer payback periods pose challenges to market growth.
  • Java leads the market in terms of demand, followed by Sumatra, with Kalimantan and Sulawesi witnessing slower growth but steady development.

Market Drivers

Urbanization and High-Rise Construction
Rapid urbanization in Indonesia, particularly in major cities like Jakarta, Surabaya, and Bali, is a key driver for the elevator modernization market. As more high-rise buildings and skyscrapers are constructed to meet the growing demand for residential, commercial, and office spaces, the need for reliable, efficient, and safe elevator systems increases. For instance, the proliferation of high-rise buildings, including residential complexes, commercial offices, and mixed-use developments, creates a substantial market for new elevator and escalator installations. Modernizing existing elevators helps meet the higher capacity and speed requirements of these advanced structures, ensuring smoother operations and enhanced user experience.

Government Regulations and Safety Standards

Stringent government regulations and safety standards play a significant role in driving the elevator modernization market in Indonesia. Authorities require buildings, especially older structures, to comply with updated safety protocols and energy efficiency standards. Modernization helps building owners adhere to these regulations, reducing the risk of accidents and improving the overall safety of elevator systems. For instance, the Ministry of Manpower Regulation No. 6 Year 2017 on Occupational Health and Safety for Elevators and Escalators mandates comprehensive safety standards for elevator installations. Additionally, stricter energy efficiency standards push the adoption of modern technologies that consume less energy, further promoting market growth.

Technological Advancements and Smart Solutions

The integration of advanced technologies and smart solutions in elevators is another important market driver. Modernization projects increasingly focus on incorporating Internet of Things (IoT) capabilities, predictive maintenance, and energy-efficient systems. These innovations enhance elevator performance by optimizing travel times, reducing wait times, and ensuring seamless communication between elevator systems and building management. Smart elevator systems that offer features such as touchless controls and personalized user experiences are becoming more sought after, particularly in high-end residential and commercial buildings.

Cost Efficiency and Reduced Maintenance

Elevator modernization offers significant cost savings in the long term by reducing maintenance expenses and minimizing downtime. Older elevator systems often require frequent repairs, which can be costly and disruptive to building operations. By upgrading to more advanced systems, building owners can reduce these operational inefficiencies, ensuring that elevators run smoothly for a longer period. This reduction in maintenance costs and the need for fewer service calls make elevator modernization an attractive investment for property owners looking to optimize their building operations and overall budget.

Market Trends

Rising Demand for Safe and Efficient Elevators

The Indonesian elevator modernization market is experiencing a significant surge in demand, driven by the growing focus on enhancing safety and energy efficiency in existing elevator systems. As the country’s urban infrastructure continues to develop, the need to update aging elevator systems in commercial, residential, and industrial buildings has become increasingly important. For instance, the Ministry of Manpower Regulation No. 6 Year 2017 on Occupational Health and Safety for Elevators and Escalators mandates comprehensive safety standards for elevator installations. Modernization offers an opportunity to improve compliance with safety regulations, reduce energy consumption, and enhance overall performance, making it a priority for building owners and operators.

Technological Advancements Fueling Growth

Technological advancements are a key factor propelling the elevator modernization market in Indonesia. With innovations such as destination control systems, advanced drive systems, and IoT-enabled solutions, modernization provides enhanced operational efficiency, predictive maintenance capabilities, and improved user experience. The integration of AI and machine learning is also transforming the industry, allowing for smarter and more responsive elevator systems that can adjust to the demands of passengers in real time, contributing to increased adoption across commercial and residential sectors.

Government Regulations and Policies Supporting Modernization

Government regulations and building codes play a crucial role in driving the modernization of elevator systems in Indonesia. The implementation of stricter safety and energy efficiency standards has made it mandatory for building owners to invest in elevator upgrades. These regulations, combined with incentives for energy-efficient solutions, are encouraging the adoption of modernized elevators. This trend is expected to continue as the government focuses on improving urban infrastructure and enhancing the safety of high-rise buildings in the face of increasing urbanization.

Competitive Landscape and Market Challenges

Despite the positive growth trends, the Indonesia elevator modernization market faces challenges, including high installation costs and the complexity of retrofitting existing elevator systems. Additionally, the market remains competitive, with several global and local players vying for market share. Companies must differentiate themselves by offering customized solutions that address specific customer needs, such as energy efficiency, space optimization, and advanced safety features. Overcoming these challenges will be key to capitalizing on the growing demand for elevator modernization in the country.

Market Challenges Analysis

High Initial Investment Costs

One of the significant challenges in Indonesia’s elevator modernization market is the high initial investment required. Many building owners and facility managers are hesitant to invest in modernizing their elevators due to the substantial costs associated with replacing or upgrading existing systems. The price of installing state-of-the-art elevator technologies, such as energy-efficient systems, advanced control panels, and smart sensors, can be prohibitive for businesses operating on tight budgets. This financial barrier is further compounded by the costs of downtime during installation or upgrade, which can disrupt business operations, particularly in high-traffic buildings like malls, office complexes, and residential towers. 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. As a result, building owners may delay modernization projects or opt for temporary fixes, which do not address long-term performance and safety concerns.

Regulatory Compliance and Safety Standards

Another challenge hindering elevator modernization in Indonesia is the complex regulatory environment and safety standards. Elevator modernization projects must adhere to stringent local regulations and international safety standards, which can vary significantly between regions. The need for compliance with these regulations can delay project timelines and increase costs, especially when unexpected inspections or modifications are required. Furthermore, there is a lack of skilled technicians proficient in both modernizing old systems and ensuring they meet the latest safety norms. This shortage of expertise can lead to further complications, as building owners may struggle to find qualified professionals capable of executing complex upgrades. The combination of regulatory hurdles and the need for specialized labor creates a barrier for a smooth and efficient modernization process, ultimately slowing the adoption of modern elevator technologies in the country.

Market Opportunities

Growing Demand for Sustainable and Energy-Efficient Solutions

One of the key market opportunities in Indonesia’s elevator modernization sector lies in the rising demand for energy-efficient and sustainable elevator systems. With an increasing focus on reducing carbon footprints and lowering energy consumption, building owners are increasingly opting for modern, energy-efficient elevators that align with green building standards and government regulations. Modernizing elevators to incorporate eco-friendly technologies, such as regenerative drives and LED lighting, can significantly reduce energy consumption, which is appealing for businesses aiming to lower operational costs and meet sustainability goals. This trend is expected to continue as both residential and commercial sectors place more emphasis on environmental sustainability.

Rising Adoption of Smart Technologies and IoT Integration

The integration of smart technologies and the Internet of Things (IoT) presents another significant opportunity in Indonesia’s elevator modernization market. As smart cities and digital transformation initiatives gain traction across the country, there is growing demand for elevators that are connected and capable of delivering advanced features. Modernization efforts focusing on IoT integration allow for predictive maintenance, real-time monitoring, and enhanced user experience through features such as touchless controls and personalized elevator settings. This presents a lucrative opportunity for companies offering innovative solutions that enhance operational efficiency, reduce downtime, and improve the overall elevator experience for users. As businesses and residential complexes continue to prioritize smart technologies, the demand for advanced elevator systems will likely surge, creating a promising market landscape for modernization providers.

Market Segmentation Analysis:

By Type:

The Indonesia elevator modernization market is segmented by elevator type, which includes Traction System, Hydraulic System, and Machine Room-Less (MRL) Elevators. Traction system elevators are expected to dominate the market due to their higher efficiency and ability to carry larger loads, making them ideal for high-rise buildings. These systems are highly suitable for commercial and residential buildings, offering better speed and performance. Hydraulic systems, on the other hand, are more commonly used in low-rise buildings and are preferred for their cost-effectiveness and reliability in residential or smaller commercial applications. However, with the growing trend of urbanization, the need for MRL elevators is on the rise. MRL elevators are compact and energy-efficient, and they eliminate the need for a machine room, offering space-saving advantages. These systems are particularly favored in residential and commercial applications where space optimization is crucial.

By Application:

In terms of application, the Indonesia elevator modernization market is divided into residential, commercial, industrial, and institutional buildings. Residential buildings lead the market due to the increasing demand for high-rise living spaces in urban areas. As cities like Jakarta continue to expand, the modernization of elevators in these structures is crucial for ensuring efficiency and safety. Commercial buildings also represent a significant segment, driven by the growing number of office spaces and malls in major cities. The industrial sector is increasingly adopting modernization solutions to enhance the performance of elevators in factories and warehouses, focusing on reliability and load capacity. Lastly, institutional buildings such as hospitals and educational institutions require specialized modernization to meet specific safety standards and accessibility needs. These segments together represent a diverse and expanding market with substantial growth opportunities across various sectors.

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:

  • Java
  • Sumatra
  • Kalimantan
  • Sulawesi

Regional Analysis

Java

Java holds the largest market share in Indonesia’s elevator modernization market, accounting for approximately 55% of the total market. This is primarily due to the high concentration of economic activity, urbanization, and infrastructure development in the region. Java is home to major cities such as Jakarta, Surabaya, and Bandung, where the demand for modernized elevator systems in both commercial and residential buildings is most prominent. The rapid construction of high-rise buildings, coupled with the region’s focus on sustainability and energy efficiency, drives the demand for advanced elevator systems. Additionally, Java’s dense population and growing middle class contribute to increased demand for modernized elevators that offer improved performance, energy efficiency, and safety features, making it a key region for market growth.

Sumatra

Sumatra follows Java in terms of market share, contributing around 25% to Indonesia’s elevator modernization market. The region is experiencing significant growth in infrastructure development, particularly in cities like Medan and Palembang. With increasing urbanization and the expansion of residential and commercial buildings, there is a growing need to modernize older elevator systems to meet higher safety standards and performance expectations. The focus on sustainable building practices and the government’s push for energy-efficient solutions further accelerates the adoption of modern elevator systems. As Sumatra continues to develop its urban and commercial landscape, modernization efforts are expected to intensify, providing substantial opportunities for elevator system upgrades.

Kalimantan

Kalimantan represents approximately 10% of the total market share for elevator modernization in Indonesia. This region, which includes cities like Balikpapan and Banjarmasin, is witnessing growth in both commercial and industrial infrastructure, driven by the expansion of industries such as mining and oil. While the demand for elevator modernization is comparatively lower than in Java and Sumatra, there is a noticeable increase in the construction of multi-story buildings, especially in commercial and institutional sectors. With the region’s continued economic development and increased focus on improving infrastructure, Kalimantan is expected to experience steady growth in elevator modernization activities. The need for elevators that are both efficient and capable of handling higher capacities is likely to drive modernization efforts in the coming years.

Sulawesi

Sulawesi contributes around 10% to the elevator modernization market in Indonesia, with the focus primarily on residential and commercial buildings in cities like Makassar. Although Sulawesi lags behind Java and Sumatra in terms of modernization demand, it is seeing a gradual increase in urbanization and infrastructure development. The construction of new commercial buildings, residential complexes, and institutional facilities is driving the need for modern elevator solutions that meet updated safety and energy standards. As the region continues to urbanize and industrialize, there is potential for significant growth in elevator modernization projects. The government’s emphasis on sustainability and modernization will likely foster a favorable environment for growth in Sulawesi’s elevator modernization market over the next decade.

Key Player Analysis

  • Mitsubishi Electric Corporation
  • Fujitec Co., Ltd.
  • Hitachi Elevator Engineering Company
  • Toshiba Elevator and Building Systems Corporation
  • KONE Corporation
  • Otis Elevator Company
  • Schindler Group
  • Thyssenkrupp AG
  • SJEC Corporation
  • Canny Elevator Co., Ltd.

Competitive Analysis

The competitive landscape of Indonesia’s elevator modernization market is shaped by leading global and regional players, including Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hitachi Elevator Engineering Company, Toshiba Elevator and Building Systems Corporation, KONE Corporation, Otis Elevator Company, Schindler Group, Thyssenkrupp AG, SJEC Corporation, and Canny Elevator Co., Ltd. These companies dominate the market by providing a wide range of advanced elevator modernization solutions designed to improve safety, efficiency, and performance. Major players focus on technological innovations, such as energy-efficient designs, smart elevator systems, and IoT integration to address the increasing demand for safety, performance, and sustainability in modernization projects. Companies with strong global networks are able to leverage their established reputation, providing customers with reliable and cutting-edge technologies. On the other hand, regional players are gaining traction by offering competitive pricing and tailored solutions specific to the Indonesian market. As competition intensifies, companies are also differentiating themselves through after-sales service and support, ensuring long-term customer satisfaction. The ability to meet regulatory standards, such as energy efficiency and safety, is becoming a critical factor for success in the market. Furthermore, there is a growing emphasis on reducing the downtime of elevators during the modernization process, as businesses and residential complexes require efficient solutions that do not disrupt daily operations. As the market continues to expand, companies are expected to focus on improving their technological offerings while maintaining cost-effectiveness to capture market share.

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 Indonesia’s elevator modernization sector is moderate, with a mix of established global players and regional companies competing for market share. The industry is primarily driven by the demand for advanced, energy-efficient, and safe elevator systems in both high-rise commercial and residential buildings. Major international companies dominate the market, leveraging their technological expertise, global reach, and robust service networks. These players focus on offering innovative solutions, including IoT integration, smart elevator systems, and energy-saving features, which cater to the evolving needs of the modern building infrastructure. On the other hand, regional companies are also gaining ground by offering cost-effective and region-specific solutions, often tailored to meet the unique demands of the Indonesian market. This balance between global and local players ensures healthy competition, which drives further innovation and service improvements. The market is characterized by a growing emphasis on after-sales services, maintenance contracts, and long-term customer relationships, as building owners seek reliability and operational efficiency from their elevator systems. Additionally, the increasing regulatory focus on safety standards and energy efficiency is pushing companies to modernize their offerings and stay competitive. Overall, the Indonesian elevator modernization market is dynamic, with players adapting to technological advancements, regulatory changes, and customer expectations.

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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 Indonesian elevator modernization market is expected to grow significantly, driven by urbanization and the construction of high-rise buildings.
  2. Increasing demand for energy-efficient and eco-friendly elevator systems will continue to fuel market growth.
  3. Smart elevators with IoT integration are likely to become a key trend in modernization projects across the country.
  4. The growing focus on sustainability and meeting green building standards will push the demand for modernized elevator solutions.
  5. Technological advancements in safety features and predictive maintenance will enhance the value proposition of elevator modernization.
  6. Companies will invest more in after-sales services and maintenance contracts to ensure long-term customer satisfaction.
  7. The residential sector will see a steady rise in modernization projects, driven by the increasing demand for high-rise living spaces.
  8. Regulatory changes and stricter safety standards will encourage more businesses to invest in elevator modernization.
  9. Regional players will gain a larger market share by offering cost-effective solutions tailored to local needs.
  10. The market will continue to be competitive, with global players focusing on innovation and local players focusing on pricing and customer relationships.

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. Indonesia 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 Indonesia 31
5.1.1. Indonesia Elevator Modernization Market Import Volume/Revenue, By Indonesia, 2018 – 2023 31
5.2. Export Analysis by Indonesia 32
5.2.1. Indonesia Elevator Modernization Market Export Volume/Revenue, By Indonesia, 2018 – 2023 32
CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 33
6.1. Demand Analysis by Indonesia 33
6.1.1. Indonesia Elevator Modernization Market Demand Volume/Revenue, By Indonesia, 2018 – 2023 33
6.2. Supply Analysis by Indonesia 34
6.2.1. Indonesia Elevator Modernization Market Supply Volume/Revenue, By Indonesia, 2018 – 2023 34
CHAPTER NO. 7 : PRODUCTION ANALYSIS 35
7.1. Production Analysis by Indonesia 35
7.1.1. Indonesia Elevator Modernization Market Production Volume/Revenue, By Indonesia, 2018 – 2023 35
CHAPTER NO. 8 : PRICE ANALYSIS 36
8.1. Price Analysis by Type 36
8.1.1. Indonesia Elevator Modernization Market Price, By Type, 2018 – 2023 36
8.1.2. Indonesia 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. Indonesia Elevator Modernization Market: Company Market Share, by Volume, 2023 40
11.2.2. Indonesia Elevator Modernization Market: Company Market Share, by Revenue, 2023 41
11.2.3. Indonesia Elevator Modernization Market: Top 6 Company Market Share, by Revenue, 2023 41
11.2.4. Indonesia Elevator Modernization Market: Top 3 Company Market Share, by Revenue, 2023 42
11.3. Indonesia Elevator Modernization Market Company Volume Market Share, 2023 43
11.4. Indonesia 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
Indonesia 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 – INDONESIA ANALYSIS 73
16.1. Type 73
16.1.1. Indonesia Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 73
16.2. Indonesia Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 73
16.3. Application 74
16.3.1. Indonesia Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 74
16.3.2. Indonesia Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 74
16.4. Component 75
16.4.1. Indonesia Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 75
16.4.2. Indonesia Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 75
CHAPTER NO. 17 : COMPANY PROFILES 76
17.1. Mitsubishi Electric Corporation 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. Fujitec Co., Ltd. 78
17.3. Hitachi Elevator Engineering Company 78
17.4. Toshiba Elevator and Building Systems Corporation 78
17.5. KONE Corporation 78
17.6. Otis Elevator Company 78
17.7. Schindler Group 78
17.8. Thyssenkrupp AG 78
17.9. SJEC Corporation 78
17.10. Canny Elevator Co., Ltd. 78

List of Figures
FIG NO. 1. Indonesia Elevator Modernization Market Revenue, 2018 – 2032 (USD Million) 22
FIG NO. 2. Porter’s Five Forces Analysis for Indonesia Elevator Modernization Market 29
FIG NO. 3. Indonesia Elevator Modernization Market Import Volume/Revenue, By Indonesia, 2018 – 2023 31
FIG NO. 4. Indonesia Elevator Modernization Market Export Volume/Revenue, By Indonesia, 2018 – 2023 32
FIG NO. 5. Indonesia Elevator Modernization Market Demand Volume/Revenue, By Indonesia, 2018 – 2023 33
FIG NO. 6. Indonesia Elevator Modernization Market Supply Volume/Revenue, By Indonesia, 2018 – 2023 34
FIG NO. 7. Indonesia Elevator Modernization Market Production Volume/Revenue, By Indonesia, 2018 – 2023 35
FIG NO. 8. Indonesia 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 Indonesia 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. Indonesia Elevator Modernization Market for Traction System, Revenue (USD Million) 2018 – 2032 53
FIG NO. 24. Indonesia Elevator Modernization Market for Hydraulic System, Revenue (USD Million) 2018 – 2032 54
FIG NO. 25. Indonesia 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. Indonesia Elevator Modernization Market for Residential Buildings, Revenue (USD Million) 2018 – 2032 60
FIG NO. 31. Indonesia Elevator Modernization Market for Commercial Buildings, Revenue (USD Million) 2018 – 2032 61
FIG NO. 32. Indonesia Elevator Modernization Market for Industrial Buildings, Revenue (USD Million) 2018 – 2032 62
FIG NO. 33. Indonesia 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. Indonesia Elevator Modernization Market for Control System, Revenue (USD Million) 2018 – 2032 68
FIG NO. 39. Indonesia Elevator Modernization Market for Door System, Revenue (USD Million) 2018 – 2032 69
FIG NO. 40. Indonesia Elevator Modernization Market for Cab Enclosure, Revenue (USD Million) 2018 – 2032 70
FIG NO. 41. Indonesia Elevator Modernization Market for Power Units, Revenue (USD Million) 2018 – 2032 71
FIG NO. 42. Indonesia Elevator Modernization Market for Others, Revenue (USD Million) 2018 – 2032 72

List of Tables
TABLE NO. 1. : Indonesia 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. : Indonesia Elevator Modernization Market Revenue, By Type, 2018 – 2023 36
TABLE NO. 5. : Key Raw Materials & Suppliers 37
TABLE NO. 6. : Indonesia Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 73
TABLE NO. 7. : Indonesia Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 73
TABLE NO. 8. : Indonesia Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 74
TABLE NO. 9. : Indonesia Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 74
TABLE NO. 10. : Indonesia Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 75
TABLE NO. 11. : Indonesia Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 75

Frequently Asked Questions:

What is the current size of the Indonesia Elevator Modernization market?

The Indonesia Elevator Modernization market was valued at USD 82.12 million in 2023 and is projected to grow to USD 201.96 million by 2032, with a compound annual growth rate (CAGR) of 11.91%.

What factors are driving the growth of the Indonesia Elevator Modernization market?

The market is driven by rapid urbanization, increasing high-rise construction, demand for energy-efficient systems, integration of IoT-enabled technologies, compliance with stringent safety regulations, and the need to upgrade aging elevator infrastructure.

What are the key segments within the Indonesia Elevator Modernization market?

The market is segmented by type into traction systems, hydraulic systems, and machine room-less (MRL) elevators. Application segments include residential, commercial, industrial, and institutional buildings. Additionally, it is segmented by components such as control systems, door systems, cab enclosures, and power units.

What are some challenges faced by the Indonesia Elevator Modernization market?

Major challenges include high initial investment costs for modernization projects, the complexity of retrofitting existing systems, compliance with strict regulatory standards, and a lack of skilled technicians to execute modernization efficiently.

Who are the major players in the Indonesia Elevator Modernization market?

Key players include Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hitachi Elevator Engineering Company, Toshiba Elevator and Building Systems Corporation, KONE Corporation, Otis Elevator Company, Schindler Group, Thyssenkrupp AG, SJEC Corporation, and Canny Elevator Co., Ltd. These companies offer innovative and energy-efficient modernization solutions tailored to the Indonesian market.

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