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KSA 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

Summary
Table Of Content

REPORT ATTRIBUTE	DETAILS
Historical Period	2019-2022
Base Year	2023
Forecast Period	2024-2032
KSA Elevator Modernization Market Size 2023	USD 24.70 million
KSA Elevator Modernization Market, CAGR	9.80%
KSA Elevator Modernization Market Size 2032	USD 52.16 million

Market Overview

The KSA Elevator Modernization Market is expected to grow from USD 24.70 million in 2023 to USD 52.16 million by 2032, with a CAGR of 9.80%.

The KSA Elevator Modernization market is driven by rapid urbanization, increased demand for energy-efficient solutions, and the need to meet modern safety standards. The growing construction of high-rise buildings and infrastructure projects in the region has created a strong demand for elevator modernization to enhance operational efficiency and reliability. Additionally, government regulations emphasizing sustainability and energy conservation are pushing building owners to upgrade existing elevator systems. Technological advancements, such as the integration of IoT, smart sensors, and predictive maintenance features, are also contributing to the market’s growth. As older elevator systems become obsolete, modernization is seen as a cost-effective solution to improve performance and reduce maintenance costs. The increasing focus on improving building aesthetics and enhancing user experience with advanced features is another key trend driving the market forward. With these factors in play, the KSA Elevator Modernization market is expected to witness significant growth over the next decade.

The KSA Elevator Modernization market is witnessing significant activity across various regions, with key players expanding their presence in major cities like Riyadh, Jeddah, and Dammam. The demand for elevator upgrades is driven by urbanization, government initiatives for sustainable infrastructure, and the growing need for energy-efficient solutions. Key players in the market include global leaders such as Otis Elevator Company, KONE Corporation, Schindler Group, and Thyssenkrupp AG, as well as regional players like Gulf Elevators & Escalators Co. Ltd. and Omega Elevators. These companies offer a wide range of modernization solutions, from smart and energy-efficient elevator systems to advanced safety features. The competitive landscape is marked by technological advancements and a focus on providing reliable and cost-effective solutions tailored to the unique needs of the region’s commercial, residential, and industrial sectors. As demand for modernized elevator systems continues to grow, these key players are well-positioned to capitalize on the expanding market opportunities.

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Market Insights

The KSA Elevator Modernization market is projected to grow from USD 24.70 million in 2023 to USD 52.16 million by 2032, with a CAGR of 9.80%.
Rapid urbanization and infrastructure growth are driving the demand for elevator modernization, especially in high-rise buildings.
Increasing adoption of energy-efficient solutions and smart technologies, such as IoT and predictive maintenance, is a key trend in the market.
Key players in the market include Otis, KONE, Schindler, and regional players like Gulf Elevators & Escalators Co. Ltd.
High initial investment and potential disruptions during modernization projects are significant market restraints.
The Central and Eastern regions dominate the market due to ongoing urbanization and infrastructure projects in Riyadh, Jeddah, and Dammam.
As the demand for sustainability and advanced technologies grows, elevator modernization solutions are becoming essential for commercial and residential buildings.

Market Drivers

Rapid Urbanization and Infrastructure Development

The rapid urbanization and growth of infrastructure projects in Saudi Arabia are significant drivers of the elevator modernization market. For instance, a report by the Saudi Ministry of Municipal and Rural Affairs and Housing highlighted that as cities expand and high-rise buildings and skyscrapers emerge, the demand for efficient and reliable elevator systems intensifies. Modernizing older elevator systems ensures they can keep up with the increased traffic and higher operational demands in these newly developed structures. Furthermore, the rising number of commercial, residential, and mixed-use buildings in major cities like Riyadh and Jeddah contributes to the need for elevator upgrades to meet contemporary standards.

Energy Efficiency and Sustainability Initiatives

Energy efficiency is a top priority in Saudi Arabia’s push for sustainability, and elevator modernization offers a way to align with these goals. For instance, the Saudi Energy Efficiency Center has implemented stricter regulations focused on reducing energy consumption in buildings, which includes the use of energy-efficient elevator systems. Modernized elevators incorporate advanced technologies such as regenerative drives and LED lighting, which lower energy consumption, reduce operational costs, and support sustainability efforts. These features have become a key attraction for businesses and building owners looking to meet environmental goals while improving operational efficiency.

Technological Advancements and Smart Features

Technological advancements are a significant driver of the elevator modernization market. Integrating Internet of Things (IoT) capabilities, smart sensors, and predictive maintenance features allows building owners to enhance the functionality and reliability of their elevator systems. These technologies help reduce downtime by enabling real-time monitoring, detecting potential issues before they become major problems, and ensuring smoother and safer operations. The demand for elevators equipped with modern, user-friendly features, such as touchless controls and digital interfaces, also drives the modernization trend.

Compliance with Safety Standards and Regulations

Compliance with updated safety regulations is another key factor pushing the elevator modernization market in Saudi Arabia. As safety standards evolve, building owners must upgrade their existing elevator systems to ensure they meet the latest requirements. Modernization projects often include improvements such as the installation of new safety features, like emergency communication systems, advanced braking mechanisms, and seismic sensors. Ensuring compliance with local and international safety codes not only improves the safety of passengers but also helps mitigate liability risks for building owners.

Market Trends

Integration of Smart Technologies

Another key trend in the market is the integration of smart technologies into elevator systems. For instance, a survey by the Saudi Arabian General Investment Authority (SAGIA) indicated that the incorporation of Internet of Things (IoT) capabilities and advanced sensors is transforming traditional elevator operations. With smart features like predictive maintenance, real-time monitoring, and touchless controls, elevators are becoming more efficient and user-friendly. These technologies enable building managers to monitor elevator performance remotely and address issues proactively, minimizing downtime and ensuring a smoother experience for users. The demand for elevators with intelligent functionalities is driving the trend toward modernization in the country’s high-rise buildings and commercial properties.

Focus on Enhanced Passenger Experience

Elevator modernization in Saudi Arabia is also driven by the growing emphasis on enhancing passenger experience. Building owners are increasingly focusing on upgrading elevators to provide a more comfortable, efficient, and aesthetically pleasing ride for users. Modernized systems often feature smoother operations, faster travel times, and improved interior designs. Innovations such as digital displays, customizable lighting, and intuitive controls are becoming standard in modernized elevators, making them more attractive to building tenants and visitors. This focus on user experience is a prominent trend in the market, especially in commercial and luxury properties.

Increasing Demand for Energy-Efficient Solutions

One of the leading trends in the KSA Elevator Modernization market is the growing preference for energy-efficient solutions. With Saudi Arabia’s commitment to sustainability and reducing carbon emissions, building owners are increasingly opting to upgrade their old elevator systems to more energy-efficient models. Modern elevators, equipped with energy-saving technologies such as regenerative drives and LED lighting, contribute to reducing electricity consumption and lowering operational costs. This trend is in alignment with the country’s Vision 2030, which aims to create a more sustainable and eco-friendly built environment.

Retrofitting for Compliance and Safety

As safety regulations become stricter, a significant trend in the KSA Elevator Modernization market is the retrofitting of elevators to meet new compliance standards. With updated regulations regarding passenger safety, building owners are prioritizing modernization to ensure their systems meet both local and international standards. This includes installing advanced safety features like emergency communication systems, seismic sensors, and automatic rescue devices. Retrofitting older systems to comply with safety codes not only enhances passenger security but also helps building owners avoid potential fines and legal complications.

Market Challenges Analysis

High Initial Investment Costs

A significant challenge in the KSA Elevator Modernization market is the high initial investment required for upgrading existing elevator systems. For instance, a report by the Saudi Standards, Metrology and Quality Organization (SASO) highlighted that modernizing older elevators with the latest technology and energy-efficient features can be a costly undertaking, especially for buildings with large or complex elevator networks. The cost of installing advanced systems, including smart sensors, regenerative drives, and enhanced safety features, can deter some building owners from pursuing modernization projects. Although the long-term benefits, such as energy savings and reduced maintenance costs, can offset these expenses, the initial capital outlay remains a considerable barrier for many property owners and developers.

Disruption to Building Operations

Another challenge in the KSA Elevator Modernization market is the potential disruption to building operations during the modernization process. Upgrading elevators often requires substantial downtime, which can affect the daily operations of commercial buildings, residential complexes, and high-rise structures. Tenants and building occupants may experience inconveniences such as limited access to elevators or noise disturbances from construction work. These disruptions can lead to tenant dissatisfaction, especially in high-traffic buildings. Ensuring minimal disruption while carrying out modernization work requires careful planning and coordination, which can add to the complexity and cost of the project.

Market Opportunities

The KSA Elevator Modernization market presents significant opportunities driven by the country’s ongoing infrastructure development and urbanization efforts. As Saudi Arabia continues to build new commercial, residential, and mixed-use high-rise buildings, the demand for modernized elevator systems is expected to rise. Older elevators in existing structures require upgrades to meet the demands of modern building requirements, including increased traffic handling and energy efficiency. This creates a lucrative market for companies specializing in elevator modernization, offering opportunities to implement advanced technologies such as regenerative drives, energy-efficient systems, and smart sensors. Additionally, with Saudi Arabia’s Vision 2030 focusing on sustainable development, there is an increasing emphasis on green building certifications, further boosting the demand for energy-efficient elevator solutions.

Furthermore, the rise of smart technologies presents an exciting opportunity for the KSA Elevator Modernization market. The growing adoption of Internet of Things (IoT)-enabled elevator systems allows for real-time monitoring, predictive maintenance, and improved user experience. Building owners and developers are seeking modernization solutions that not only enhance operational efficiency but also provide added value through intelligent features like remote diagnostics, touchless controls, and seamless integration with building management systems. These innovations create a competitive advantage for elevator modernization companies and cater to the evolving needs of tech-savvy building owners who prioritize both performance and user experience. With the increasing demand for modernization, this segment of the market is poised for significant growth, offering promising opportunities for industry players.

Market Segmentation Analysis:

By Type:

The KSA Elevator Modernization market is segmented by elevator type, including traction systems, hydraulic systems, and machine room-less (MRL) elevators. Traction systems are expected to dominate the market due to their efficiency, smooth ride quality, and suitability for high-rise buildings. These systems, which rely on a counterweight mechanism, are commonly used in both commercial and residential high-rise buildings. Hydraulic systems, on the other hand, are more prevalent in low-rise buildings, offering a cost-effective solution for buildings with fewer floors. While hydraulic systems are reliable, their modernization often focuses on improving energy efficiency and reducing maintenance costs. MRL elevators, which eliminate the need for a machine room, are gaining traction in modern building designs, especially in commercial and institutional buildings where space optimization is a priority. As the demand for more efficient, space-saving systems grows, the adoption of MRL elevators is expected to increase, providing significant opportunities for modernization projects.

By Application:

The KSA Elevator Modernization market is also segmented by application, including residential, commercial, industrial, and institutional buildings. Residential buildings, particularly high-rise apartments, represent a major share of the market, driven by the increasing urbanization and demand for modern amenities. Commercial buildings, including office complexes, retail spaces, and hotels, require elevator systems that can handle high traffic volumes and ensure operational efficiency, making modernization crucial. Industrial buildings, which typically have specialized needs for cargo lifts and robust systems, are also key targets for modernization efforts, focusing on improving safety and efficiency. Institutional buildings, including hospitals, educational facilities, and government offices, prioritize elevators that meet accessibility and safety standards, which drives modernization projects aimed at enhancing passenger experience and ensuring compliance with updated regulations. These diverse application segments create a broad range of opportunities for elevator modernization, tailored to the specific needs of each building type.

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:

Central Region
Eastern Region
Western Region
Southern Region

Regional Analysis

Central Region

The Central Region of Saudi Arabia holds a significant share in the KSA Elevator Modernization market, accounting for approximately 35% of the total market. This region, including key cities like Riyadh, is the political and economic hub of the country, driving demand for modernized elevator systems in both commercial and residential sectors. With rapid urbanization and ongoing construction projects, especially in high-rise buildings, the need for elevator upgrades is substantial. Additionally, the government’s Vision 2030 initiatives and a push for energy-efficient infrastructure in Riyadh further boost modernization efforts. This region’s market share is expected to grow as the demand for sustainable and smart elevator solutions continues to rise, supported by both government regulations and private sector investments.

Eastern Region

The Eastern Region, which includes major industrial hubs like Dammam and Khobar, accounts for around 25% of the KSA Elevator Modernization market. This region’s economy is driven by oil and gas, industrial infrastructure, and growing commercial real estate developments. The demand for modernized elevator systems in the Eastern Region is mainly driven by the region’s numerous high-rise office buildings, hotels, and commercial spaces. Additionally, the shift toward more energy-efficient and technology-integrated systems is fostering growth in this market. With increasing investments in industrial facilities and large-scale commercial projects, the Eastern Region is poised for significant growth in elevator modernization, with a focus on reducing operational costs and improving system reliability.

Western Region

The Western Region, including major cities like Jeddah and Makkah, holds approximately 20% of the market share in the KSA Elevator Modernization sector. This region is known for its thriving tourism industry, religious landmarks, and an expanding real estate market, including both residential and commercial buildings. The ongoing construction of hotels, office buildings, and the continued development of mega projects such as the Jeddah Economic City are driving demand for elevator modernization. The need for upgraded systems that offer better energy efficiency, safety, and enhanced user experience is becoming increasingly important. Furthermore, the region’s focus on sustainability aligns with the growing preference for energy-efficient elevator solutions, ensuring continued demand for modernization in the coming years.

Southern Region

The Southern Region of Saudi Arabia, which includes cities like Abha and Jazan, accounts for around 10% of the market share in the KSA Elevator Modernization industry. While this region’s market is smaller compared to the Central and Eastern regions, it is expected to grow steadily due to increasing urbanization and development in commercial, residential, and institutional sectors. The Southern Region has witnessed a rise in infrastructure development, with a focus on both residential buildings and public sector projects. As the region progresses with new construction, there will be a growing need for modernized elevator systems to cater to the demands of higher buildings and enhanced operational efficiency. The Southern Region is expected to experience steady growth in elevator modernization, supported by the expanding urban landscape and the need for updated safety and energy-efficient solutions.

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Key Player Analysis

Otis Elevator Company
KONE Corporation
Schindler Group
Thyssenkrupp AG
Mitsubishi Electric Corporation
Toshiba Elevator and Building Systems Corporation
Gulf Elevators & Escalators Co. Ltd.
Fujitec Co., Ltd.
Hyundai Elevator Co., Ltd.
Omega Elevators

Competitive Analysis

The KSA Elevator Modernization market is highly competitive, with both global and regional players vying for market share. Leading players include Otis Elevator Company, KONE Corporation, Schindler Group, Thyssenkrupp AG, Mitsubishi Electric Corporation, Toshiba Elevator and Building Systems Corporation, Gulf Elevators & Escalators Co. Ltd., Fujitec Co., Ltd., Hyundai Elevator Co., Ltd., and Omega Elevators. Leading players in the market differentiate themselves through technological advancements, extensive product portfolios, and strong reputations for quality and reliability. Companies are increasingly focusing on providing energy-efficient systems, smart elevators with IoT integration, and enhanced safety features, in line with the growing demand for sustainability and operational efficiency in modern buildings. To maintain a competitive edge, many companies emphasize technological innovation, such as predictive maintenance capabilities, which allow for real-time monitoring and proactive issue resolution, reducing downtime and costs. For instance, a survey by the Saudi Arabian General Investment Authority (SAGIA) indicated that the demand for seamless integration of elevators with building management systems is driving players to offer more advanced and customizable solutions. Companies also invest in superior after-sales service, ensuring long-term support and customer satisfaction. With ongoing urbanization and construction of high-rise buildings, the demand for elevator modernization is expected to rise. Market participants are focusing on strategic partnerships with developers and property owners to secure modernization contracts for both new and existing buildings. Competitive advantage in this market largely depends on meeting stringent safety standards, offering tailored solutions, and providing cost-effective, sustainable options for customers.

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 KSA Elevator Modernization market exhibits moderate concentration, with a mix of global industry leaders and regional players vying for market share. Key players such as Otis Elevator Company, KONE Corporation, Schindler Group, and Thyssenkrupp AG dominate the market due to their strong brand presence, extensive product offerings, and advanced technologies. These global companies benefit from their well-established distribution networks, vast service capabilities, and ability to handle large-scale modernization projects. At the same time, regional players like Gulf Elevators & Escalators Co. Ltd. and Omega Elevators cater to local market needs, often focusing on providing cost-effective and quick-turnaround modernization solutions that appeal to smaller projects or specific regional demands. The market characteristics reflect a high demand for energy-efficient, technologically advanced elevator systems that incorporate smart features such as IoT connectivity, predictive maintenance, and enhanced safety. With the rising emphasis on sustainability and operational efficiency, building owners are increasingly opting for modernization solutions that reduce energy consumption and improve the overall user experience. Furthermore, safety regulations and compliance with local building codes are key drivers of the modernization trend. The market is also characterized by intense competition, with companies striving to differentiate themselves through superior after-sales service, innovative solutions, and long-term support to attract and retain customers.

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

The KSA Elevator Modernization market is expected to grow significantly, driven by urbanization and infrastructure development.
Increasing demand for energy-efficient and eco-friendly elevator systems will fuel market growth.
Smart elevator technologies, including IoT integration and predictive maintenance, will play a crucial role in modernization.
The market will see rising investments in high-rise buildings, leading to a greater need for modernization solutions.
Sustainability initiatives, aligned with Saudi Arabia’s Vision 2030, will further promote the adoption of energy-saving technologies.
Regional players are likely to gain traction by offering cost-effective and quick-turnaround modernization services.
Government regulations and safety standards will continue to push for higher quality and compliance in elevator systems.
Demand for machine room-less (MRL) elevators will increase, driven by space optimization trends in building designs.
The shift towards digitalization and smart building solutions will drive the need for more integrated elevator systems.
Key players will continue to focus on providing reliable after-sales services to maintain customer loyalty and gain competitive advantage.

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. KSA 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 KSA 31

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

5.2. Export Analysis by KSA 32

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

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 33

6.1. Demand Analysis by KSA 33

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

6.2. Supply Analysis by KSA 34

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

CHAPTER NO. 7 : PRODUCTION ANALYSIS 35

7.1. Production Analysis by KSA 35

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

CHAPTER NO. 8 : PRICE ANALYSIS 36

8.1. Price Analysis by Type 36

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

8.1.2. KSA 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. KSA Elevator Modernization Market: Company Market Share, by Volume, 2023 40

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

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

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

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

11.4. KSA 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

KSA 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 – KSA ANALYSIS 73

16.1. Type 73

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

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

16.3. Application 74

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

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

16.4. Component 75

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

16.4.2. KSA 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. KONE Corporation 78

17.3. Schindler Group 78

17.4. Thyssenkrupp AG 78

17.5. Mitsubishi Electric Corporation 78

17.6. Toshiba Elevator and Building Systems Corporation 78

17.7. Gulf Elevators & Escalators Co. Ltd. 78

17.8. Fujitec Co., Ltd. 78

17.9. Hyundai Elevator Co., Ltd. 78

17.10. Omega Elevators 78

List of Figures

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

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

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

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

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

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

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

FIG NO. 8. KSA 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 KSA 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. KSA Elevator Modernization Market for Traction System, Revenue (USD Million) 2018 – 2032 53

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

FIG NO. 25. KSA 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. KSA Elevator Modernization Market for Residential Buildings, Revenue (USD Million) 2018 – 2032 60

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

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

FIG NO. 33. KSA 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. KSA Elevator Modernization Market for Control System, Revenue (USD Million) 2018 – 2032 68

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

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

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

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

List of Tables

TABLE NO. 1. : KSA 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. : KSA Elevator Modernization Market Revenue, By Type, 2018 – 2023 36

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

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

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

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

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

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

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

Frequently Asked Questions

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

The KSA Elevator Modernization market is valued at USD 24.70 million in 2023 and is projected to reach USD 52.16 million by 2032, growing at a compound annual growth rate (CAGR) of 9.80%.

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

The market growth is driven by rapid urbanization, increasing infrastructure development, and the rising demand for energy-efficient and sustainable elevator systems. Technological advancements, such as IoT integration, smart sensors, and predictive maintenance, are key contributors to modernization. Additionally, government initiatives emphasizing safety, energy conservation, and compliance with updated regulations are pushing property owners to upgrade existing systems.

What are some challenges faced by the KSA Elevator Modernization Market

High initial investment costs and disruptions to building operations during modernization are significant challenges. Upgrading elevators with advanced technologies, such as IoT-enabled systems and energy-efficient components, can be costly for property owners. Additionally, modernization projects may cause downtime and inconvenience to building occupants, posing logistical and operational hurdles.

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

Key players in the market include global giants such as Otis Elevator Company, KONE Corporation, Schindler Group, Thyssenkrupp AG, Mitsubishi Electric Corporation, and Toshiba Elevator and Building Systems Corporation. Regional players like Gulf Elevators & Escalators Co. Ltd. and Omega Elevators also play a crucial role, offering localized and cost-effective solutions tailored to the unique needs of the KSA market.

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