Dublin, May 10, 2023 (GLOBE NEWSWIRE) — The "Malaysia Elevator Modernization Market – Segmented by Elevator Type (Traction, Hydraulic, Machine Room-Less Traction), By Component, By End User, By Modernization Type, By Region, Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.

Malaysia Elevator Modernization Market is anticipated to grow at a steady pace during the forecast period, 2023-2028
Owing to a surge in initiatives to provide lucrative prospects as the nation experienced rapid urbanization, the use of elevators is on the rise owing to the increasing number of elevated structures, and the cost of maintaining them is driving the growth of the Malaysia Elevator Modernization Market.

Updating the necessary components of an elevator or lift constitutes modernization. Lift modernization is a common term used to describe this process. Its goal is to boost safety standards and enhance performance that has declined over time. The turning motors and controller hardware are frequently affected during the modernization process for elevators.
Elevator modernization can improve their performance and make them more reliable and effective. All of the outdated components are changed out for new, modern components that prolong the elevator's useful life and save maintenance costs.

Rising Number of Commercial & Residential Buildings

Elevators and escalators are in great demand in Malaysia as a result of the country's robust growth in the building sector. Residential and commercial construction projects are moving forward at a much faster rate because of the increase in infrastructure investments, which is helping the industry as a whole.
In the years to come, it is projected that demand for elevators and escalators in Malaysia will rise due to the vertical development of skyscrapers that include commercial centers, retail stores, and residential apartments. The modernization, maintenance & repair segment in the Malaysia escalators & elevators market is expected to reach USD 402.48 million by 2028.

Technological Developments by Major Industry Players

Players in the market, such as OTIS, ThyssenKrupp, Schindler, and KONE, are investing in IoT and Intelligent Services to monitor and improve the service of elevators and escalators by predicting how frequently the equipment needs to move up or down and the load that the equipment can carry with destination-based operations.
For instance, hospitals and other healthcare institutions in France, Brazil, and the US that are particularly affected by COVID-19 were given free access to digital solution packages based on Thyssenkrupp Elevator's cloud-driven predictive maintenance platform MAX.
In November 2019, KONE Corporation unveiled the KONE DX Class elevators, a series of digital elevators with built-in connectivity that combines design, technology, new materials, apps, and services.

Growing Demand for High Speed & Machine Room Less (MRL) Elevators

Higher energy efficiency, lightweight and more design options, best use of hoist-way space, etc., are benefits of machine room-less elevators.
The demand for high-speed traction elevators is skyrocketing as high-rise office and residential structures proliferate across the nation. As more people move between multi-story buildings, elevator vehicle space has also expanded over time to handle this increase in traffic.
The number of floors in the building, which affects the elevator's speed, has changed significantly over time. Machine room-less elevators are being used more frequently in low-rise and medium-rise buildings because they save space and lower the cost of building construction. The market participants are introducing high-speed, ultra-high speed, and machine room-less elevators for specific customer requirements in order to meet the expanding market demand.

New Technology of Elevators Using Energy-Saving Regenerative Drives

The usage of equipment with improved energy efficiency is urgently required. Solar-powered elevators have been created by businesses such as Schindler, which save a large amount of energy while drawing power straight from the sun. Owing to decreased operating costs and less wear and tear, these regenerative drives and eco-efficient solutions also guarantee an extended equipment life.

Recent Developments
The TWIN elevator, which has two independently operating cabs in the same shaft, is one of the new technologies used by Tk Elevator Malaysia Sdn. Bhd. It can reduce energy consumption by up to 27%, reduce the amount of electrical power needed by half, and increase usable floor space by as much as 30%.
Additionally, MXC Elevator Sdn. Bhd. updates outdated elevators for long-term use, reduces energy consumption by updating new controllers with modern technology, and offers adaptations in accordance with client preferences and financial constraints.
Market Dynamics
Rising Number of Commercial & Residential Buildings
Advancements in Technology
Rapid Urbanization
High Installation & Maintenance Cost
Slowdown in the Economy
Market Trends & Developments
Technological Developments by Major Companies
Increasing Number of Smart Cities
Increasing Emphasis on Enhanced Safety Features
Growing Demand for High Speed & Machine Room-Less (MRL) Elevators
New Technology of Elevators Using Energy-Saving Regenerative Drives
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Malaysia Elevator Modernization Market.
KONE Elevator (M) Sdn. Bhd.
Antah Schindler Sdn. Bhd.
Hitachi Elevator Engineering (Malaysia) Sdn. Bhd.
Mitsubishi Elevator Malaysia Sdn Bhd
Otis Elevator Company Sdn. Bhd.
Tk Elevator Malaysia Sdn. Bhd.
MS Elevators Engineering Sdn. Bhd.
Hyundai Elevator Malaysia Sdn Bhd.
Fujitec (Malaysia) Sdn Bhd.
MXC Elevator Sdn. Bhd.
Report Scope:

Malaysia Elevator Modernization Market, By Elevator Type:
Machine Room-Less Traction
Malaysia Elevator Modernization Market, By Component:
Door Equipment
Cabin Enclosure
Signalling Fixture
Power Unit
Malaysia Elevator Modernization Market, By End User:
Residential Sector
Industrial Sector
Commercial Sector
Infrastructural Sector
Malaysia Elevator Modernization Market, By Modernization Type:
Malaysia Elevator Modernization Market, By Region:
Central Region (West Malaysia)
East Malaysia
Northern Region (West Malaysia)
Southern Region (West Malaysia)
Eastern Region (West Malaysia)
For more information about this report visit https://www.researchandmarkets.com/r/byfrz9
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