Overview Elevator Modernization Market in the Philippines reached $1.2 billion in 2018, growing at a CAGR of 3.4% during 2019-2025. The rising building renovation activities in the Philippines is boosting the demand for elevator modernization market. Since 2015, the total number of renovation projects for residential and non-residential buildings in the Philippines are witnessing a Y-o-Y growth of more than 12%. Similarly, the strict enforcement of elevator compliance by the Philippines government is fueling the need for elevator modernization in the country. In 2019, an elevator at the Philippine Bank of Communications (PBCom) Tower malfunctioned and fell from the 10th floor to the ground floor at an abnormal speed. As a consequence, the government ordered the regulatory body to inspect all the elevators installed in the city. Thus, many buildings in the Philippines are likely to modernize their elevators to adhere to building regulation and ensure enhanced safety. Report Coverag...