Otis Korea Completes Largest Seoul Elevator Replacement

Otis Elevator Korea Finishes Its Largest Elevator Replacement at Seoul's GS Gangnam Tower 

SEOUL, South Korea — June 23, 2026 — Otis Elevator Korea has completed its largest-ever elevator replacement project in Seoul, retrofitting the high-rise GS Gangnam Tower with modernized high-speed units, in a move that underscores accelerating modernization demand within the global elevator industry. The project reflects the broader shift among major manufacturers toward service-led, retrofit-driven growth in mature urban markets. 

The replacement at the GS Gangnam Tower—a landmark designed by architecture firm SOM—involved upgrading the building's existing vertical-transportation systems with advanced high-speed elevators, alongside associated maintenance and modernization work. The undertaking ranks as the most extensive single replacement Otis Elevator Korea has executed in the South Korean capital to date. 

South Korea remains one of the most technologically progressive elevator markets globally, with demand increasingly underpinned by energy-efficiency upgrades, regulatory safety standards, and the adoption of smart, IoT-enabled systems. The completion of the Gangnam project illustrates how aging high-rise stock in dense urban centers is fuelling large-scale retrofit activity. 

According to Next Move Strategy Consulting, the global elevator market was valued at USD 108.13 billion in 2025 and is projected to reach USD 148.20 billion by 2030, registering a compound annual growth rate of 6.51% over the period. 

Key Highlights: 

• Otis Elevator Korea completed its largest elevator replacement in Seoul at the SOM-designed GS Gangnam Tower. 

• The project incorporated high-speed elevators along with modernization and maintenance services. 

• The development reflects rising retrofit demand as aging high-rise buildings in dense urban centers approach the end of their operational lifecycle. 

• South Korea continues to prioritize smart, energy-efficient, and IoT-enabled vertical-transportation solutions. 

Analyst Insight: 

According to analysts at Next Move Strategy Consulting, service and refurbishment segments are expanding faster than new installations, presenting a strategic opportunity for manufacturers to scale modernization offerings. NMSC analysts note that tightening energy-efficiency and safety regulations are compelling building owners to upgrade legacy systems, reinforcing the transition toward connected and energy-efficient elevator platforms in advanced urban markets such as South Korea. 

Industry Outlook: 

The completion of the GS Gangnam Tower replacement signals continued momentum in the modernization segment, which is increasingly central to revenue generation for leading manufacturers as installed bases age. With urbanization, regulatory compliance, and smart-building adoption shaping product roadmaps, retrofit projects in mature high-density markets are expected to remain a key driver of elevator-industry activity through the remainder of the decade. 

Source: Elevator World 

Prepared By: Sanyukta Deb