diff --git a/PowerKit.Tests/ResizableSemaphoreTests.cs b/PowerKit.Tests/ResizableSemaphoreTests.cs
new file mode 100644
index 0000000..3e9bbb2
--- /dev/null
+++ b/PowerKit.Tests/ResizableSemaphoreTests.cs
@@ -0,0 +1,54 @@
+using System;
+using System.Threading;
+using System.Threading.Tasks;
+using FluentAssertions;
+using PowerKit;
+using Xunit;
+
+namespace PowerKit.Tests;
+
+public class ResizableSemaphoreTests
+{
+    [Fact]
+    public async Task AcquireAsync_Test()
+    {
+        // Arrange
+        using var semaphore = new ResizableSemaphore { MaxCount = 1 };
+
+        // Act
+        using var access1 = await semaphore.AcquireAsync();
+        var access2Task = semaphore.AcquireAsync();
+
+        // Assert
+        access2Task.IsCompleted.Should().BeFalse();
+        access1.Dispose();
+        using var access2 = await access2Task;
+    }
+
+    [Fact]
+    public async Task AcquireAsync_Cancellation_Test()
+    {
+        // Arrange
+        using var semaphore = new ResizableSemaphore { MaxCount = 1 };
+        using var _ = await semaphore.AcquireAsync();
+
+        // Act & assert
+        var act = async () => await semaphore.AcquireAsync(new CancellationToken(true));
+        await act.Should().ThrowAsync<OperationCanceledException>();
+    }
+
+    [Fact]
+    public async Task AcquireAsync_Resized_Test()
+    {
+        // Arrange
+        using var semaphore = new ResizableSemaphore { MaxCount = 1 };
+        using var _ = await semaphore.AcquireAsync();
+
+        // Act
+        var accessTask = semaphore.AcquireAsync();
+        semaphore.MaxCount = 2;
+
+        // Assert
+        using var access = await accessTask;
+    }
+}
diff --git a/PowerKit/ResizableSemaphore.cs b/PowerKit/ResizableSemaphore.cs
new file mode 100644
index 0000000..6931066
--- /dev/null
+++ b/PowerKit/ResizableSemaphore.cs
@@ -0,0 +1,102 @@
+#if NET40_OR_GREATER || NETSTANDARD || NET
+#nullable enable
+using System;
+using System.Collections.Generic;
+using System.Diagnostics.CodeAnalysis;
+using System.Threading;
+using System.Threading.Tasks;
+
+namespace PowerKit;
+
+/// <summary>
+/// Semaphore whose maximum concurrency count can be adjusted at run time.
+/// </summary>
+#if !POWERKIT_INCLUDE_COVERAGE
+[ExcludeFromCodeCoverage]
+#endif
+internal class ResizableSemaphore : IDisposable
+{
+    private readonly Lock _lock = new();
+    private readonly Queue<TaskCompletionSource> _waiters = new();
+    private readonly CancellationTokenSource _cts = new();
+
+    private bool _isDisposed;
+    private int _count;
+
+    /// <summary>
+    /// Gets or sets the maximum number of concurrent accesses.
+    /// Defaults to <see cref="int.MaxValue" />.
+    /// </summary>
+    public int MaxCount
+    {
+        get => field;
+        set
+        {
+            using (_lock.EnterScope())
+                field = value;
+
+            Refresh();
+        }
+    } = int.MaxValue;
+
+    private void Refresh()
+    {
+        using (_lock.EnterScope())
+        {
+            // Provide access to pending waiters, as long as max count allows
+            while (_count < MaxCount && _waiters.TryDequeue(out var waiter))
+            {
+                // Don't increment the count if the waiter has already been
+                // completed before (most likely by getting canceled).
+                if (waiter?.TrySetResult() == true)
+                    _count++;
+            }
+        }
+    }
+
+    private void Release()
+    {
+        using (_lock.EnterScope())
+            _count--;
+
+        Refresh();
+    }
+
+    /// <summary>
+    /// Acquires access to the semaphore, waiting asynchronously if the maximum concurrency count
+    /// has been reached. Dispose the returned handle to release access.
+    /// </summary>
+    public async Task<IDisposable> AcquireAsync(CancellationToken cancellationToken = default)
+    {
+        var waiter = new TaskCompletionSource(TaskCreationOptions.RunContinuationsAsynchronously);
+
+        using (_cts.Token.Register(() => waiter.TrySetCanceled(_cts.Token)))
+        using (cancellationToken.Register(() => waiter.TrySetCanceled(cancellationToken)))
+        using (_lock.EnterScope())
+        {
+            ObjectDisposedException.ThrowIf(_isDisposed, this);
+            _waiters.Enqueue(waiter);
+        }
+
+        Refresh();
+        await waiter.Task.ConfigureAwait(false);
+
+        return Disposable.Create(Release);
+    }
+
+    /// <inheritdoc />
+    public void Dispose()
+    {
+        using (_lock.EnterScope())
+        {
+            if (_isDisposed)
+                return;
+
+            _isDisposed = true;
+            _cts.Cancel();
+        }
+
+        _cts.Dispose();
+    }
+}
+#endif