Smart Elevator Market | Analysis 2019-2031

Smart Elevator Market Introduction

Smart elevators are gaining popularity, as end-users around the world realize the importance of embracing energy efficient products to safeguard the environment. In the recent past, emerging markets such as India and China have witnessed the arrival of next-generation elevators that are equipped with intelligent technology. In addition, growth in the infrastructure sector and construction industry has also provided further impetus to the smart elevator market.

Market Dynamics

Soaring numbers of infrastructure development projects—especially in emerging economies such as Asia Pacific, Latin America, and MEA—are creating new opportunities for smart elevator providers. To accommodate the increasing urban population in developed and developing countries, construction of high-rise buildings is booming, consequently driving the growth of the smart elevator market. In addition, increase in demand for energy-efficient and eco-friendly elevators is some of the key factors that are driving the growth of the smart elevator market across the globe. However, high initial cost and lack of awareness across residential and commercial sector regarding benefits of smart elevators are hindering the growth of the smart elevator market.

Market Trends

Currently, deployment of advanced dispatching systems in elevators is on the rise as it reduces vertical travel time and congestion, while significantly improving efficiency and capacity of elevators. In addition, smart elevator automation system providers are developing environment-friendly products that are energy efficient. This is attributed to the objective of meeting environmental regulations and to achieve this goal, smart elevator automation system providers are focusing on building elevators equipped with smart sensors that automatically turn off lights when not in use.

Market Scope

The global smart elevator market is been segmented by component, service type, and end user. By component, the global elevator market is bifurcated into biometric, card reader, touchscreen & keypad, sensor, motor & automation system, security & control system, and building management system. Based on service, the smart elevator market is segmented into installation, modernization, and maintenance & repair. By end user, the market includes residential sector and commercial sector (hotels, malls, and office).

Regional Outlook

Key regions targeted in the smart elevator market are North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East & Africa (MEA). In terms of value, the Asia Pacific dominated the overall smart elevator market, followed by the North America. The smart elevator market in Asia Pacific region is expected to expand at the highest CAGR during the forecast period from 2017 to 2023.

Smart Elevator Market Competitive Landscape

Key players operating in the smart elevator market are inclined towards expanding their operations especially in developing regions such as Asia Pacific and Latin America by setting up new manufacturing facilities. In addition, these players focus on achieving organic growth by entering into strategic collaborations. Major players operating in the smart elevator market include Honeywell International Inc., Tyco International Limited, Schindler Group, ThyssenKrupp AG, Otis Elevator Company, KONE Corporation, Hitachi Ltd., Mitsubishi Electric Corporation, and Fujitec Co. Ltd.

Major Regions/Countries include:

• North America
  • United States
  • Canada

• Western Europe
  • Germany
  • United Kingdom
  • Spain
  • France
  • Italy
  • Rest of Western Europe

• Eastern Europe
  • Russia
  • Poland
  • Rest of Eastern Europe

• Asia Pacific (APAC)
  • Japan
  • China
  • India
  • ASEAN
  • Australia
  • Rest of Asia-Pacific

• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America

• Middle East and Africa (MEA)
  • GCC
  • North Africa
  • South Africa
  • Rest of MEA

This research report on smart elevator market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.