The global smart elevator market size was USD 10.50 billion in 2014. Increasing adoption, particularly in Asia Pacific, Latin America, and the Middle East, are expected to drive growth. Several benefits including longer durability and reliability are also anticipated to fuel industry growth over the coming years.
Asia Pacific smart elevator market by solution, 2012 - 2022 (USD Million)
Rising consumer disposable income, particularly in countries such as India, China, and Brazil, coupled with the growing need for faster vertical transportation may elevate product demand. The industry is poised for growth owing to better control of elevator traffic along with the rising need for improved energy efficiency.
The development of products that use renewable energy sources is expected to offer new growth avenues over the coming years. Widespread usage in residential, industrial, and commercial sectors is further estimated to catapult growth. Rapid infrastructure development in emerging economies along with government mandates pertaining to the deployment of such advanced elevators in new structures is also expected to favorably impact demand over the forecast period. High installation costs may hinder growth over the next few years.
Technological advancements resulting in the inclusion of several digital controls related to security may also provide potential growth opportunities to industry participants. Economic benefits pertaining to cost savings through the provision of low power consumption may also spur demand over the forecast period. The reduced passengers' waiting time and increased traffic management efficiency are also anticipated to fuel the smart elevator market significantly.
The industry is segmented into new deployment, modernization, and maintenance on the basis of a solution. Based on new deployment, the market is further segmented into elevator access control & security and elevator automaton.
Elevator automation segment may witness high growth over the forecast period owing to several benefits offered by this deployment type including energy saving, time-saving, and efficient passenger transportation. Elevator access control & security market accounted for more than 35% of the overall share in 2014 which may decrease over the coming years.
The maintenance segment is expected to exhibit substantial growth over the next few years which may be attributed to rising maintenance activities of already installed products in mature North America and Europe.
The residential segment accounted for over 20% of the overall revenue share in 2014 which is expected to increase over the forecast period. This may be attributed to rising consumer disposable income coupled with increasing migration of people from rural to urban areas. The industrial segment is estimated to emerge as the fastest-growing application over the coming years owing to growing demand for energy-efficient solutions resulting in increasing adoption.
The commercial segment may witness considerable growth over the forecast period owing to benefits such as low power consumption, cost savings, and reduced operational cost.
North America smart elevator market emerged as the dominant regional segment in 2014 and accounted for more than 40% of the overall revenue in the same year. This may be attributed to already well-established infrastructure and early technology adopters in the region.
Asia Pacific is also anticipated to witness substantial growth over the forecast period owing to rapid infrastructure development and increasing urbanization in the region. Rising consumer disposable income and technological advancements may also add to the regional growth over the coming years. Increasing government mandates pertaining to the upgrade of existing elevator is expected to drive the Europe smart elevator market over the forecast period.
Key participants compete on the basis of industry presence and new product development. Manufacturers emphasize on strengthening their regional presence by collaborating with other companies offering similar products and services for achieving competitive advantage. Major industry participants hold their competitive position with the provision of the superior distribution channel and enhanced service capability.
Notable companies include Schindler, ThyssenKrupp Elevator, Schneider Electric, Otis Elevator Company, Mitsubishi Electric Corporation, Kone, Hyundai Elevator Co. Ltd., Hitachi Ltd., Fujitec, and Bosch Security Systems.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.
"The quality of research they have done for us has been excellent."
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.