Global Smart Elevator Market
The GMI Research forecasts that the Smart Elevator Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the reduced waiting time of passengers, better spending capabilities of customers in emerging markets and overall improvement in economies.
Introduction of the Smart Elevator Market
Smart Elevators are advanced systems enabling automated vertical transportation of goods or passengers. It helps to increase traffic management efficiency in residential, commercial and other buildings. These systems consist of new-age digital security system controls, i.e., biometrics, touch screen, destination dispatching & access control systems, which make them advanced.
Key Players of the Global Smart Elevator Market:
- Honeywell International, Inc.
- FUJITEC
- HYUNDAIELEVATOR CO., LTD.
- thyssenkrupp AG
- KONE Corporation
- Toshiba Elevator and Building Systems Corporation
- Mitsubishi Electric Corporation
- Hitachi, Ltd.
- Schindler
- Otis World
Smart Elevator Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The prominent driver responsible for the growth of the global smart elevator market includes their augmenting acquisition primarily in the Middle East, Latin America, and Asia-Pacific regions. Also, these elevators are highly reliable and long-lasting. The accelerating disposable income of individuals and the surging stipulation for faster vertical transportation strengthens the smart elevator market size. Additionally, the country is witnessing a constant increase in the demand for energy-saving elevators. These elevators consume 50% less energy than the traditional geared machines. Thus, the higher energy requirement of geared machines, led by their excessive operational cost, is surging the demand for new permanent magnet synchronous (PMS) gearless traction machines.
The expansion in the number of high-rise buildings furnished with a smart vertical transportation system due to swift urbanization further promotes market growth. In accordance with the UN Department of Economic and Social Affairs, by 2030, the urban population will incorporate 60% of the world’s population and is anticipated to reach 68% by the end of 2050. Thus, the increasing emphasis on urbanization is escalating the need for environment-friendly and sustainable societies, thereby driving market growth. However, the high installation cost of these smart elevators is obstructing the smart elevator market share.
Application Segment Drivers
Based on the application, the residential is predicted to lead the market during the forecast period. This is primarily attributed to the increasing relocation of people from rural to urban areas along with the rising disposable income. On the other hand, the commercial is expected to expand at a faster CAGR during the forecast period. This is because of the soaring number of smart cities and infrastructural development. For example, the UAE government has introduced the Dubai Plan 2021 to make Dubai a smart and sustainable city. Through this smart city project, the government is pursuing to alter approximately 1000 government services, including six sectors: economic services, communications, transportation, electricity, urban planning, and infrastructure. This has propelled the demand for smart elevators for commercial uses, thus boosting the market growth.
Solution Segment Drivers
Based on the solution, elevator automation is contemplated to witness a higher growth in the near future owing to its features of saving energy, time, and efficient transportation of the passenger. On the other hand, maintenance is predicted to hold the largest share over the forecast period. This is because of the aggravating activities of already installed products, particularly in Europe
Regional Drivers
Based on the regional coverage, North America is forecasted to expand at a higher rate. This is mainly due to the increasing development in high-rise, office buildings, and residential areas. For example, Fujitech America, Inc., worked on the elevator modernization project in Houston, Smith Street in 2019. Moreover, Otis in 2018, finalized to develop the Willis Tower in Chicago. Thus, the prevalence of leading market players is proliferating the market growth.
Smart Elevator Market Segmentation:
Segmentation by Solution
- Elevator Access control & security
- Elevator Automation
- Modernization
- Maintenance
Segmentation by Application
- Residential
- Commercial
- Industrial
- Institutional
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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