San
Francisco, 21 November 2018, Global smart elevator market was estimated to be USD 10.50 billion in 2014 and
is expected to witness significant growth on account of its increasing adoption
in emerging economies of Asia Pacific, Middle East and Latin America. Safety,
reliability and longer durability is expected to drive growth.
Increasing requirement for
faster vertical mode of transportation owing to the increasing number of
skyscrapers along with growing purchasing power of consumers in Brazil, China,
and India is expected to fuel growth. Rising need for energy efficient systems
along with controlled transportation traffic are other key parameters fueling
demand. Favorable government regulations along with expeditious infrastructure
development in emerging countries are also expected to result in development of
the industry in the near future. The market is anticipated to reach USD 30.55
billion by 2022.
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Technological innovations
resulting in several benefits including digital control security are also
likely to contribute to growth. Better traffic management, cost efficient power
consumption, and reduced waiting time for passengers are also expected to boost
the market at a significant rate.
Demand for smart elevators in
new deployment solutions accounted for over 40% of the global market revenue in
2014. Increasing government spending on infrastructure development,
particularly in Asia Pacific, is expected to augment growth over the forecast
period.
Elevator automation including
efficient transportation and time-energy saving deployment, is expected to
witness significant gains over the forecast period at a CAGR of 15.6%. Elevator
access security & control contributed to account for more than 35% of the
total share in 2014 and is expected to lose share to the automation segment
over the forecast period.
Maintenance accounted for less
than 6% of the market share in 2014. However, it is anticipated to witness
significant growth in coming years, particularly in North America and Europe
owing to the existence of installed systems and high prevalence of MRO
activities in the region. Stagnant economic growth of these regions is
anticipated to fuel maintenance activities of smart elevators.
Smart elevators industry for
residential applications was valued at USD 2.29 billion in 2014 and is
estimated to increase in the near future on account of rising disposable income
and increasing demand for energy efficient alternatives. Consumer preference
towards energy-efficient solutions for industrial applications is expected to
propel growth in the near future at a CAGR of 15.6% over the forecast period.
Rapid industrialization, particularly in Asia Pacific and Latin America,
coupled with growing inclination of manufacturers towards automation is expected
to result is high demand for the technology.
In 2014, North America led the
global market accounting for 42.3% of the total market revenue. Asia Pacific is
expected to witness substantial growth at a CAGR of 19.0% over the projected
period on account of rising urbanization, technological advancement, high
purchasing power, and infrastructure development in the region. Supportive
government initiatives to upgrade existing systems is anticipated to fuel the
growth of the Europe industry in the near future.
Key players include Bosch
Security Systems, Schindler, Schneider Electric, Mitsubishi Electric
Corporation, Kone, Otis Elevator Company, Hyundai Elevator Co. Ltd., Fujitec,
and Hitachi Ltd. The industry is characterized by enhanced service facility and
efficient distribution channels for manufacturers to gain an advantage over
their competitors.
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