Smart Elevator Market is Expected to Register a high CAGR through 2028
Rising spending
capabilities for construction and demand for energy efficient solutions are
expected to drive the demand for Global Smart Elevator Market through the
forecast period.
According to TechSci Research report, “Smart
Elevator Market- Global Industry Size, Share, Trends, Competition, Opportunity,
and Forecast, 2018-2028F,” the Global Smart Elevator Market
is likely to grow in the forecast period owing to increasing
use of smart elevators which enable automatic vertical movement of cargo or
people. These elevators use automation, which decreases waiting time and
improves traffic management in homes, businesses, and other structures.
The
market is divided into residential, commercial, and Institutional segments
based on application. Due to the expanding urban infrastructure and the growing
trend towards customized elevators equipped with control system technologies
like IoT, artificial intelligence, motion sensors, and voice controllers, the
commercial segment is anticipated to experience consistent expansion. In the
upcoming years, the residential and Institutional categories are anticipated to
increase significantly. This is due to an increase in government initiatives to
built environmentally friendly, long-lasting structures and towns, a boom in
industrialization, higher discretionary money, and other factors.
Based
on Service, the new installation segment helds the largest market share. During
the forecastperiod, the new installation services sector
is anticipated to expand at a higher CAGR. The rapid rise is related to the
demand for highly sophisticated instruments in intelligent buildings. With the
expansion of metropolitan areas around the world, there are greater chances for
market expansion in the building and infrastructure sectors. The development of
smart cities and smart buildings is driving up demand for new smart elevator
installations. One of the main factors driving demand for smart elevators is
the rise in construction investment and customer demand for innovative building
technologies. The installation of new smart elevators is expensive, which in
some ways limits market expansion.
In
terms of regional analysis, the Global Smart Elevator Market is segmented into North
America, Asia-Pacific, Europe, South America, and Middle East. Asia-Pacific is
expected to account for the largest market share in 2022. The significant
proportion of the Asia-Pacific region is linked to rising urbanization and the
building of commercial and residential structures to fulfil urban needs.
Nowadays, In India, Thailand, Indonesia, Malaysia, and Vietnam are few of the
Asian nations adopting technologies and
people are inclined towards living standards. Hence,
Global Smart Elevator Market is expected to register a high CAGR in the
forecast period. Due to the rapid adoption of new technologies in the country
and the construction of skyscraper buildings, China now has a significant part
of the world's smart elevator installations. Additionally, the need for
elevator-equipped buildings is due to the aging population in China and Japan,
and these nations' technical sophistication supports the demand for smart
elevators.
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Key market players in the Global Smart Elevator Market include:
- Hitachi, Ltd.
- TK Elevator
Corporation
- Schindler
Group
- Otis
Worldwide Corporation
- KONE
Corporation
- Mitsubishi
Electric Corporation
- Fujitec Co., Ltd
- Hyundai Elevator
Co., Ltd.
- Honeywell
International, Inc.
- Toshiba Corporation
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Growth
opportunities will be enhanced by major companies working together to launch
technologically advanced products. By aggressively partnering with other major
companies to choose cutting-edge technologies in the elevator market, major manufacturers
are actively bolstering their market positions. For instance, to expand its
market position and seize the potential of structural trends including urbanization
and growing urban mobility across North America, Europe, and Asia Pacific,
Advent International and Cinven firm acquired ThyssenKrupp's elevator
technology business in July 2020.
“
The market for smart elevators is being propelled by the growth of smart
cities, the construction of buildings using cutting-edge technology, the
expansion of infrastructure in emerging nations, and increased consumer
spending on homes and office space. The benefits of intelligent elevators,
which include security, energy efficiency, a smooth commute with less waiting
time, traffic management, and user safety, drive their use in business and
residential buildings. The development of existing buildings by replacing their
out-of-date elevators with intelligent elevator systems is another factor
driving the market for smart elevators in the modernization sector and many
more factors will drive the market,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Smart Elevator Market –Global Industry
Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028, Segmented
By Component (Control Systems, Maintenance Systems, Communication Systems),
Installation (Low and Mid-rise, High Rise), Application (Residential,
Commercial, Institutional), Service (New Installation Services, Modernization
Services and Maintenance Services), By Region,” has
evaluated the future growth potential of Global Smart Elevator Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Smart
Elevator Market.
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