Smart Elevator Market Analysis
The global smart elevator market size will touch USD
30 billion at a 15% CAGR in the forecast period (2020- 2027), as per the latest
Market Research Future (MRFR) report.
The Smart Elevator Market refers to the industry concerned with
the production and sale of elevators that are equipped with advanced
technologies such as artificial intelligence, internet of things (IoT), and
cloud computing, to provide improved functionality and enhanced user
experience. The demand for smart elevators has increased in recent years due to
their ability to optimize the movement of passengers, reduce energy
consumption, and provide real-time data and analytics. The market is expected
to continue its growth in the coming years as more and more buildings adopt
smart elevators. Key players in the market include Otis Elevator Company,
Schindler Group, Kone Corporation, Mitsubishi Electric Corporation, and Thyssenkrupp
AG.
Drivers
Rise in Structure Transformation to Boost Market Growth
The
significant increase in the residential and commercial structure transformation
activities by integrating intelligent technologies will boost market growth
over the forecast period.
Opportunities
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Low Waiting Time to Offer Robust Opportunities
Waiting
time in front of an elevator is a major concern amongst passengers in an
emergency case in hospitals, or amongst the passengers in commercial and
residential building. The low waiting times for elevators add to a building’s
customer experience. The integration of access control systems and also
destination dispatching technology helps in managing the traffic flow in a
building within minimum waiting time. This directs the passengers that desire
to go a specific floor in the building to specific elevator that minimizes
waiting time. Thus, reduced waiting time is increasing the use of smart
elevators in every sector which will offer robust opportunities for this market
in the forecast period.
Challenges
Installation Issues to act as Market Challenge
The
issues taking place at the time of installing smart components with
conventional elevators will act as market challenge over the forecast
period.
Restraints
High Cost to act as Market Restraint
The
high cost of smart elevators will act as market restraint over the forecast
period. This includes after-sales service, timely maintenance, integration of
security and automation solutions, and installation cost.
COVID-19 Analysis
The
COVID-19 pandemic possessed an adverse effect on the construction sector. On
the development part, there has been a halt in the construction of new
buildings with lockdowns being imposed. As a result laborers have gone to their
hometown. Consumers are also not willing to invest in infrastructure properties
owing to economic uncertainty and the increasing financial crisis. This has hit
the growth of new installations in 2020 and continued till 2021 across several
countries. Thus, the adoption of smart elevators for repair and maintenance is
anticipated to remain strong.
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Key Players
Eminent
players profiled in the global smart elevator industry report include
ThyssenKrupp AG (Germany), Otis Elevator Company (U.S.), Schindler Group
(Switzerland), KONE Corporation (Finland), Johnson Controls Inc. (U.S.), Motion
Control Engineering (U.S.), Mitsubishi Electric (Japan), Hyundai Elevator
(South Korea), Hitachi (Japan), Fujitec (Japan) and Hyundai Elevator Co. Ltd
(Iran), among others.
The
global smart elevator market is fragmented and also competitive for the
presence of different international & domestic key players. These players
have incorporated innovative strategies to remain at the vanguard and also
suffice the burgeoning demand of the customers including collaborations,
contracts, partnerships, joint ventures, geographic expansions, & new
product launches, and more.
Market Segmentation
The
smart elevator market has been segmented based on type, services, component,
application, and speed.
·
By type, the
passenger elevator will lead the market over the forecast period.
·
By component, the
control systems will dominate the market over the forecast period.
·
By speed, the smart
elevator market is segmented into super-speed, high-speed, fast-speed, and
low-speed.
·
By application, the
commercial segment will spearhead the market over the forecast period.
Regional Analysis
North America to Precede Smart Elevator Market
North
America will precede the market over the forecast period. Advanced
infrastructure, surging need for energy efficient solution for replacing the
prevailing elevators with sophisticated technology, early adoption of
technology, modernization of traditional building structures, expansion of
intelligent building concepts, and increasing development of domestic high-rise
buildings, residential areas, and office buildings are adding to the global
small elevator market growth in the region.
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1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Business Function
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain Of Global Smart Elevator Market
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