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The global smart elevator market size was USD 16.23 billion in 2018 and is projected to reach USD 39.78 billion by 2026, exhibiting a CAGR of 12.0% during the forecast period.
The market is anticipated to flourish owing to fast-changing demographic trends, rising security concerns, and adaptability of modern digital security system controls in elevators such as touch screens, biometrics, and destination dispatching and access control. Furthermore, demand for swift, comfortable, competent, and safe vertical transportation systems majorly in high-rise buildings escalating the smart elevators market.
Growing Automation in Elevating Systems is Contributing to the Growth of the Market
The growing trends of integrating the digital world and the internet on things has escalated the trend of smart elevators across the globe. Further, sensors installed in elevators have improved the inter- connectivity and enables to gauge and analyze maintenance when might be needed. Moreover, in-cab sensors and software equipped are capable of “go to sleep” when occupied, turning off lights, ventilation, music and video, etc.
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Increasing Demand for Energy-Efficient Elevators across Construction Industry
The demand for smart elevators is rising significantly and is expected to propel the market in the near future, owing to rapid infrastructure development across construction, healthcare, traveling, and other industries. Today, airports, hospitals, commercial buildings are integrating technologically advanced elevators in order to reduce costs, reduce the waiting time of customers and ensure ease of transportation. Further, smart city sustainability and green infrastructure are some of the vital factors contributing to the growth of smart elevators market.
High Investment Cost associated at Initial Stage
The challenging factor for smart elevators is the initial high investment associated with installation. Further, integration of automation and security solutions increases the overall costing of the elevators compared to conventional elevators. Therefore, the costing of the smart elevators could hinder the market.
New Deployment Segment to Hold Highest Share Backed by Rising Infrastructure Activity
Based on the setup, the market is segmented into new deployment, modernization, and maintenance.
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The new deployment segment holds the highest share in smart elevators market owing to the growing concerns regarding energy consumption, growing smart city sustainability, green infrastructure standards, etc. Today, according to sources, buildings consume around 40% of the energy across the globe wherein 10% of electricity consumption in buildings is consumed by elevators. In such a scenario, technologically advanced elevators help to cut down the energy consumption.
Modernization and maintenance segment is expected to grow at a considerable rate owing to the increasing replacement of conventional elevators with the smart elevators, rising high-rise buildings, etc.
High-rise Buildings are Expected to Grow Significantly in the Forecast Period
Based on the installation, the market is further segregated into low & mid-rise and high-rise buildings.
The high-rise segment is expected to grow significantly in the coming years owing to innovative technologies offering energy efficiency, cost-effectiveness, and 'smartness'. Additionally, integration of eco-efficient solutions and customer demand for faster vertical movement at safe speeds are expected to drive the market in the coming years.
Low and mid-rise segment is expected to grow at a considerable rate owing to the optimal utilization of space, energy efficiency, etc. Moreover, smart elevators also reduce the construction cost and enable flexibility to architects for designing building space usage.
Passenger Segment to Grow Rapidly in the Forecast Period
Based on application, the market is segmented into passenger and freight.
The passenger segment is expected to flourish in the coming years. UN predicts that around 6.7 billion people will be living in cities by 2050. Around 2,00,000 people move into cities across various geographies. This will aid the growth of the smart elevator market so as to meet up with increasing trends towards constructing smart building and low-carbon cities.
Freight segment is expected to grow at a considerable rate owing to rising industrialization, rising demand for bulk material handling, etc.
Commercial Segment to Grow Rapidly in the Forecast Period
Based on application, the market is further drilled into residential, commercial and industrial.
The commercial segment is expected to grow rapidly in the forecast period owing to rising urban infrastructure, increasing trend towards personalized elevators integrated with technologies such as IoT, artificial intelligence, motion sensor, and voice controller.
Residential and industrial segment is expected to grow considerably in the coming years with the rising government initiatives to construct sustainable green buildings and cities, rising industrialization, etc.
Geographically, the market is segmented across five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.
North America holds the highest share in the smart elevator market owing to the modernization of traditional building structures, expanding the intelligent building, an increase of domestic high-rise buildings, office buildings and residential areas. For instance, Fujitech America Inc. worked on the elevator modernization project on Smith Street, Houston and integrated a double-deck elevator in the Bank of America Plaza in Dallas. Similarly, in May 2018, Otis finalizes to modernize Willis Tower located in Chicago. Furthermore, the US construction sector is witnessing dynamic growth, generating favorable growth rates. Owing to this, growth in ongoing urbanization, residential property, public buildings, and infrastructure is increasing, subsequently having a positive impact on the market size. Moreover, the presence of major manufacturers in North America is also contributing to the growth of the smart elevators market.
North America Smart Elevators Market, 2018 (USD Billion)
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Asia Pacific and Europe are expected to grow at a pleasing rate in the forecast period owing to rising urbanization, increasing safety needs and awareness, aging population, etc. Further, demographic trends and growing awareness of accessibility issues are factors that will foster the need for more of this equipment.
The Middle East and Africa and Latin America are expected to grow at a steady rate owing to the rising government initiatives for investing in infrastructural projects for development of the countries, mainly in Dubai, Oman, etc. Also, rising residential and commercial buildings in Oman are fueling the market for smart elevators.
Leading Players are Focusing on Introducing Technologically Advanced Escalators by Collaborating with Other Players
Key manufacturers are proactively strengthening their market position by collaborating with other players who are introducing innovative technologies in the escalators market. For instance, Schindler Group entered into a partnership with GE Digital and Huawei Technologies to move ahead in the areas of digitization and ‘Internet of Elevators and Escalators’ (IoEE). Also, this strategic move will allow Schindler to explore the potential of the industrial internet and will strengthen its position as a digital industrial company. Furthermore, Schindler is also focusing on widening its business across China and Germany by acquiring Volkslift Elevator and FB Group.
The smart elevator market report provides detailed information regarding various insights of the industry. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the smart elevator market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2019 to 2026 to provide financial competency. The information gathered in the report has been taken from several primary and secondary sources.
An Infographic Representation of Smart Elevator Market
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Value (USD billion)
By Carriage Type
As per Fortune Business Insights, the market was worth USD 16.23 billion in 2018
The market is expected to reach USD 39.78 billion in the future.
The market is projected to grow at a CAGR of 12.0% during the forecast period (2019-2026).
New deployment segment under the setup type criterion is expected to lead the market.
Rapid technological developments such as IoT, artificial intelligence are the key factors driving the market.
Kone corporation, Otis elevators company and thyssenkrupp elevator technology are the top companies in the global Smart Elevators market.
Asia Pacific is expected to hold the highest CAGR in the market.
The commercial application holds the major market share.
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