Global smart elevator market will reach USD 25.20 billion by 2022, growing at a CAGR of 13.4% between 2017 and 2022.
The report covers forecast and analysis for the smart elevator market on a global and regional level. The study provides historic data of 2014-2016 along with a forecast from 2017 to 2022 based on revenue (USD Billion). The study includes drivers and restraints for the smart elevator market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the smart elevator market on a global level.
This report offers comprehensive coverage on global smart elevator market along with, market trends, drivers, and restraints of the smart elevator market. This report included a detailed competitive scenario and product portfolio of key vendors. To understand the competitive landscape in the market, an analysis of Porter’s five forces model for the smart elevator market has also been included. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness. This report is prepared using data sourced from in-house databases, secondary and primary research team of industry experts.
The study provides a decisive view on the smart elevator market by segmenting the market based on the solution, applications, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2016 to 2022. By solution, the market is segmented into new deployment, modernization, maintenance. By application, the smart elevator market is segmented into commercial, residential, institutional industrial and others. The regional segmentation includes the current and forecast demand for North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global smart elevator market include Hitachi Ltd, Schindler Holding AG, Honeywell International Inc., Bosch Security Systems, Otis Elevator Corporation, Hyundai Elevator Co. Ltd., Mitsubishi Electric Corporation, KONE Elevators Co. Ltd., ThyssenKrupp, Fujitec and Others
The report segments global smart elevator market as follows:
Global Smart Elevator Market: Solution Segment Analysis
Global Smart Elevator Market: Application Segment Analysis
Global Smart Elevator Market: Regional Segment Analysis
This report is based on in-depth qualitative and quantitative analyses of the global Smart Elevators market. Zion Research has collected and analyzed key data belong to the global Smart Elevators market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account, while estimating market size. The revenue generated by the leading industry participants in from the sales of Smart Elevators across the world has been calculated through primary and secondary research.
Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in validation of findings from secondary research and to understand key trends in the Smart Elevators industry. Primary research makes up the major source of data collection and validation.
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Smart Elevators market.
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
The smart elevator is the next phase of the vertical transport system that is controlled by advanced hardware and software systems. Elevators are responsible for 8 to 10 percent of the energy consumed in a building, as new, smarter, connected elevators not only reduce wasting time but also save a lot of money. Elevators are mainly used in residential buildings, hotels, hospitals, sports facilities, offices, and airports, so smart technology is likely to be in high demand as efficiency in these various avenues.
The smart elevator market is mainly driven by rising number of buildings for advanced security automation and access control systems, energy efficient solutions, rising spending capabilities for construction and global economic improvement. Increasing spending capabilities of the countries across the world, advantages of smart elevators and rising demand for green transportation solution amongst consumers have boosted the smart elevators market at global level. However, the high installation cost of the elevator is hindering the growth of smart elevator market.
Smart elevator market is segmented by solution and applications. On the basis of the solution, the market is segmented into new deployment, modernization, and maintenance. The elevator modernization segment dominates the global smart elevator market and new deployment is expected to grow by the forecast period due to advanced security automation and access control systems. Applications of the smart elevator are residential, commercial, industrial, institutional and others. Among these applications, the residential segment is expected to hold the largest share of smart elevator market over the forecast period. Due to rising consumer disposable income coupled with increasing rate of migration of people from rural to urban areas. Industrial segment is estimated to emerge as the fastest growing application over the coming years due to increasing demand for energy efficient solutions.
North America has dominated the smart elevator market and well-established infrastructure and early technology adopters in the region. Rising government mandates regarding with the upgrade of existing elevator is anticipated to drive the Europe smart elevator market over the forecast period. Asia Pacific will be expected highest CAGR in coming years due to rise disposable income of consumer in economically emerging countries such as Japan, China, and India. Increasing government mandates pertaining to the upgrade of existing elevator is expected to drive the Europe smart elevator market over the forecast period. Rapid infrastructure development and increasing urbanization in this region are also giving traction to the smart elevator market.
Advance elevator control systems run autonomously in-house, some new systems have remote, cloud-based elevator monitoring solutions such as MAX from ThyssenKrupp. New elevators include voice-activated elevator control and new designs include retractable elevator pit ladders which replace stationary ladders, saving space and expenses during construction.
Key players operating in global smart elevator market are Hitachi Ltd, Schindler Holding AG, Honeywell International Inc., Bosch Security Systems, Otis Elevator Corporation, Hyundai Elevator Co. Ltd., Mitsubishi Electric Corporation, KONE Elevators Co. Ltd., ThyssenKrupp, Fujitec and Others