Introduction of the Smart Elevator Market Report

Smart elevator systems such as modern digital controls systems include access controls i.e. card-based systems, biometric systems, touch screens & keypads, and automation systems. According to the need for higher safety, better comfortability, and ease of access, there has been an increase in the demand for smart elevators. The global smart elevator market covers applications such as residential, commercial, industrial, and others.

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Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global Smart Elevator market size include the rising adoption of these elevators, especially in the Asia-Pacific, Middle East, and Latin America. The smart elevator offers various benefits such as longer durability and high reliability. Moreover, the increasing consumer disposable income and the rising requirement for faster vertical transportation is further contributing to the market growth. There has been an increase in the demand for energy-efficient elevators around the globe. The geared machine consumes more energy resulting from high operating costs, which in turn, is surging the demand for new permanent magnet synchronous (PMS) gearless traction machines. They consume 50% less energy as compared to the conventional geared machines.

The rising number of high-rise buildings equipped with a smart vertical transportation system due to rapid urbanization is further responsible for market growth. According to the UN Department of Economic and Social Affairs, by 2030, the urban population includes 60% of the world’s population and it is projected to reach 68% by the end of 2050. Thus, the rising focus on urbanization is increasing the need for eco-efficient and sustainable societies, thereby contributing to the growth of the smart elevator market share.

Restraint in the Smart Elevator Market

However, the high cost related to the installation of smart elevator is a major factor that is hamper the market growth.

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Solution – Segment Analysis

Based on the solution, the elevator automation is expected to grow at a higher CAGR during the forecast period. The advantages provided by the elevator automation such as saving energy, time-saving, and efficient transportation of the passenger is a key driver that is contributing to the market growth. On the other hand, the maintenance segment is projected to dominate the market over the coming years. The increase in the maintenance activities of already installed products, particularly in Europe, is surging the segment growth.

Application – Segment Analysis

Based on the application, the residential is expected to dominate the market during the forecast period. The increasing consumer disposable income along with the rising migration of people from rural to urban areas are the two major factors that are driving the market growth. On the other hand, the commercial segment is projected to grow at a higher CAGR during the forecast period. The increasing number of smart cities and infrastructural development is a key driver that is boosting the market growth. For instance, the UAE government has initiated the Dubai Plan 2021 with an aim to make Dubai a smart and sustainable city. Through Dubai’s Smart City Project, the government is aiming to transform around 1000 government services, including six sectors: communications, economic services, transportation, infrastructure, electricity, and urban planning. This has increased the demand for smart elevators for commercial application, thus surging the market growth.

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Regional – Segment Analysis:

Based on the region, North America region is expected to grow at a higher CAGR during the forecast period. The rising development of domestic high-rise buildings, office buildings, and residential areas are driving the demand for smart elevators in this region. For example, Fujitech America, Inc., worked on the elevator modernization project in Houston, Smith Street, and other locations in 2019. Moreover, in 2018, Otis finalized to modernize the Willis Tower in Chicago. Thus, the presence of leading players is further surging the market growth.

Top Market Players

Various notable players operating in the market include Otis World, KONE Corporation, Schindler, thyssenkrupp AG, Hitachi, Ltd., HYUNDAIELEVATOR CO., LTD., Mitsubishi Electric Corporation, FUJITEC, Toshiba Elevator and Building Systems Corporation, and Honeywell International, Inc., among others. 

Key Developments:

• • In 2020, Hitachi Ltd., acquired share in Yungtay Engineering to improve its elevator and escalator market.
  • In 2020, Otis World acquired Bay State Elevator to increase its presence in the northeast US. The acquisition includes the company’s service portfolio and operations.

Segments covered in the Report:

The global Smart Elevator market has been segmented on the basis of Solution, Application, and regions. Based on Solution, the market is segmented into Elevator Access control & security, Elevator Automation, Modernization, and Maintenance. Based on Application, the market is segmented into Residential, Commercial, Industrial, Institutional, and Others. 

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Key questions answered in this research report:

• • At what pace is global Smart Elevator market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Smart Elevator market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Smart Elevator market?
  • Which Solution generated maximum revenues in 2019 and identify the most promising Solution during the forecast period?
  • What are the various Application areas of global Smart Elevator market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Solution, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Otis World, KONE Corporation, Schindler, thyssenkrupp AG, Hitachi, Ltd., HYUNDAIELEVATOR CO., LTD., Mitsubishi Electric Corporation, FUJITEC, Toshiba Elevator and Building Systems Corporation, and Honeywell International, Inc., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Smart Elevator Market by Solution

• • Elevator Access control & security
  • Elevator Automation
  • Modernization
  • Maintenance

Global Smart Elevator Market by Application

• • Residential
  • Commercial
  • Industrial
  • Institutional
  • Others

Global Smart Elevator Market by Region

• • North America Smart Elevator Market (Option 1: As a part of the free 25% customization)
    • North America Smart Elevator Market by Solution
    • North America Smart Elevator Market by Application
    • US Smart Elevator Market All-Up
    • Canada Smart Elevator Market All-Up
  • Europe Smart Elevator Market (Option 2: As a part of the free 25% customization)
    • Europe Smart Elevator Market by Solution
    • Europe Smart Elevator Market by Application
    • UK Smart Elevator Market All-Up
    • Germany Smart Elevator Market All-Up
    • France Smart Elevator Market All-Up
    • Spain Smart Elevator Market All-Up
    • Rest of Europe Smart Elevator Market All-Up
  • Asia-Pacific Smart Elevator Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Smart Elevator Market by Solution
    • Asia-Pacific Smart Elevator Market by Application
    • China Smart Elevator Market All-Up
    • India Smart Elevator Market All-Up
    • Japan Smart Elevator Market All-Up
    • Rest of APAC Smart Elevator Market All-Up
  • RoW Smart Elevator Market (Option 4: As a part of the free 25% customization)
    • RoW Smart Elevator Market by Solution
    • RoW Smart Elevator Market by Application
    • Brazil Smart Elevator Market All-Up
    • South Africa Smart Elevator Market All-Up
    • Saudi Arabia Smart Elevator Market All-Up
    • UAE Smart Elevator Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Smart Elevator Market All-Up

Major Players Operating in the Smart Elevator (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Otis World
  • KONE Corporation
  • Schindler
  • thyssenkrupp AG
  • Hitachi, Ltd.
  • HYUNDAIELEVATOR CO., LTD.
  • Mitsubishi Electric Corporation
  • FUJITEC
  • Toshiba Elevator and Building Systems Corporation
  • Honeywell International, Inc.