The global smart elevators market size is projected to reach USD 39.78 billion by 2026. The increasing use of concepts such as the IoT and AI will have a positive impact on the growth of the market in the coming years. According to a published report, titled “Smart Elevator Market Size, Share & Industry Analysis, By Setup (New Deployment, Modernization and Maintenance), By Installation (Low & Mid Rise and High Rise), By Carriage (Passenger and Freight), By Application (Residential, Commercial and Industrial) and Regional Forecast, 2019-2026,” the market was worth USD 16.23 billion in 2018 and will exhibit a CAGR of 12.0% during the forecast period, 2019-2026.
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Smart elevators possess the ability to operate in an efficient manner, with regard to the total energy as well as costs associated with them. The properties of smart elevators such as low energy consumption and faster operations will have a positive impact on the growth of the market in the coming years. The presence of several large scale companies, coupled with their efforts to develop newer products, will contribute to the growing demand for the product across the world. The increasing use of concepts such as the IoT and AI have opened up a huge potential for the companies operating in this market.
Some of the leading companies that are operating in the global smart elevators market are:
- KONE CORPORATION (Headquarter: Finland)
- Otis Elevator Company (Headquarter: USA)
- Schindler (Headquarter: Switzerland)
- thyssenkrupp Elevator Technology (Headquarter: - Germany)
- Hitachi Ltd. (Headquarter: - Japan)
- Mitsubishi Electric Corporation (Headquarter: - Japan)
- Bosch Security Systems (Headquarter: - United States)
- Fujitec Co. Ltd. (Headquarter: - Hikone)
- Toshiba Elevator and Building Systems Corporation (Headquarter: - Japan)
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North America Holds Highest Smart Elevators Market Share; Presence of Several Large Scale Companies Will Aid Growth
The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America currently holds a dominant market share, owing to the presence of several large scale companies in several countries across this region. As of 2018, the market in North America was worth USD 5.76 billion and this value is projected to increase further in the coming years. besides North America, the market in Europe and Asia Pacific will witness considerable growth driven by the increasing efforts to produce cost-effective products.
Industry Developments:
December, 2018: - KONE completed the acquisition of Eltec Elevator Ltd. with a bid to establishing formidable stand in the market.
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Market HighlightsThe conventional elevator system requires frequent repairs and maintenance, which eventually increases the operational cost and causes inconvenience by increasing the waiting time.
In such cases, smart elevators are developed with advanced solutions and equipped with security controls such as access control systems, destination dispatching, biometric and touchscreen.
In the light of these factors, the smart elevators solutions are presumed to gaining popularity over the forecast period.The Smart Elevator market is segmented type, component, services, speed and application.By type, the smart elevator market is sub-segmented into passenger elevator, freight elevator and fireproof elevators.
The component segment comprised maintenance, control system and communication system.
The control sub-segment is further segregated into access, elevator, sensors and security.
On the basis speed of elevators, the market is categorized as low-speed, fast-speed, high-speed and super-speed.Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/5504The application based smart elevator is categorized as industrial, commercial, institutional and infrastructure, residential, and others.Key PlayersSome of the key players of smart elevator market 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)Regional AnalysisGeographically, the smart elevator market is categorized into four different regions such as North America, Asia Pacific, Europe and the Rest of the World.Asia Pacific region is expected to be the fastest growing region in smart elevator market which is attributed to increased investment by their economies to modernize their infrastructure and develop as smart cities are expected to gain the popularity over the forecast period.
Rising acceptance, particularly in Latin America, Asia Pacific, and the Middle East, are anticipated to drive the growth of the market.
Numerous benefits together with longer stability along with reliability are also expected to help the growth of the industry over the coming yearsGrowing disposable income of the consumer, predominantly in countries such as China, Brazil along with India coupled with the increasing need for faster transportation facilities may elevate the demand for the elevator.
The elevator industry is hovering for growth owing to superior control of elevator traffic and the growing requirement for improved energy efficiency worldwide.Request a Sample Copy of This Report @ https://www.millioninsights.com/industry-reports/smart-elevator-marketExpansion of products that utilize renewable energy sources is likely to offer new development avenues in the upcoming years.
Extensive usage in different sector like industrial, commercial as well as residential areas is further liable to drive the growth of the market.
Elevator access control & security market helped in accounting more than 35% of the overall share in 2014, but this proportion may decrease over the coming years.Maintenance segment is estimated to demonstrate considerable development in upcoming few years which may credit to increasing maintenance related activities of already installed products in mature markets such as North America along with Europe.Application InsightsResidential segment has for over 20% of the total revenue share in 2014 which is anticipated to rise over the forecast period.
Industrial segment is probable to appear as the fastest growing application in next few years owing to the mounting demand for energy-efficient solutions which results in increasing acceptance.The commercial segment may observe significant development over the given forecast period due to advantages such as reduced operational cost, low power consumption, and cost savings.View Full Report with TOC @ https://www.millioninsights.com/industry-reports/smart-elevator-market/request-sampleRegional InsightsIn 2014 North America smart elevator market was a leading regional segment as well as accounted for more than 40% of the revenue.
Market Research Future published a research report on “Smart Elevator Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.Market OverviewAs per the analysis carried out by Market Research Future (MRFR), the global smart elevator is predicted to reach the value of approximately USD 30 billion by 2023.
The market will grow at an astounding CAGR of 15% over the forecast period (2017-2023).Drivers and RestraintsVarious government regulations and standards for green infrastructure coupled with decreasing operational cost and automation have turned the market for smart elevators into a high yielding one.
Plus, the growing concerns regarding the safety and advances towards integration of access controls is poised to expand the smart elevator market further.Get Free Sample Copy of Report @ https://www.marketresearchfuture.com/sample_request/5504In addition, advances in the digital control systems like biometrics, card-based systems, touch screens, keypads and iris recognition provide the market with massive growth opportunities.
Digital control systems tighten the security of buildings; thus, the elevated adoption of these systems have positively affected the overall growth of the smart elevator market.The market, however, is negatively impacted by the lack of funds required for implementing these smart solutions on a large scale.
But the continuous incorporation of entry control systems along with elevator dispatching technology is helping to reduce the waiting time and manage the crowd flow.
This factor could be another driving force that shapes the market positively in the coming years.Key Players:Some of the key players of Smart Elevator Market 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).Market SegmentationThe smart elevator market is segmented on the basis of type, component, services, speed, and application.Based on the type, the smart elevator market is segmented into passenger elevator, freight elevator, and fireproof elevators.The segment of component consists of maintenance, control system, and communication system.By control, the market is segmented into access, elevator, sensors, and security.Depending on the speed, the smart elevator market is segmented into low-speed, fast-speed, high-speed and super-speed.The application-based smart elevator is segmented into industrial, commercial, institutional and infrastructure, residential, and others.Regional AnalysisBased on region, the smart elevator is segmented into four primary regions, which are Europe, Asia Pacific, North America, and the Rest of the World.Among these, North America and Europe are predicted to grow steadily in the global smart elevator market.
