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Sep 15, 2020 (The Expresswire) —
The global smart elevator market size is expected to gain momentum by exhibiting a CAGR of 9.1% between 2020 and 2027. This is attributable to the increasing focus on introducing autonomous technology and the surging demand for efficient elevators across construction sector that reduce operational costs across the globe. Fortune Business Insights, in its latest report, titled, “Smart Elevator Market Size, Share and COVID-19 Impact Analysis, By Setup (New Deployment, Modernization and Maintenance), By Installation (Low and Mid Rise and High Rise), By Carriage (Passenger and Freight), By Application (Residential, Commercial and Industrial) and Regional Forecast, 2020-2027.”, mentions that the market stood at USD 18.75 billion in 2019 and is projected to reach USD 38.27 billion by 2027.
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Smart elevators are specially designed to improve the act of travelling between floors across buildings and other constructional institutions. The increasing adoption of modern technology is driving the demand for inter-connected elevators to improve efficiency and reduce costs. Additionally, these elevators are monitored and controlled through smart connectivity that aid in reducing the waiting and travelling time across buildings.
COVID-19 Effect: Halting of Several On-going Construction Projects to Hinder Growth
The global economy is facing turbulent time as the COVID-19 pandemic has resulted in a complete halt of services and operations across several industries. The construction sector is among the worst hit. Owing to the stringent measures undertaken by the government agencies globally to curb the spread of the disease, the workers are under quarantine leading to the halt of the constructional activities. This is expected to restrain market growth to some extent. However, adhering to the government advisory and practicing strict safety regulations, the industry is witnessing resumption of work with a limited workforce that will lead to the market gaining traction in the near future.
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Some of the leading companies that are operating in the global smart elevators market are:
- KONE CORPORATION (Espoo, Finland)
- Otis Elevator Company (Connecticut, USA)
- Schindler (Ebikon, Switzerland)
- thyssenkrupp Elevator Technology (Essen, Germany)
- Hitachi Ltd. (Ibaraki, Japan)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Bosch Security Systems (Grasbrunn, Germany)
- Fujitec Co. Ltd. (Hikone, Japan)
- Toshiba Elevator and Building Systems Corporation (Tokyo, Japan)
- HYUNDAI ELEVATOR CO., LTD. (Gyeonggi-do, South Korea)
- Johnson Controls Inc. (Cork, Ireland)
- Motion Control Engineering (Alaska, United States)
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What does the Report Include?
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by companies to maintain market stronghold between 2020 and 2027.
Increasing Autonomy in Elevator Systems to Favor Growth
Today, the emergence of advanced technologies such as machine learning, internet of things (IoT), and artificial intelligence (AI) is propelling the manufacturers to phase out old conventional elevators and introduce advanced smart elevators. The conventional elevators consume a high amount of energy, along with high operational costs. However, the introduction of autonomous technology such as destination selection control (DSC) allows the users to reach their destination in minimal time and further save huge operational costs. Additionally, it improves the passenger handling capacity by about 30% while consuming less energy.
Therefore, the increasing demand for autonomy across the construction sector to reduce operational costs and improve productivity is expected to boost the global smart elevators market growth during the forecast period.
New Deployment Segment Held a Market Share of 41.7% in 2019
The new deployment segment, based on by setup, is anticipated to showcase a considerable growth owing to the increasing demand for energy consumption that is driving the demand for these elevators globally. The segment held a market share of about 41.7% in 2019.
North America to Remain Dominant; Increasing Focus on Developing Advanced Infrastructure to Surge Demand
Among all the regions, North America stood at USD 6.33 billion in 2019 and is expected to hold the highest position in the global smart elevator market in the forthcoming years. This is ascribable to factors such as increasing focus on developing advanced infrastructure by the manufacturers that is propelling the demand for these elevators in the region.
The market in Asia-Pacific is expected to experience an exponential growth owing to the increasing focus on restructuring old elevators with innovative and advanced smart elevators in countries such as China, India, and Japan between 2020 and 2027.
KONE Launches IoT-enabled Smart Elevator to Boost Sales Revenue and Strengthen its Market Position
The global market is consolidated by the presence of major companies that are striving to strengthen their position by introducing innovative products to further boost their sales revenue. For instance, in September 2019, KONE announced the launch of its new smart elevator system, KONE CareTM that is equipped with internet of things (IoT) technology to enable faster and sophisticated elevator service in India. The adoption of strategies such as merger and acquisition, collaboration, and partnership by key players is further anticipated to drive the market growth during the forecast period.
- March 2020 Picovoice, a voice technology startup, announced the launch of its new voice-controlled elevator and intercom system. According to the company, the voice control systems in these elevators are designed to be easy to operate and hygienic in the wake of the recent COVID-19 pandemic.
Table of Content:
- Executive Summary
- Market Dynamics
- Competition Landscape
- Key Market Insights and Analysis, By Segments
- Global Smart Elevator Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
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