Global smart elevator market was estimated to be USD 10.50 billion in 2014 and is expected to witness significant growth on account of its increasing adoption in emerging economies of Asia Pacific, Middle East and Latin America. Safety, reliability and longer durability is expected to drive growth.
Increasing requirement for faster vertical mode of transportation owing to the increasing number of skyscrapers along with growing purchasing power of consumers in Brazil, China, and India is expected to fuel growth. Rising need for energy efficient systems along with controlled transportation traffic are other key parameters fueling demand. Favorable government regulations along with expeditious infrastructure development in emerging countries are also expected to result in development of the industry in the near future. The market is anticipated to reach USD 30.55 billion by 2022.
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Asia Pacific smart elevator market by solution, 2012 - 2022 (USD Million)
Further key findings from the report
suggest:
·
Technological innovations resulting in several
benefits including digital control security are also likely to contribute to
growth. Better traffic management, cost efficient power consumption, and
reduced waiting time for passengers are also expected to boost the market at a
significant rate.
·
Demand for smart elevators in new deployment
solutions accounted for over 40% of the global market revenue in 2014.
Increasing government spending on infrastructure development, particularly in
Asia Pacific, is expected to augment growth over the forecast period.
·
Elevator automation including efficient
transportation and time-energy saving deployment, is expected to witness
significant gains over the forecast period at a CAGR of 15.6%. Elevator access
security & control contributed to account for more than 35% of the total
share in 2014 and is expected to lose share to the automation segment over the
forecast period.
·
Maintenance accounted for less than 6% of the
market share in 2014. However, it is anticipated to witness significant growth
in coming years, particularly in North America and Europe owing to the
existence of installed systems and high prevalence of MRO activities in the
region. Stagnant economic growth of these regions is anticipated to fuel
maintenance activities of smart elevators.
·
Smart elevators industry for residential
applications was valued at USD 2.29 billion in 2014 and is estimated to
increase in the near future on account of rising disposable income and
increasing demand for energy efficient alternatives. Consumer preference
towards energy-efficient solutions for industrial applications is expected to
propel growth in the near future at a CAGR of 15.6% over the forecast period.
Rapid industrialization, particularly in Asia Pacific and Latin America,
coupled with growing inclination of manufacturers towards automation is
expected to result is high demand for the technology.
·
In 2014, North America led the global market
accounting for 42.3% of the total market revenue. Asia Pacific is expected to
witness substantial growth at a CAGR of 19.0% over the projected period on
account of rising urbanization, technological advancement, high purchasing
power, and infrastructure development in the region. Supportive government
initiatives to upgrade existing systems is anticipated to fuel the growth of
the Europe industry in the near future.
·
Key players include Bosch Security Systems,
Schindler, Schneider Electric, Mitsubishi Electric Corporation, Kone, Otis
Elevator Company, Hyundai Elevator Co. Ltd., Fujitec, and Hitachi Ltd. The
industry is characterized by enhanced service facility and efficient
distribution channels for manufacturers to gain an advantage over their
competitors.
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