The global smart elevator market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the rising infrastructure transformations and constructions globally.
Elevators can be defined as a type of vertical transportation system that transfers goods or people between any levels or floors of a particular building infrastructure or commercial space in an effective and efficient manner. Generally, elevators are classified into 3 types; hydraulic elevators, counterweight elevators, and pneumatic elevators. Smart elevators have a stronghold of the market in this sophisticated and modern world. It is defined as an advanced system that enables the controlled vertical movement of products or passengers.
The COVID-19 outbreak has brought negative impact on the market. Due to the lockdown imposed by governments globally, the smart elevator market faced supply chain disruptions, which is likely to hinder the market expansion. The market is expected to recover soon as the emergency lockdown is gradually lifted and manufacturing plants are resuming their operations due to the sharp decline in the number of the COVID cases in many countries.
Market Trends, Drivers, Restraints, and Opportunities
- Growing urbanization in developing countries is one of the key factors driving the market growth.
- Technological advancement in the sector is expected to boost the market growth in the coming years.
- Increasing demand for energy efficient elevators is projected to fuel the smart elevator market expansion during the forecast period.
- High initial adoption cost associated with smart elevator presents a major challenge. This is anticipated to hamper the market growth in the projected period.
- Wide usage in industrial, residential, and commercial sectors is projected to create significant growth opportunities for the market in the near future.
Scope of the Report
The report on the global smart elevator market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Smart Elevator Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Commercial, Institutional, Residential, and Industrial) and Solutions (Modernization, Maintenance, and New Deployment [Elevator Automation and Elevator Access Control & Security])
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Fujitec Co., Ltd.; Schindler Elevator Corp.; Kone Oyj; ThyssenKrupp AG; Otis Elevator Co.; Hyundai Elevator Co. Ltd.; Hitachi Ltd.; Bosch Security Systems; and Mitsubishi Electric Corp.
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Market Segment Insights
Residential segment to grow at a rapid pace
Based on applications, the global smart elevator market is segmented into commercial, institutional, residential, and industrial. The residential segment is expected to grow at a rapid pace during the forecast period owing to the rise in consumer disposable income. Moreover, increasing migration of people from rural to urban areas is further expected to drive the segment growth. However, the commercial segment is anticipated to hold a key share of the market in the coming years due to several benefits, such as power consumption, cost savings, low and reduced operational cost.
Energy saving to drive new development segment
On the basis of solutions, the market is segregated into modernization, maintenance, and new deployment. The new development segment is further bifurcated into elevator automation and elevator access control & security. The new development segment is projected to expand at a considerable CAGR during the forecast period attributed to numerous benefits offered, such as time-saving, energy saving, and efficient passenger transportation. On the other hand, the maintenance segment is anticipated to account for a major market share during the forecast period due to the rising maintenance activities of installed products in the region.
North America to constitute a key market share
In terms of regions, the global smart elevator market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to well-established infrastructure and early technology adopters across the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period attributed to increasing urbanization and rapid infrastructure development in the region.
Segments
Segments Covered in the Report
The global smart elevator market has been segmented on the basis of
Applications
- Commercial
- Institutional
- Residential
- Industrial
Solutions
- Modernization
- Maintenance
- New Deployment
- Elevator Automation
- Elevator Access Control & Security
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Fujitec Co., Ltd.
- Schindler Elevator Corp.
- Kone Oyj
- ThyssenKrupp AG
- Otis Elevator Co.
- Hyundai Elevator Co. Ltd.
- Hitachi Ltd.
- Bosch Security Systems
- Mitsubishi Electric Corp.
Competitive Landscape
Key players competing in the global smart elevator market are Fujitec Co., Ltd.; Schindler Elevator Corp.; Kone Oyj; ThyssenKrupp AG; Otis Elevator Co.; Hyundai Elevator Co. Ltd.; Hitachi Ltd.; Bosch Security Systems; and Mitsubishi Electric Corp. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
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