Smart Elevator Market Research Report
Growth opportunities in the smart elevator market look promising
over the next six years. This is mainly due to their rising adoption by the
Asia Pacific and Latin-American countries and the growing disposable income of individuals.
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Smart Elevator Market Dynamics (including
market size, share, trends, forecast, growth, forecast, and industry analysis)
Key
Drivers
The prominent driver responsible for the growth of the
global smart
elevator market includes their augmenting acquisition primarily in the
Middle East, Latin America, and Asia-Pacific regions. Also, these elevators are
highly reliable and long-lasting. The accelerating disposable income of
individuals and the surging stipulation for faster vertical transportation
strengthens the smart elevator market size. Additionally, the country is
witnessing a constant increase in the demand for energy-saving elevators. These
elevators consume 50% less energy than the traditional geared machines. Thus,
the higher energy requirement of geared machines, led by their excessive
operational cost, is surging the demand for new permanent magnet synchronous
(PMS) gearless traction machines.
The expansion in the number of high-rise buildings furnished
with a smart vertical transportation system due to swift urbanization further
promotes market growth. In accordance with the UN Department of Economic and
Social Affairs, by 2030, the urban population will incorporate 60% of the world's
population and is anticipated to reach 68% by the end of 2050. Thus, the
increasing emphasis on urbanization is escalating the need for
environment-friendly and sustainable societies, thereby driving market growth.
However, the high installation cost of these smart elevators is obstructing the
smart elevator market share.
Application
Segment Drivers
Based on the application, the residential is predicted to
lead the market during the forecast period. This is primarily attributed to the
increasing relocation of people from rural to urban areas along with the rising
disposable income. On the other hand, the commercial is expected to expand at a
faster CAGR during the forecast period. This is because of the soaring number
of smart cities and infrastructural development. For example, the UAE
government has introduced the Dubai Plan 2021 to make Dubai a smart and
sustainable city. Through this smart city project, the government is pursuing
to alter approximately 1000 government services, including six sectors:
economic services, communications, transportation, electricity, urban planning,
and infrastructure. This has propelled the demand for smart elevators for
commercial uses, thus boosting the market growth.
Smart
Elevator Market’s leading Manufacturers:
·
Honeywell International, Inc.
·
FUJITEC
·
HYUNDAIELEVATOR CO., LTD.
·
thyssenkrupp AG
·
KONE Corporation
·
Toshiba Elevator and Building Systems
Corporation
·
Mitsubishi Electric Corporation
·
Hitachi, Ltd.
·
Schindler
·
Otis World
Smart Elevator Market Segmentation:
Segmentation by Solution
·
Elevator Access control & security
·
Elevator Automation
·
Modernization
·
Maintenance
Segmentation by Application
·
Residential
·
Commercial
·
Industrial
·
Institutional
·
Others
Segmentation by Region:
·
North America
o
United States of America
o
Canada
·
Asia Pacific
o
China
o
Japan
o
India
o
Rest of APAC
·
Europe
o
United Kingdom
o
Germany
o
France
o
Spain
o
Rest of Europe
·
RoW
o
Brazil
o
South Africa
o
Saudi Arabia
o
UAE
o
Rest of the world (remaining countries of the
LAMEA region)
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