ID: MRFR/SEM/4057-HCR | February 2021 | Region: Global | 100 pages
The speedy increase in urbanization has resulted in a positive effect on the developments of various smart projects like smart cities in several emerging economies. As a greater number of people living in various cities has encouraged the contractors and the builders for establishing taller buildings in the urban areas, it eventually results in the increase of the demand for the Residential Elevator Market.
According to the Market Research Smart Elevator Market Report, the Residential Elevator market is assumed to reach no less than 30 Billion USD by 2023 by growing at a Compound Annual Growth Rate of 15% during the forecast period, i.e. from 2017 to 2023. The worldwide growth of the market is mainly driven by the increased spending abilities of the buyers in the emerging markets and the rising demand for various energy-efficient solutions across the globe.
COVID-19 had a devastating effect on various construction sectors. Also in the development sector, the construction of the buildings had been halted since the imposing of worldwide lockdown. Various laborers were forced to return to their native places. Moreover, the customers also lost interest in spending money on the infrastructural properties because of the financial uncertainty crisis. This factor straightly affected the growth of Smart Elevator Market Size in 2020. This negative effect of the pandemic on the Smart Elevator Market Size continued to be present till the mid of 2021 across several countries around the world.
However, currently, the increasing adoption of smart elevators for maintenance and repair is expected to result in further growth of Smart Elevator Market Demand. The market is estimated to continue growing and would have a modest increase in the Smart Elevator Market Demand in the successive 5 years. However, the growth is related to numerous macroeconomic factors that would restrict the investments in various technologies like smart elevators. And, the effect of COVID-19 had surely resulted in the slowdown of the growth of the worldwide economy and is assumed to be the major challenge for various players that are operating in this Smart Elevator Market.
According to the Smart Elevator Market report, the populated cities consist of very tall buildings that are generally utilized for offices as well as for residential purposes. Therefore, these tall buildings cause severe inconvenience for the commoners because they have to wait a long time in the lift. Also, these existing old versions of elevators ask for greater operating costs. Therefore, the increasing requirement for energy-efficient solutions is the major reason behind the rising demand of the Residential Elevator Market.
As a result of technological advancements, these elevators made by the Schindler Elevator Market and installed in the residential and commercial buildings consist of various smart solutions like destination dispatch that is facilitated at various multi-elevator buildings; the total number of people are being informed and provided the option to choose a specific floor for travel. Therefore, this procedure comparatively decreases the waiting time. Therefore, according to the Smart Elevator Market report these convenient feature results in Schindler Elevator Market Demand.
Nowadays, various destination dispatch technology is being utilized in multi-floor buildings like the 20-25 storey buildings in which the panel buttons are there at the lobby, rather than at the existing elevator. The advanced technologies utilized in the Schindler Elevator Market, identify the proper traffic arrangement and also adjust the total number of elevators present in the lobby. The Smart Elevator Market Expert also thinks that the new technologies engage specific elevators at the higher floors that decrease the waiting and travel times in the course of the peak period of the business hours.
According to each Smart Elevator Market Expert, on the flip side, the implementation of the smart solutions on a high scale needs massive investment, which in turn is regarded as the challenging factor for the Smart Elevator System Market. Since many clients may not be willing to spend a hefty amount of money to purchase this premium quality access control system, it may hinder the rise of Smart Elevator Market Demand.
According to the Smart Elevator Market Expert, the Smart Elevator System Market can be segmented on the basis of component, speed, application, end-user, and region.
Based on Smart Elevator Market Forecast the different divisions of the component category of the Smart Elevator System market are –
Based on Smart Elevator Market Forecast the different divisions of the speed category of the Smart Elevator Industry are –
Based on Smart Elevator Market Forecast the different divisions of the application category of the Smart Elevator Industry are –
Based on Smart Elevator Market Statistics the different divisions of the end-user category of the Smart Elevator Industry are –
Based on Smart Elevator Market Analysis the different divisions of the region category of the Smart Elevator Industry are –
According to Smart Elevator Market Analysis, the Global Smart Elevator Market is segmented into four major regions such as Asia Pacific, North America, Europe, and the Rest of the World. Based on the Smart Elevator Market Analysis, Europe and North America are expected to have constant growth in the Global Smart Elevator Market. This is because the region is equipped with modern infrastructure and the rising demand for an energy-efficient solution to replace the old elevators with the latest Global Smart Elevator Market technologies.
Also, according to Smart Elevator Market Analysis, the Asia Pacific region is expected to experience the speediest Smart Elevator Market Growth in the course of the forecast period. This is because various emerging nations like Vietnam, Bangladesh, and Indonesia are constantly improving the living standards that would lead to more construction and urbanization of building with these smart technologies. Moreover, the most populous nations of the Asia Pacific region like China, India, and Japan are also facing the Smart Elevator Market Growth. The reason behind such massive Smart Elevator Market Growth is the speedy increase in the transformation of the infrastructure with various smart solutions.
Also, according to Smart Elevator Market Analysis, the Asia Pacific region is expected to experience the speediest Smart Elevator Market Growth in the course of the forecast period. This is because various emerging nations like Vietnam, Bangladesh, and Indonesia are constantly improving the living standards that would lead to more construction and urbanization of building with these smart technologies. The key players of the smart elevator market have implemented several types of inorganic and organic growth strategies like product developments, acquisitions, product launches, agreements, and partnerships for strengthening their particular offerings in the market.
The Smart Elevator Market Facts of the report cover the competitive landscape, the latest trends, the estimated revenue, and the key driving factors that influence the rise of Smart Elevator Market Share. The segments covered under this report are the divisions of the Smart Elevator Market Size depending on the service, type, and component. According to the Smart Elevator Facts, the geographical regions that would experience huge growth in the Smart Elevator Market Share are Europe, Asia Pacific, North America, and the Rest of the world. Also, the Smart Elevator Facts imply that the rising demand for various energy-efficient replacements like the smart elevators for better convenience of the people is resulting in the rise of Smart Elevator Market Share.
Scope of Report and Segmentation Table:
|Market Size||USD 30 Billion (2023)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Type, by Service, by Component|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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).|
|Key Market Opportunities||Rising need for energy efficient solutions such as smart elevators is required to allow better convenience for the people.|
|Key Market Drivers||North America and Europe are presumed to have steady growth in the smart elevator market.|
Frequently Asked Questions (FAQ) :
The smart elevator market worth to surpass USD 30 billion by 2023.
The smart elevator market CAGR would be 15% during the forecast period covering 2015 to 2023.
The smart elevator market includes players like Schindler Group (Switzerland), ThyssenKrupp AG (Germany), Otis Elevator Company (U.S.), Motion Control Engineering (U.S.), KONE Corporation (Finland), Johnson Controls Inc. (U.S.), Fujitec (Japan), Hitachi (Japan), Mitsubishi Electric (Japan), Hyundai Elevator (South Korea), and Hyundai Elevator Co. Ltd (Iran).
Asia Pacific, with its huge scope of growth, would record the highest CAGR during the forecast period.
The segments discussed for the smart elevator market are type, services, speed, component, and application.
The smart elevator market is differentiated by passenger elevator, freight elevator and fireproof elevators
smart elevators are developed with advanced solutions and equipped with security controls such as access control systems, destination dispatching, biometric and touchscreen