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Smart Elevator Market Overview with Detailed Analysis, Competitive landscape, Forecast to 2025

Author : Ronak Bora | Published Date : 2020-09-08 

The global smart elevator market share is on the rise lately owing to the product’s growing adoption in emerging markets like India and China, coupled with growth in the construction and infra sectors worldwide. Smart elevators are estimated to make big strides in the global elevator market owing to the new wave of technology and advancements that are transforming the global landscape.

Commercial application in the smart elevator market is experiencing high adoption due to rising construction of commercial setups, such as private & public offices, IT & telecommunication companies, and government institutions, across the globe. The emergence of smart buildings with automated & intelligent features is adding up to the consumption of intelligent lift solutions to offer high-speed commuting to employees & visitors. Several initiatives by enterprises to provide better infrastructure facilities to employees and enhance visitor experience are supporting the deployment of intelligent lift solutions.

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In the smart elevator market, control system solutions are gaining high popularity owing to the need for managing building infrastructure and efficiently controlling the lift operations. Increasing utilization of intelligent lift systems across residential, commercial, and industrial projects requires timely control & maintenance to manage the increasing crowd. Various control systems, such as security, access, and lift control, offer enhanced safety along with elevated commuter experience. The access control systems restrict the entry of unwanted and unregistered candidates at restricted floors, which is beneficial for the commercial & industrial settings, further increasing the security of highly valuable resources. These control solutions also aid theft protection in huge residential structures by restricting entry on various floors, further contributing to the smart elevator market growth.

The future of elevators is connectivity, which is expected to play a huge role in product demand over the coming years. With several smart elevator manufacturers already considering its implementation, it won’t take long for internet-connected smart elevators to become common. A smart elevator company that is currently exploring this possibility is Otis Elevators. The company has initiated development of smart elevators that are capable of communicating with passengers, service staff, building managers, and others for enhancing performance and passenger experience.

Technologies like IoT are reshaping the surroundings and helping countless businesses perform better. Smart elevators companies have also started recognizing the potential of these disruptive technologies and are beginning to embrace them. A smart elevator market analysis reveals that IoT seems to have majorly influenced the industry dynamics lately. Case in point, smart elevator company Schindler recently entered a partnership with Spanish telecom giant Telefónica to enhance its cloud-based digital offerings with Telefónica’s IoT connectivity services.

With rapid urbanization, the population in cities will continue to rise, generating a high demand for residential establishments, which can be sufficed by building more high-rise and economical buildings. While the conventional elevator technology obstructs this possibility, the implementation of rope-free and multidirectional elevators seems a viable option.

The Asia Pacific smart elevator market is growing rapidly in recent years due to the robust construction industry development and emergence of several commercial & industrial infrastructures in countries including India, China, Japan, etc. The development of several smart city activities in Singapore and China owing to the demand from technically-aware population has created several industry growth opportunities. Moreover, increasing building transformation initiative adopted by the government and private organizations in India, South Korea, etc. is fostering the industry expansion at a rapid pace.

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The prominent companies operating in the smart elevator market are Schindler Group, KONE Oyj, Otis Elevator Company, Hyundai Elevator Company, and thyssenkrupp AG. These companies are engaged in offering technically-developed solutions with sensor and connectivity features to offer enhanced user experience and pose high competition in the industry.

Table of Contents (ToC) of the report:

Chapter 1. Methodology and Scope

1.1. Definitions & forecast parameters

1.1.1. Definitions

1.1.2. Methodology and forecast parameters

1.2. Data Sources

1.2.1. Secondary

1.2.2. Primary

Chapter 2. Executive Summary

2.1. Smart elevator market 360° synopsis, 2015 – 2025

2.1.1. Business trends

2.1.2. Solution trends

2.1.3. End-use trends

2.1.4. Regional trends

Chapter 3. Smart Elevator Market Insights

3.1. Industry segmentation

3.2. Industry landscape, 2015 – 2025

3.3. Industry ecosystem analysis

3.3.1. Suppliers

3.3.2. Manufacturers

3.3.3. Software & technology providers

3.3.4. Service providers

3.3.5. System integrators

3.3.6. Distribution channel analysis

3.3.7. End-use landscape

3.3.8. Vendor matrix

3.4. Technology & innovation landscape

3.5. Regulatory landscape

3.5.1.1. North America

3.5.1.2. Europe

3.5.1.3. Asia Pacific

3.5.1.4. Latin America

3.5.1.5. MEA

3.6. Industry impact forces

3.6.1. Growth drivers

3.6.1.1. Increasing construction & infrastructure transformation activities across the globe

3.6.1.2. Rapid urbanization trend in China and India

3.6.1.3. Several energy efficiency initiatives in European Union

3.6.1.4. Proliferation of smart cities in MEA and Singapore

3.6.1.5. Emergence of a robust commercial sector in Mexico and Brazil

3.6.1.6. High popularity of energy efficient & intelligent buildings in North America

3.6.2. Industry pitfalls & challenges

3.6.2.1. High initial investments

3.6.2.2. Increasing operational costs

3.7. Growth potential analysis

3.8. Porter's analysis

3.8.1. Supplier power

3.8.2. Buyer power

3.8.3. Threat of new entrants

3.8.4. Threat of substitutes

3.8.5. Internal rivalry

3.9. Competitive landscape, 2018

3.9.1. Company market share analysis

3.9.2. Strategy dashboard (New product development, M&A, R&D, Investment landscape)

3.10. PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/smart-elevator-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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