DUBLIN, October 6, 2021 / PRNewswire / – The “Smart Elevator Market by Supply and End Use – Global Forecast to 2028” report was added to ResearchAndMarkets.com offer.
The global smart elevator market is expected to reach $ 31.8 billion by 2028, at a CAGR of 11.4% over the forecast period, 2021-2028.
The smart elevator market is growing due to the increasing adoption of smart building solutions, advanced security, increased construction of high rise buildings, increasing demand for power consumption reduction solutions energy, the growing number of smart cities and the need for energy efficiency tools.
Growing demand for energy efficient building solutions is driving the smart elevator market. This vertical transport solution reduces waiting and travel times, integrates access control and offers better management of traffic control. However, the deployment of smart components in existing elevators and the safety risks associated with smart elevator systems are challenges for the smart elevator market.
Based on supply, the smart elevator market is segmented into solutions and services. The solutions segment includes control, maintenance and communication systems. The Maintenance Systems segment is expected to grow at the highest CAGR during the forecast period.
The strong growth of this segment is mainly attributed to the intelligent elevator function of proactive maintenance planning to avoid system failure. The intelligent elevator proactively monitors every component of the elevator and generates alarms, further reducing repair costs and operating costs. In addition, smart elevators provide proactive, condition-based analysis and predictive maintenance, which building owners can use for proper maintenance, further increasing the demand for smart elevators.
The service segment includes new installations, modernization, maintenance and repair. The new installations segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to emerging construction activities across the world.
Developing countries such as India, Indonesia, Italy, Mexico, South Korea, and Saudi Arabia are expected to dominate the new facility segment due to increasing construction of commercial and residential buildings. In addition, the new installation of intelligent elevators reduces waiting time and passenger travel time as it reduces unnecessary stops; thus, the new installations segment is expected to grow at the highest rate.
On the basis of end use, the global smart elevator market is segmented into residential, commercial, industrial and institutional. The residential segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing construction of technically advanced and automated residences, houses and apartments.
In addition, the smart elevator’s access control function limits the entry of vendors and tenants to specific floors for security reasons. In addition, the intelligent elevator control system provides alarms for maintenance and repair, criminal activity and property damage, thus supporting the market growth.
The Asia Pacific The region is expected to represent the highest share in 2021 and is expected to grow at the highest CAGR during the forecast period. Asia Pacific follows North America in terms of share, attributed to the construction of complex and high-rise infrastructure in all verticals.
Main topics covered:
2. Research methodology
3. Executive summary
4. COVID-19: impact assessment
4.1. Scenario A: Severe impact
4.2. Scenario B: Moderate recovery
4.3. Scenario C: rapid recovery
5. Market overview
5.2. Market dynamics
126.96.36.199. Growing demand for energy efficient solutions
188.8.131.52. Growing construction of smart residential and commercial buildings in developed countries
184.108.40.206. Growing construction of high-rise buildings
220.127.116.11. High initial investment
18.104.22.168. Implementing AI and Analytics in Building Infrastructure
22.214.171.124. Innovation in contactless elevator operations
126.96.36.199. Deployment of intelligent components in existing elevators
188.8.131.52. Security risk
5.3. Value chain analysis
5.3.4. Owners, developers or construction companies
5.3.6. Service providers
5.3.7. Buildings and structures
6. Global Smart Elevator Market, By Supply
184.108.40.206. Control systems
220.127.116.11.1. Security control systems
18.104.22.168.1.1. Camera systems
22.214.171.124.1.2. Visitor management systems
126.96.36.199.1.3. Fire alarm systems
188.8.131.52.2. Elevator control systems
184.108.40.206.3. Access control systems
220.127.116.11.3.1. Card access control systems
18.104.22.168.3.2. Biometric access control systems
22.214.171.124.3.3. Touchscreen and keypad access control systems
126.96.36.199.3.4. Smartphone access control systems
188.8.131.52. Communication systems
184.108.40.206. Maintenance systems
220.127.116.11. Maintenance and repair services
18.104.22.168. Modernization services
22.214.171.124. New installation services
7. Global Smart Elevator Market, By Application
7.2. Commercial buildings
7.3. Residential buildings
7.4. Institutional buildings
7.5. Industrial buildings
7.6. Other applications
8. Smart Elevator Market, By Geography
9. Competitive landscape
9.2. Key growth strategies
9.3. Market share analysis (2020)
9.3.1. KONE Corporation
9.3.2. Otis Global Society
9.3.3. TK Elevator Company
9.3.4. Schindler Holding AG
10. Company profiles (company overview, financial overview, product portfolio and strategic developments)
10.1. Hitachi, Ltd.
10.2. TK Elevator Company
10.3. Schindler Holding AG
10.4. Otis Global Society
10.5. KONE Corporation
10.6. Mitsubishi electric corporation
10.7. Fujitec Co., Ltd.
10.8. Hyundai Elevator Co., Ltd.
10.9. Honeywell International, Inc.
10.10. Toshiba Company
10.11. Bosch.IO GmbH
10.12. Huawei Technologies Co., Ltd.
10.13. Thames Valley Controls, Ltd. (part of Vantage Elevator Solutions)
10.14. Motion Control Engineering, Inc.
10.15. Sigma Elevator Company
For more information on this report, visit https://www.researchandmarkets.com/r/ux2gm9
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