The global smart elevator market is expected to reach USD 30.55 billion by 2022, according to a new study by Grand View Research, Inc. Rising consumer disposable income especially in emerging economies like India and Brazil coupled with overall improvement in global economy is estimated to escalate demand over the next few years. Growing need for better control of elevator traffic along with rapid urbanization in developing countries may catapult growth over the forecast period. The industry is poised for growth owing to rapid infrastructure development paired with the growing need for improved energy efficiency.
Widespread usage of smart elevator for vertical transportation of people across residential, industrial, commercial and institutional applications may fuel product demand significantly. High installation cost may hinder demand over the forecast period. However, global green infrastructure standards and statutory requirement is expected to instigate deployment in new structures. Technological advancements incorporating several new-age digital security system controls is further anticipated to propel smart elevator market demand over the coming years.
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Further key findings from the study suggest:
- New deployment solution segment accounted for over 40% of the overall revenue in 2014, and is expected to witness significant growth over the forecast period. This may be primarily attributed to rising infrastructure development in developing countries coupled with increasing replacement activities of aging existing products.
- Modernization solution is estimated to capture a sizeable share owing to increasing government mandates to upgrade the existing elevator in accordance with the latest safety and security standards. Maintenance segment is also anticipated to exhibit high growth over the forecast period attributing to increasing maintenance of already installated devices particularly in mature markets of North America and Europe.
- Residential smart elevator market accounted for more than 20% of the global share in 2014 which is expected to increase over the next few years owing to growing urbanization in emerging economies resulting in increasing construction activities.
- North America accounted for over 40% of the global revenue in 2014. Already well-established infrastructure paired with early technology adopters in the region, which is expected to drive regional growth. Asia Pacific smart elevator market is estimated to exhibit rapid growth over the coming years owing to rapid infrastructure development in the region.
- Key players in this industry include OTIS, Kone, Schneider Electric, ThyssenKrupp, Mitsubishi Electric Corporation, and Hitachi Ltd. Industry participants compete on the basis of provision of new product development and enhanced service and distribution capabilities.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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