Smart Elevator Market Share, Size, Trends and Growth, By Product Analysis, Application and Segment Forecasts To 2022
Global smart elevator market was estimated to be USD 10.50 billion in 2014 and is expected to witness significant growth on account of its increasing adoption in emerging economies of Asia Pacific, Middle East and Latin America.
Global smart elevator market was estimated to be USD 10.50 billion in 2014 and is expected to witness significant growth on account of its increasing adoption in emerging economies of Asia Pacific, Middle East and Latin America.
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<strong>Smart</strong> <strong>Elevator</strong> <strong>Market</strong> <strong>Share</strong>, <strong>Size</strong>, <strong>Trends</strong> <strong>and</strong> <strong>Growth</strong>, <strong>By</strong><br />
<strong>Product</strong> <strong>Analysis</strong>, <strong>Application</strong> <strong>and</strong> <strong>Segment</strong> <strong>Forecasts</strong> <strong>To</strong><br />
<strong>2022</strong><br />
Global smart elevator market was estimated to be USD 10.50 billion in 2014 <strong>and</strong> is expected to witness<br />
significant growth on account of its increasing adoption in emerging economies of Asia Pacific, Middle<br />
East <strong>and</strong> Latin America. Safety, reliability <strong>and</strong> longer durability is expected to drive growth.<br />
Increasing requirement for faster vertical mode of transportation owing to the increasing number of<br />
skyscrapers along with growing purchasing power of consumers in Brazil, China, <strong>and</strong> India is expected to<br />
fuel growth. Rising need for energy efficient systems along with controlled transportation traffic are<br />
other key parameters fueling dem<strong>and</strong>. Favorable government regulations along with expeditious<br />
infrastructure development in emerging countries are also expected to result in development of the<br />
industry in the near future. The market is anticipated to reach USD 30.55 billion by <strong>2022</strong>.<br />
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Technological innovations resulting in several benefits including digital control security are also likely to<br />
contribute to growth. Better traffic management, cost efficient power consumption, <strong>and</strong> reduced<br />
waiting time for passengers are also expected to boost the market at a significant rate.
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Dem<strong>and</strong> for smart elevators in new deployment solutions accounted for over 40% of the global market<br />
revenue in 2014. Increasing government spending on infrastructure development, particularly in Asia<br />
Pacific, is expected to augment growth over the forecast period.<br />
<strong>Elevator</strong> automation including efficient transportation <strong>and</strong> time-energy saving deployment, is expected<br />
to witness significant gains over the forecast period at a CAGR of 15.6%. <strong>Elevator</strong> access security &<br />
control contributed to account for more than 35% of the total share in 2014 <strong>and</strong> is expected to lose<br />
share to the automation segment over the forecast period.<br />
Maintenance accounted for less than 6% of the market share in 2014. However, it is anticipated to<br />
witness significant growth in coming years, particularly in North America <strong>and</strong> Europe owing to the<br />
existence of installed systems <strong>and</strong> high prevalence of MRO activities in the region. Stagnant economic<br />
growth of these regions is anticipated to fuel maintenance activities of smart elevators.<br />
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<strong>Smart</strong> elevators industry for residential applications was valued at USD 2.29 billion in 2014 <strong>and</strong> is<br />
estimated to increase in the near future on account of rising disposable income <strong>and</strong> increasing dem<strong>and</strong><br />
for energy efficient alternatives. Consumer preference towards energy-efficient solutions for industrial<br />
applications is expected to propel growth in the near future at a CAGR of 15.6% over the forecast<br />
period. Rapid industrialization, particularly in Asia Pacific <strong>and</strong> Latin America, coupled with growing<br />
inclination of manufacturers towards automation is expected to result is high dem<strong>and</strong> for the<br />
technology.<br />
In 2014, North America led the global market accounting for 42.3% of the total market revenue. Asia<br />
Pacific is expected to witness substantial growth at a CAGR of 19.0% over the projected period on<br />
account of rising urbanization, technological advancement, high purchasing power, <strong>and</strong> infrastructure<br />
development in the region. Supportive government initiatives to upgrade existing systems is anticipated<br />
to fuel the growth of the Europe industry in the near future.<br />
Key players include Bosch Security Systems, Schindler, Schneider Electric, Mitsubishi Electric<br />
Corporation, Kone, Otis <strong>Elevator</strong> Company, Hyundai <strong>Elevator</strong> Co. Ltd., Fujitec, <strong>and</strong> Hitachi Ltd. The<br />
industry is characterized by enhanced service facility <strong>and</strong> efficient distribution channels for<br />
manufacturers to gain an advantage over their competitors.<br />
Table Of Content<br />
Chapter 1. Methodology <strong>and</strong> Scope<br />
1.1. Research Methodology<br />
1.2. Research Scope & Assumptions<br />
1.3. List of Data Sources
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Chapter 2. Executive Summary<br />
2.1. <strong>Smart</strong> elevator - Industry snapshot & key buying criteria, 2012 - <strong>2022</strong><br />
Chapter 3. <strong>Smart</strong> <strong>Elevator</strong> Industry Outlook<br />
3.1. <strong>Market</strong> segmentation<br />
3.2. <strong>Market</strong> size <strong>and</strong> growth prospects<br />
3.3. <strong>Smart</strong> elevator value chain analysis<br />
3.4. <strong>Smart</strong> elevator market dynamics<br />
3.5. <strong>Smart</strong> elevator key company analysis, 2014<br />
3.6. Key opportunities prioritized<br />
3.7. Industry analysis - Porter's<br />
3.8. <strong>Smart</strong> elevator market PESTEL analysis, 2014<br />
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Chapter 4. <strong>Smart</strong> <strong>Elevator</strong> Solution Outlook<br />
4.1. New Deployment<br />
4.2. Modernization<br />
4.3. Maintenance<br />
Chapter 5. <strong>Smart</strong> <strong>Elevator</strong> <strong>Application</strong> Outlook<br />
5.1. Residential<br />
5.2. Commercial<br />
5.3. Industrial<br />
5.4. Institutional<br />
5.5. Others<br />
Chapter 6. <strong>Smart</strong> <strong>Elevator</strong> Regional Outlook<br />
6.1. North America<br />
6.2. Europe<br />
6.3. Asia Pacific<br />
6.4. RoW<br />
Chapter 7. Competitive L<strong>and</strong>scape<br />
7.1. Bosch Security Systems<br />
7.2. Fujitec<br />
7.3. Hitachi Ltd.<br />
7.4. Hyundai <strong>Elevator</strong> Co., Ltd.<br />
7.5. Kone <strong>Elevator</strong> Co., Ltd.<br />
7.6. Mitsubishi Electric Corporation<br />
7.7. Otis <strong>Elevator</strong> Company
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7.8. Schneider Electric<br />
7.9. ThyssenKrupp <strong>Elevator</strong><br />
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