Smart Elevators Market in Asia Pacific to observe 15

Smart Elevator Market to observe 13% CAGR
between 2019 to 2025: Global Market Insights Inc.
Global Smart Elevator Market is set to grow from its current market value of more than
$11 billion to over $25 billion by 2035; according to a new research report by Global
Market Insights, Inc.
Increasing customer spending in constructing technically-advanced and intelligent
structures, facilitating high comfort & safety features is driving the smart elevators
market. The integration of connectivity technology and internet features into lifts is a
key ongoing trend, which offers enhanced security, energy efficiency, and alerts
related to repair schedules. The intuitive technologies integrated into new lifts, such
as connectivity and smart grouping, will reduce the waiting & traveling time and
improve the overall commuter experience, increasing their demand in intelligent
buildings. The industry is also witnessing the adoption of cable-free lifts that can move
vertically & horizontally. These machines consist of linear motors and carbon fiber
plastic that allow cab movement up & down and forward & backward on magnetic rails,
which will reduce the carbon footprint, positively impacting the smart elevator market.
In the smart elevators market, the residential application will grow at a CAGR of over
13% from 2019 to 2025. The application is growing due to the construction of
technically advanced & automated residences, homes, and apartments across the
globe. The lift manufacturers offer quick delivery and installation in residential projects
and offer access control & maintenance systems that alert residents & building
management about any issues related to malfunctioning, electricity cuts, etc.
Moreover, in residential settings, the smart elevator market solutions offer high safety
against theft and entry of unwanted people on restricted floors. Companies in the
market are offering different lift solutions for different residential buildings depending
on the number of floors, residents, etc. For instance, Kone offers different solutions
including E MiniSpace, N MiniSpace, E MonoSpace, N MonoSpace, etc., for low, mid,
and high-rise residential buildings with specifications such as economical, high-speed,
etc.
Modernization of the lift systems in existing buildings is witnessing a steady demand
in the smart elevators market due to infrastructure transformation initiatives in
countries including the U.S., China, etc. The modernization services and solutions
offered by various companies such as Kone, Otis, etc., include modular modernization
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and full elevator replacement in smart elevator market. In modernization, the service
providers offer electrification, hoisting, car modernization, signalization, etc., which
enhance the overall lift system and integrate intelligent features. For instance, Otis
offers a CompassPlus solution, which is installed in the elevator modernization
process and further facilitates security integration, high passenger efficiency, and
customized lift design.
The lift maintenance systems in the smart elevators market is experiencing a huge
demand owing to intelligent features, passenger security, and reduced malfunctioning
benefits. These maintenance systems identify issues such as unwanted stops, slow
speed, etc., and reactivate the elevator functioning in the shortest possible time in
case of breakdowns and electricity cuts. The system notifies building authorities
immediately and reduces passengers’ stress. Several maintenance systems include a
mobile application that allows commuters to call and lift tracking using their
smartphones. With the help of the application, passengers can receive guidance on
the optimal cabin, reducing their waiting time. The integration of remote maintenance
systems into intelligent lifts allows the building management to achieve less energy
usage and solve malfunctioning issues in lesser time, fostering the smart elevator
market growth.
The North America smart elevators market was valued at over USD 3 billion in 2018
and is developing rapidly owing to the construction of several high-rise & complex
buildings across all industry verticals. The region is showing a faster adoption due to
the presence of technically aware users and high spending capacity on intelligent
technologies. High government focus on deploying energy-efficient building solutions
and reducing the overall carbon emissions will also lead to the industry development.
Consumers in the U.S. are moving toward intelligent building automation &
management systems to gain safety and time saving benefits, creating a huge demand
in the smart elevator market. Companies are enhancing their offerings in the North
American region to gain a major customer base.
The market comprises few key players in smart elevator market including Kone Oyj,
thyssenkrupp AG, Schindler Group, Fujitec, Otis Elevator Company, Hyundai Elevator
Company, Mitsubishi Elevator, Toshiba Elevators, etc. Major smart elevators market
players are investing in new solution development strategies that facilitate enhanced
customer comfort and experience. The companies are partnering with other
technology providers to offer better elevator-related technologies across the globe.
Browse key industry insights spread across 180 pages with 205 market data tables &
20 figures & charts from the report, “Smart Elevator Market Size By Solution
(Control Systems [Security Control System, Elevator Control System, Access
Control System], Maintenance Systems, Communication Systems, Services
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[Support & Maintenance, New Deployments, Modernization]), By End-Use
(Residential, Commercial, Institutional, Industrial), Industry Analysis Report,
Regional Outlook (U.S., Canada, UK, Germany, France, Italy, China, India, Japan,
South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential,
Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of
contents:
https://bit.ly/2q3f9Sp
Table of Content (TOC-)
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 industry 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 Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2025
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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
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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
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Industry Coverage
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market
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