Industry Insights
The worldwide smart elevator market size valued at USD 10.50
billion in 2014. Rising acceptance, particularly in Latin America, Asia Pacific,
and the Middle East, are anticipated to drive the growth of the market.
Numerous benefits together with longer stability along with reliability are
also expected to help the growth of the industry over the coming years.
Growing disposable income of the consumer, predominantly in
countries such as China, Brazil along with India coupled with the increasing
need for faster transportation facilities may elevate the demand for the
elevator. The elevator industry is hovering for growth owing to superior control
of elevator traffic and the growing requirement for improved energy efficiency
worldwide.
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Expansion of products that utilize renewable energy sources is
likely to offer new development avenues in the upcoming years. Extensive usage
in different sector like industrial, commercial as well as residential areas is
further liable to drive the growth of the market. Fast infrastructure growth in
rising economies along with government inclination to the deployment of such
type of advanced elevator in new structures built in respective countries is
also anticipated to impact demand of elevators over the forecast period
positively. Large installation cost of elevators may hamper the growth of the
industry over the next few years.
Technological advancements in elevator industry resulting in the
addition of various digital controls which are related to security may also
facilitate elevator industry to offer possible growth opportunities to
participants in the industry. Economic benefits which are linked to cost savings
with the help of low power consumption may also assist to drive demand over the
forecast period. Also, the benefits such as the reduced passengers' waiting
times along with increased traffic management effectiveness are also likely to
drive the smart elevator market considerably.
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Solution Insights
The industry divided into three parts namely new deployment,
maintenance and modernization depending upon the solution provided. The market
further segmented into elevator automation and elevator access control &
security based on new deployment.
Elevator automation segment may observe high growth owing to
numerous advantages which offered by this deployment type such as efficient
passenger transportation, energy saving, and time-saving. Elevator access
control & security market helped in accounting more than 35% of the overall
share in 2014, but this proportion may decrease over the coming years.
Maintenance segment is estimated to demonstrate considerable
development in upcoming few years which may credit to increasing maintenance
related activities of already installed products in mature markets such as
North America along with Europe.
Application Insights
Residential segment has for over 20% of the total revenue share
in 2014 which is anticipated to rise over the forecast period. This growth may
credit to rising disposable income of consumer along with increasing migration
of population from rural to urban areas. Industrial segment is probable to
appear as the fastest growing application in next few years owing to the
mounting demand for energy-efficient solutions which results in increasing
acceptance.
The commercial segment may observe significant development over
the given forecast period due to advantages such as reduced operational cost,
low power consumption, and cost savings.
Regional Insights
In 2014 North America smart elevator market was a leading
regional segment as well as accounted for more than 40% of the revenue. This
growth may be credited to previously well-established infrastructure facilities
in the region along with early technology adoption by many industries in the
area.
Asia Pacific region is also expected to observe considerable
development over the forecast period because of rapid infrastructure growth as
well as growing urbanization in the Asia Pacific region. Rising amount of
consumer disposable income along with technological advancements may also help
to add to the regional development in next few years. Growing government
inclination towards up gradation of existing elevator is anticipated to drive
the European smart elevator market over the forecast period.
Competitive Market Share Insights
Key participants compete in the market by their industry
presence along with new product development. Manufacturers give emphasis to
improving their regional presence by collaborating with other companies which
offer similar products plus services for getting a competitive advantage in the
market. Key industry participants seize their competitive position in the
market with the help of the superior distribution channel facilities along with
improved service potential.
Key player in the market includes companies such as Schindler,
ThyssenKrupp group, Schneider Electric, Otis Elevator, Mitsubishi Electric
Hyundai Elevators, Hitachi, Fujitec and Bosch Security Systems.
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