The worldwide smart elevator industry is projected to contribute over USD 10 billion by 2022. Rising adoption especially in regions such as Middle East, Asia Pacific and Latin America are anticipated to drive market growth. Numerous benefits including reliability and longer durability are also projected to fuel; the overall market growth. Rising need for rapid vertical transportation coupled with expanding consumer disposable income especially in regions such as Brazil, China and India is likely to boost the smart elevator market demand.
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Rising need for improved energy efficiency coupled with superior control of elevator traffic is expected to elevate the demand. Based on solution, the industry is segmented into maintenance, deployment and modernization. The overall market is segmented into elevator automation and elevator access control based on new deployment. Efficient passenger transportation, energy saving and time saving are several benefits provided by elevator automation system segment. On the other hand, elevator access control & security segmented contributed over 35% of the total share in 2014, which is likely to decrease over the forecast period.
Rising maintenance activities of previously installed products in mature markets like Europe and North America is expected to boost maintenance segment further. Residential segment contributed over 20% of the total market share in 2014 which is anticipated to augment over the coming years. Rising migration of people from rural to urban areas coupled with escalating consumer disposable income are factors boosting the residential segment growth. Industrial segment in expected to be the fastest growing segment owing to rising demand of energy efficient solutions.
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Reduced operational cost, low power consumption and cost savings are benefits which will attribute towards commercial segment growth. Asia Pacific is expected to undergo significant growth over the coming years. Rising urbanization coupled with rapid infrastructure development in the region are factors propelling the industry growth. Furthermore, factors such a technological advancements and rising consumer disposable income may augment the regional growth.
Major participants compete according to new product development and industry presence. Additionally, Key industry participants hold their competitive position in terms enhanced service capability and superior distribution channel. Hyundai Elevator Co. Ltd., Schneider Electric, Schindler, Fujitec, Bosch Security systems and Mitsubishi Electric Corporation are the major companies operating in smart elevator market.
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