Market Scenario
Rapid increase in urbanization has created a positive impact on the development of smart projects such as smart cities in the emerging economies. As more number of people living in the cities has encouraged the builders and contractors to build taller buildings in the urban areas which eventually increases the demand for the elevators.
Populated cities have tall buildings, generally used for offices as well as residential purposes, which can cause inconvenience for the general public to wait for a longer time in lifts which increases the waiting time and operating costs of elevators. Rising need for energy efficient solutions such as smart elevators is required to allow better convenience for the people.
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However, with advent of technology, the elevators installed in commercial and residential buildings are equipped with smart solutions such as destination dispatch, facilitated at multi-elevator buildings, the number of people or passengers being informed and offers to select and travel-specific floor to halt to turn up for their vehicles which comparatively reduces the waiting time. Destination dispatch technology being used in multi-storey buildings such as 20-25 floor buildings where the panel buttons are at present at the lobby, rather than in elevator. The advanced system identifies the traffic arrangement and adjust the number of elevators at the lobby, and engage the certain elevators at higher floors, which reduces the traveling and waiting times during the peak period of business hours.
On the flip side, implementing these smart solutions on a large scale require huge investments which eventually, regarded as a challenging factor for the smart elevators market.
The global Smart Elevator is expected to reach approximately USD 30 billion by 2023 growing at a 15% CAGR over the forecast period 2017-2023.
Key Players:
Some of the key players of Smart Elevator Market include ThyssenKrupp AG (Germany), Otis Elevator Company (U.S.), Schindler Group (Switzerland), KONE Corporation (Finland), Johnson Controls Inc. (U.S.), Motion Control Engineering (U.S.), Mitsubishi Electric (Japan), Hyundai Elevator (South Korea), Hitachi (Japan), Fujitec (Japan) and Hyundai Elevator Co. Ltd (Iran).
Industry Updates
October 2018 – AT&T has been chosen by KONE Americas as their Internet of Things (IoT) connectivity and service management provider. The companies are manufacturing several smart elevators and escalators across the United States (U.S), Canada and Mexico by using Internet of Things (IoT) connectivity, to improve the safety, equipment uptime and predictability for maintenance services.
Market Segmentation
The smart elevator market is segmented on the basis of type, component, services, speed, and application.
Based on the type, the smart elevator market is segmented into passenger elevator, freight elevator, and fireproof elevators.
The segment of component consists of maintenance, control system, and communication system.
By control, the market is segmented into access, elevator, sensors, and security.
Depending on the speed, the smart elevator market is segmented into low-speed, fast-speed, high-speed and super-speed.
The application-based smart elevator is segmented into industrial, commercial, institutional and infrastructure, residential, and others.
Regional Analysis
Based on region, the smart elevator is segmented into four primary regions, which are Europe, Asia Pacific, North America, and the Rest of the World.
Among these, North America and Europe are predicted to grow steadily in the global smart elevator market. The reasons being the fact that the regions are already equipped with the advanced infrastructure. Moreover, there is a surging need for energy efficient solution to replace the prevailing elevators with the sophisticated technology.
Asia Pacific, on the other hand, is also expected to grow at the fastest rate over the forecast period. Countries in the region, such as India, Japan, and China are the leading countries contributing to the smart elevator market. This is the result of the rapid transformation of infrastructure, which is integrated with smart solutions. Also, India is touted as the fastest growing economy on account of a review of regulation policies of foreign direct investment in real estate as well as the commercial sector.
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Target Audience
- Research Firms.
- Government Agencies
- Smart Elevator Service Providers
- Associations, organizations, forums and alliances related to Smart Elevator
- Government bodies such as regulating authorities and policy makers
- Building owners
- Private construction/elevator consultants
- Government bodies involved in infrastructure modernization
- Software vendors
- Elevator associations
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