According to a new market report published by Credence Research Inc., “Global Smart Elevator Market(By Service Type (New Purchase & Installation, Upgrade (Modernization), and Maintenance), By End-use Application (Residential, Commercial, Healthcare & Institutional, and Industrial)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2017 – 2025”, the global smart elevator market is expected to witness a growth of 12.7% CAGR during the forecast period 2017 – 2025.
Smart elevators are emerging as the most effective solution for managing the traffic between the floors of high-rise/multi-storey buildings. Smart elevators represent more secured and energy efficient options as compared to conventional elevators, while simultaneously enabling comparatively faster movement of traffic within a building.
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According to a study by American Council for an Energy-Efficient Economy, smart elevators have the potential to ensure energy and cost savings by almost 40% as compared to conventional elevators. Smart elevators are equipped with modern security systems including biometrics, touch screen, destination dispatching & access control systems among others. The global smart elevators market is expected to witness strong growth during the forecast period 2017 – 2025 due to flourishing construction and real estate industry post economic recession. Urbanization and rise in the number of new dwelling units in cities has made the real estate sector competitive. Builders are coming up with new projects and are offering automation and smart elevators as a part of amenities.
Moreover, a trend of the construction industry going green can be seen. Over the past few years, the industry has been flooding with sustainable green products. According the U.S. Green Building Council, there were only 2% non-residential green buildings in the U.S. in 2005. However, by 2015 almost half of the non-residential buildings in the country were green. The on-going shift in paradigm towards green buildings is expected create huge opportunities for the smart elevators market.
Although the adoption of smart elevators is increasing steadily in developed economies, replacing the old conventional elevator with the advanced smart elevator is still an expensive proposition. An average cost of replacing conventional elevator with the smart equivalent costs between $60,000 and $250,000 per elevator, depending upon the size of the building. Moreover, smart elevator manufacturers are required to comply with several stringent government mandates and other entry barriers.
Although Asia Pacific trails behind North America and Europe in adoption, improving standard of living, urbanization, growing awareness regarding the benefits offered by smart technologies, and latent potential of the region is expected to make it the most lucrative smart elevators market in the years to come. The entry of international players together with the local vendors is expected to augment market competition, supporting market growth. China, Singapore, Korea and India are major markets and uphold huge growth potential. The governments of these leading countries have been promoting energy efficient solutions in a bid to achieve energy self-sufficiency. For instance, China has drafted plans for developing robust smart grid infrastructure to manage energy consumption wisely. All these factors are collectively expected to drive market demand in Asia Pacific.
The report on global smart elevators market discusses Key players and their strategies. The key players in the smart elevator market are Bosch Security Systems, Hitachi Ltd., Honeywell International Inc., Otis Elevator Company, Mitsubishi Electric Corporation, Kone Corporation, Hyundai Elevator Co. Ltd., Johnson Controls Inc., Schneider Electric SA, Schindler Group, Fujitec Co., Ltd., and ThyssenKrupp Elevator. The key strategies adopted by these players include product innovation and focus on research and development.