Smart Elevator Market Is Set for a Rapid Growth and Expected to Reach USD 30 Billion by 2023 | Top Companies- ThyssenKrupp AG, Otis Elevator Company

As per Market Research Future (MRFR), the global smart elevator market is projected to reach approximately USD 30 billion at a 15% CAGR from 2017-2023 (forecast period). The report presents the strengths, opportunities, threats, and future business risks and offers a systematic overview of the global smart elevator market environment with the result of COVID-19.

Smart Elevators are advanced systems that allow automated vertical transport of goods or passengers. As this system uses automation, it reduces waiting times and increases the efficiency of traffic management in residential, commercial, and other buildings.

Market Dynamics

The rapid growth in urbanization has had a positive effect on the development of smart projects such as smart cities in emerging economies. As more people living in cities have motivated builders and contractors to construct taller buildings in urban areas, which will ultimately boost the demand for elevators.

Populated cities have tall buildings, usually used for offices as well as for residential purposes, which can cause inconvenience for the general public in waiting for longer periods in lifts, which rise the waiting time and operating costs of the elevators. The increasing need for energy-efficient solutions, such as smart elevators, is required to allow better convenience for the people.

Key Players

Notable players in the 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).

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Market Segmentation

The global smart elevator market has been segmented into type and application. 

• By type, the global smart elevator market has been segmented into passenger elevators, freight elevators, and fireproof elevators. 
• By component, the global smart elevator market has been segmented into maintenance, control system, and communication system. The control sub-segment is further segregated into access, elevator, sensors, and security. 
• By speed, the global smart elevator market has been segmented into low-speed, fast-speed, high-speed, and super-speed.
• By application, the global smart elevator market has been segmented into industrial, commercial, institutional and infrastructure, residential, and others.

Regional Analysis

Geographically, the global smart elevator market has been segmented into four different regions: North America, Asia Pacific, Europe, and the Rest of the World.

North America and Europe are expected to rise steadily in the smart elevator market. This is because the area is already equipped with advanced infrastructure and a growing need for an energy-efficient solution to replace the existing elevators with sophisticated technology. The Asia Pacific is also projected to be the fastest-growing area in the smart elevator market over the forecast period. India, Japan, and China are the leading countries in the smart elevator industry. This is due to a rapid increase in the transformation of the infrastructure with smart solutions. In addition, India is considered the fastest-growing economy due to a study of foreign direct investment regulation policies in the real estate and commercial sectors.

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TABLE OF CONTENTS:

1. Market Introduction
2. Research Methodology
3. Market Dynamics
4. Executive Summary
5. Market Factor Analysis
6. Smart Elevator Market, By Segments
7. Competitive Analysis

Continued…

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