Analysis of Smart Elevator Market applications and company’s active in the industry
Category: #Technology  By Rahul Varpe  Date: 2021-03-26
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Analysis of Smart Elevator Market applications and company’s active in the industry

Global smart elevator market to procure substantial returns from the residential sector by 2025, escalating demand for intelligent building solutions to drive the industry growth

Growing investments in constructing intelligent structures with premium comfort & safety would provide a major impetus to smart elevator market share over the ensuing years. Smart infrastructure helps operators, owners, and facility managers improve asset reliability and performance, which help better manage and monitor assets, reduce energy costs and carbon footprint.

Moreover, leveraging excellent technologies such as IoT, Edge Computing, M2M and Intelligent data analytics can also enhance an occupant's experience and create more attractive and desirable places to work. According to the annual Energy Efficiency Indicator survey, over 75% of companies and organizations in the U.S. are paying more attention to investments in energy efficiency and smart buildings technology with a focus on buildings systems integration and building controls.

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In 2018, building controls improvement was the most popular investment avenue in the U.S. with almost 98% of respondents signifying plans to soon implement these measures. Smart elevators are a great advantage to smart buildings, as they offer enhanced security, energy efficiency and alerts pertaining to repair schedule. Therefore, increasing investments towards smart buildings will favor the global smart elevator market growth over the forecast years.

The construction industry is slated to witness a huge boom owing to the rapidly growing population. Latest data from Timetric's Construction Intelligence Center projects the construction industry to be one of the fastest growing industries in 2020. The population in the U.S. alone is estimated to surge to a considerable extent, which could lead to a rise in residential housing. Smart elevators within a residential setting offer residents with high safety, prevent the entry of unwanted persons along with energy efficiency and advanced maintenance systems. As per a research report by Global Market Insights, Inc., the smart elevator market share from the residential application will grow at a CAGR of more than 13% over 2019-2025.

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Meanwhile, construction of commercial buildings will also continue to grow considering increased consumer spending and governmental investment in tourism, retail space, and office buildings. Increasing integration of smart technologies will thus drive the adoption graph of smart elevator industry.

Elevators usually have service lives of more than 20 years, however, their performance can deteriorate over a period of time. When that happens, it is wise for companies or building owners to consider getting their elevators modernized. Modernization may not boost the speed of the elevator, but it does enhance its performance. This process can also make elevators more energy-efficient and lessen energy costs.

Smart elevators are witnessing a heavy demand owing to the need for smart modular modernizations like intelligent features, passenger security, and minimum malfunctioning benefits in existing lift systems across the world. Recently, the owner of Raymond James Tower announced it is getting its elevator system modernized by German firm ThyssenKrupp for $3 million. The company will be installing a new intelligent system called AGILE, which has the highest level of upgrades available to enhance efficiency, ride comfort and reliability. Increase in similar efforts to enhance existing elevator systems will further support the smart elevator market growth.

In August 2014, Europe introduced two new standards for designing and manufacturing lifts, that replaced old EN 81-1 and EN 81-2 standards issued in 1998. The standards EN 81-20 and EN 81-50 regulated by the European Committee for Standardization also include a number of requirements that aim to improve passenger safety and convenience. Along with modern and intelligent features, smart elevator industry contenders are developing technologies that enable greater safety and comfort in the design and development of their elevators. Therefore, the imposition of local and international safety standards will also help accelerate the adoption map of smart elevator market in the future.

The ever-increasing demand for modular and energy-efficient elevator systems paired with development in the construction sector will primarily boost product demand in the future. Furthermore, a research report by Global Market Insights, Inc., projects the global smart elevator market to surpass $25 billion by 2025.

Table Of Content

Chapter 1. Methodology and Scope

1.1. Definitions & forecast parameters

1.1.1. Definitions

1.1.2. Methodology and forecast parameters

1.2. Data Sources

1.2.1. Secondary

1.2.2. Primary

Chapter 2. Executive Summary

2.1. Smart elevator industry 360° synopsis, 2015 – 2025

2.1.1. Business trends

2.1.2. Solution trends

2.1.3. End-use trends

2.1.4. Regional trends

Chapter 3. Smart Elevator Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2015 – 2025

3.3. Industry ecosystem analysis

3.3.1. Suppliers

3.3.2. Manufacturers

3.3.3. Software & technology providers

3.3.4. Service providers

3.3.5. System integrators

3.3.6. Distribution channel analysis

3.3.7. End-use landscape

3.3.8. Vendor matrix

3.4. Technology & innovation landscape

3.5. Regulatory landscape

3.5.1.1. North America

3.5.1.2. Europe

3.5.1.3. Asia Pacific

3.5.1.4. Latin America

3.5.1.5. MEA

3.6. Industry impact forces

3.6.1. Growth drivers

3.6.1.1. Increasing construction & infrastructure transformation activities across the globe

3.6.1.2. Rapid urbanization trend in China and India

3.6.1.3. Several energy efficiency initiatives in European Union

3.6.1.4. Proliferation of smart cities in MEA and Singapore

3.6.1.5. Emergence of a robust commercial sector in Mexico and Brazil

3.6.1.6. High popularity of energy efficient & intelligent buildings in North America

3.6.2. Industry pitfalls & challenges

3.6.2.1. High initial investments

3.6.2.2. Increasing operational costs

3.7. Growth potential analysis

3.8. Porter's analysis

3.8.1. Supplier power

3.8.2. Buyer power

3.8.3. Threat of new entrants

3.8.4. Threat of substitutes

3.8.5. Internal rivalry

3.9. Competitive landscape, 2018

3.9.1. Company market share analysis

3.9.2. Strategy dashboard (New product development, M&A, R&D, Investment landscape)

3.10. PESTEL analysis

About Author

Rahul Varpe    

Rahul Varpe

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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