Global Smart Elevator Market Forecast 2021-2026: Market was Valued at $9.7 Billion in 2021 and is Projected to Reach $12.6 Billion by 2026
Dublin, April 09, 2021 (GLOBE NEWSWIRE) -- The "Global Smart Elevator Market with COVID-19 Impact Analysis by Component (Control System, Maintenance System, Communication System), Application (Residential, Commercial, Institutional), Services, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global smart elevator market size was valued at USD 9.7 billion in 2021 and is projected to reach USD 12.6 billion by 2026; it is expected to grow at a CAGR of 5.4% from 2021 to 2026.
The growth of the smart elevator market is majorly driven growing need for reducing energy consumption in buildings, increased construction of high-rise buildings equipped with smart vertical transportation systems due to rapid urbanization, smart cities development among others.
COVID-19 has emerged as a global pandemic that has spread in several countries worldwide and disrupted various industries around the world. The prominent players across industries have been affected by this pandemic. The foreseeable decline in the growth of applications may have a considerable direct impact on the smart elevator market.
Commercial segment expected to hold the largest market share during the forecast period
The commercial segment held the largest size of the market in 2020 and is likely to exhibit a similar growth pattern during the forecast period on account of the increasing deployment of solutions in the commercial sector. Furthermore, the consolidating trend of developing energy-saving infrastructure in airports, malls, and other commercial facilities will push the growth of the segment. On the other hand, the construction of high-rise buildings to accommodate the increasing urban population will lead the residential segment to register the highest growth rate during the forecast period.
New Installation is expected to contribute largest share of market for smart elevator during the forecast period
New installations are done in ongoing construction activities across the world. Therefore, emerging economies, such as India, China, Indonesia, and Africa, are expected to lead the market for new installation services. Additionally, emerging economies and untapped markets in India and other Asian countries are responsible for the high growth of new installations in the APAC market.
APAC is projected to grow at the highest CAGR during the forecast period
APAC is anticipated to remain dominant throughout the forecast period as emerging countries such as Indonesia, Vietnam, and Bangladesh are steadily improving living standards that will lead to more urbanization and construction of building with smart technologies. Further, the presence of the most populous countries such as India and China make APAC a prominent region for smart elevators as rapid urbanization and infrastructure in this region would pave new growth avenues for companies.
Otis Elevator, Schindler Group, KONE Corporation, Thyssenkrupp AG, Hitachi and Mitsubishi Electric, among others, are some of the key players offering smart elevator.
Market Dynamics
Premium Insights
Urbanization Coupled with Evolution of Smart Buildings Driving Smart Elevator Market
Control System to Grow at Highest CAGR in Forecast Period
Commercial Segment to be Dominant Application for Smart Elevators
New Installation to Hold Largest Share in Market During the Forecast Period
China to Account for Largest Share of Market
APAC to Grow at Highest CAGR in Market During Forecast Period
Drivers
Increased Construction of High-Rise Buildings Equipped with Smart Vertical Transportation Systems due to Rapid Urbanization
Growing Need for Reducing Energy Consumption in Buildings
Growing Aging Population Will Facilitate Development of Better Infrastructure Within Buildings
Smart Cities to Boost Installation of Smart Elevators
Modernization of Old Buildings
Restraints
High Cost to Install Smart Elevators
Opportunities
Inclination Toward Green Technologies in Construction Industry
Data Analytics for Predictive Maintenance of Elevators
Challenges
Economic Slowdown
Integration of Smart Elevator Components in Existing Elevators
Value Chain Analysis
Research and Development
Component Manufacturer
Manufacturer
Software & Service
Integrator
End-use Application
Ecosystem Analysis for Smart Elevators
Smart Elevator Use Cases
Case Study 1: Honeywell: Corporate Office Renovations
Case Study 2: KONE Corporation: 180 Brisbane Commercial Offices, Australia
Case Study 3: Otis Elevators: Bahrain World Trade Center
Technology Trends
Adoption of Eco-Friendly Products
Artificial Intelligence
Intuitive Elevator Technology
Internet of Things
Connectivity 5G Technology
Companies Mentioned
Brivo
Emerald Elevators
Fujitec Co. Ltd.
Hitachi Ltd.
Honeywell
Hyundai Elevators Co. Ltd.
IBM
Kintronics, Inc.
Kisi
KONE Corporation
Liftinsight
Mitsubishi Electric Corporation
Motion Control Engineering
Openpath Security Inc.
Otis Elevator
Pepperl+Fuchs
Rimrock Corporation
Robert Bosch GmbH
Robustel
Schindler Group
Sick AG
Sigma Elevator Company
Thames Valley Controls
Thyssenkrupp AG
Toshiba Elevators & Building Systems Corporation
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