The worldwide Smart Elevator Market cvx size valued at USD 10.50 billion in 2014. Rising acceptance, particularly in Latin America, Asia Pacific, and the Middle East, are anticipated to drive the growth of the market. Numerous benefits together with longer stability along with reliability are also expected to help the growth of the industry over the coming years.
Growing disposable income of the consumer, predominantly in countries such as China, Brazil along with India coupled with the increasing need for faster transportation facilities may elevate the demand for the elevator. The elevator industry is hovering for growth owing to superior control of elevator traffic and the growing requirement for improved energy efficiency worldwide.
Expansion of products that utilize renewable energy sources is likely to offer new development avenues in the upcoming years. Extensive usage in different sector like industrial, commercial as well as residential areas is further liable to drive the growth of the market. Fast infrastructure growth in rising economies along with government inclination to the deployment of such type of advanced elevator in new structures built in respective countries is also anticipated to impact demand of elevators over the forecast period positively. Large installation cost of elevators may hamper the growth of the industry over the next few years.
Technological advancements in elevator industry resulting in the addition of various digital controls which are related to security may also facilitate elevator industry to offer possible growth opportunities to participants in the industry. Economic benefits which are linked to cost savings with the help of low power consumption may also assist to drive demand over the forecast period. Also, the benefits such as the reduced passengers' waiting times along with increased traffic management effectiveness are also likely to drive the smart elevator market considerably.
The industry divided into three parts namely new deployment, maintenance and modernization depending upon the solution provided. The market further segmented into elevator automation and elevator access control & security based on new deployment.
Elevator automation segment may observe high growth owing to numerous advantages which offered by this deployment type such as efficient passenger transportation, energy saving, and time-saving. Elevator access control & security market helped in accounting more than 35% of the overall share in 2014, but this proportion may decrease over the coming years.
Maintenance segment is estimated to demonstrate considerable development in upcoming few years which may credit to increasing maintenance related activities of already installed products in mature markets such as North America along with Europe.
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Residential segment has for over 20% of the total revenue share in 2014 which is anticipated to rise over the forecast period. This growth may credit to rising disposable income of consumer along with increasing migration of population from rural to urban areas. Industrial segment is probable to appear as the fastest growing application in next few years owing to the mounting demand for energy-efficient solutions which results in increasing acceptance.
The commercial segment may observe significant development over the given forecast period due to advantages such as reduced operational cost, low power consumption, and cost savings.
In 2014 North America smart elevator market was a leading regional segment as well as accounted for more than 40% of the revenue. This growth may be credited to previously well-established infrastructure facilities in the region along with early technology adoption by many industries in the area.
Asia Pacific region is also expected to observe considerable development over the forecast period because of rapid infrastructure growth as well as growing urbanization in the Asia Pacific region. Rising amount of consumer disposable income along with technological advancements may also help to add to the regional development in next few years. Growing government inclination towards up gradation of existing elevator is anticipated to drive the European smart elevator market over the forecast period.
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Competitive Market Share Insights
Key participants compete in the market by their industry presence along with new product development. Manufacturers give emphasis to improving their regional presence by collaborating with other companies which offer similar products plus services for getting a competitive advantage in the market. Key industry participants seize their competitive position in the market with the help of the superior distribution channel facilities along with improved service potential.
Key player in the market includes companies such as Schindler, ThyssenKrupp group, Schneider Electric, Otis Elevator, Mitsubishi Electric Hyundai Elevators, Hitachi, Fujitec and Bosch Security Systems.