Smart Elevator Market is expected to reach 26.69 Billion USD by 2022

The report Smart Elevator Market by Component (Control System, Maintenance System, Communication System), Services (New Installation, Modernization, Maintenance), Application and Geography - Global Forecast to 2022”, is expected to grow from USD 9.54 Billion in 2015 to USD 26.69 Billion by 2022, at a CAGR 15.6% between 2015 and 2022. Trend toward adopting energy-efficient systems is the key driver for smart elevators. The population growth created a high demand for energy. Over the last three decades, the energy consumption rate has gradually gone up and created opportunity for the companies to invest in this sector. Therefore, the shift from traditional hydraulic to smart elevators that save time and consume less energy is the key driver for the market.

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AVSRS would play a key role in developing the smart elevator market

The automated vehicle storage and retrieval is a robotic technology which uses elevators and other related systems. This technology allows vehicles to be transported by the robotic lifting system. The system offers maximized parking capacity by using minimal space, provides convenience to customers, and ensures vehicle safety. These parking systems can be used in any new construction or renovation projects. This automated parking technology is suitable for densely populated areas including metropolitan areas, business parks, office buildings, trains and subway stations, trade centers, hotels, and others. These automated parking technologies are environmentally friendly because car engines are shut off when cars are stored or retrieved in this parking system; also the search time for a parking space is eliminated because this a robotic system which works without human intervention.

New installation services are expected to lead the market by 2022

The new installation services are likely to dominate the market by 2022. In emerging economies such as APAC, the Middle East, Africa, and Latin America, the market for new installations is expected to grow significantly at a high rate. The growing high-rise buildings and economy modernization initiatives of government, and favorable business environment are the key factors supporting the growth of new installations.

North America dominated the smart elevator market; APAC is expected to grow at the highest rate during the forecast period

The growth of this market in North America can largely be attributed to the increasing demand for energy-efficient systems. The stringent mandates of governing bodies propelled adoption of smart elevators. The North American region is the major market for smart elevators as this region has very high penetration of ICT technologies compared to other regions. The economy modernization initiatives in emerging countries and government support are the major factors contributing to the growth in APAC. The presence of most populous countries such as India and China make APAC a lucrative market as rapid urbanization and infrastructure in this region is likely to pave new growth avenues for companies.

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The major companies in the smart elevator ecosystem profiled in this report are as follows:

  1. ThyssenKrupp AG (Germany)
  2. Otis Elevator Company (U.S.)
  3. KONE Corporation (Finland)
  4. Schindler Group (Switzerland)
  5. Hitachi Ltd. (Japan)
  6. Hyundai Elevator Company Ltd. (South Korea)
  7. Toshiba Elevators and Building Systems Corporation (Japan)
  8. Mitsubishi Electric Corporation (Japan)
  9. Fujitec Co. Ltd. (Japan)
  10. Motion Control Engineering, Inc. (U.S.)

This research report categorizes the smart elevator market on the basis of component, application, service, and geography. The report describes the drivers, restraints, opportunities, and challenges for this market. The Porter’s five forces analysis has been included in the report with a description of each of its forces and their respective impact on the market.

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