Smart Elevator Market Share, Growth Factors, Comprehensive Research, Analysis by Leading Companies with Forecast till 2027 | Impact of COVID-19

 The fast-paced increase in urbanization has spiraled a positive impact upon the development of various smart projects like developing smart cities across emerging nations. With more and more people shifting to cities and shifting bases, it has encouraged both builders and contractors to develop taller buildings across urban areas. This, in turn, aids in increasing the demand and need for smart elevators. As populated cities across the globe have tall buildings and are typically used for residential or office purposes, it can cause inconvenience for the general public to wait for a longer duration of time in lifts. The waiting time and operating cost of elevators is highly important and smart elevators aid in fulfilling this gap. Manufacturers and consumers are realizing more and more about the need for energy efficient solutions like smart elevators to provide better convenience to the people.

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The advanced system of these elevators identifies the traffic and adjusts the elevators accordingly in the lobby. This way, it reduces the travelling and waiting times of the consumers even during peak hours. The global smart elevator market is expected to garner a massive CAGR of 15% during the forecast period between 2017 and 2023. On the other hand, the implementation of these solutions on a large scale requires huge level of investments, one which can be a challenging factor for the growth of the global market in the near future.

Market Segmentation

The global Smart Elevator Market Size segmentation is classified on the basis of services, component, type, speed, and application.

By type, the market includes freight elevator, passenger elevator, and fireproof elevators.

By component, the market comprises control system, maintenance, and communication system.

By control, the market segments into elevator, access, security, and sensors.

By speed, the market breaks down into fast speed, low speed, super speed, and high speed.

By application, the market narrows down into commercial, residential, institutional, infrastructure, industrial, and others.

Regional Analysis

The global smart elevator market is geographically segmented into four key regions: North America, Asia Pacific, Europe, and the Rest of the World (RoW).

The global market standing is expected to be led by North America and Europe over the forecast period. The regions are projected to grow at a steady pace due to a number of key factors as identified by MRFR. These regions are already equipped and well-developed with various advanced infrastructure and establishments. Furthermore, there is a burgeoning demand for energy efficient solutions herein and smart elevators act as a key technology that is on the verge of being adopted due to its sophisticated and effective nature.

The Asia Pacific, on the other side of the globe, is also a key region in the market and is expected to grow at high rate over the forecast period. Herein, countries like India, China, and Japan contribute significantly to the overall growth of the regional market. This is due to the fast-paced adoption of technology and the growing transformation of the infrastructure that are integrated with smart solutions. Additionally, India is positioned as one of the fastest growing economies in the global landscape due to the review of the various previously imposed regulation policies of foreign direct investment in the real estate sector as in the commercial industry.

Competitive Landscape

The global smart elevator market comprises a number of key players, who are coming up with new solutions and services to edge past their competitors and make a name in the market. Some of the leading names identified by MRFR are Motion Control Engineering (U.S.), ThyssenKrupp AG (Germany), Otis Elevator Company (U.S.), Hyundai Elevator (South Korea), Hitachi (Japan), Fujitec (Japan), Schindler Group (Switzerland), KONE Corporation (Finland), Hyundai Elevator Co. Ltd (Iran), Johnson Controls Inc. (U.S.), Mitsubishi Electric (Japan), and others.

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