Pune, India, June 14, 2022 (GLOBE NEWSWIRE) -- According to MarketStudyReport, the global smart elevator market size is slated to observe stellar growth during 2022-2028, due to multiple parameters such as focus on reducing energy consumption in newly constructed buildings and growing smart city initiatives that are promoting the installation of smart equipment.
The report conducts a granular analysis by segmenting the market based on component type, service, application, and region to give the interested parties a clear depiction of the current scenario. The growth rate forecast for each of these verticals is offered in the study.
The competitive climate of the industry is assessed by giving names of prominent players, along with their basic profiles, product/service portfolios, and key expansion strategies.
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Besides, the increasing construction of high-rise buildings, and the rising proportion of aging population are contributing extensively to market growth.
For those unaware, smart elevators are intended to revolutionize the basic act of moving between floors by incorporating novel digital security frameworks such as location dispatching, access control mechanisms, touch screens, and biometrics.
Moreover, surging inclination toward green construction to tackle the environmental challenges, along with the pervasiveness of novel technologies using data analytics for predictive maintenance of elevators are anticipated to further accelerate global smart elevators industry development through the review period.
On the contrary, huge costs involved in the installation of smart elevators, combined with the integration of smart elevator attributes in prevailing elevators instead of installing new ones are likely to stymie the progress of the business sphere in the forthcoming years.
Segmental Analysis:
For the purpose of better comprehension, the industry is classified into multiple verticals. Based on application scope, the market is divided into industrial, commercial, residential, and institutional. In terms of service, the industry is split into maintenance, new installation, and renovation. With respect to component, the market is categorized into control system, communication system, and maintenance system.
Regional overview:
Seasoned researchers assert that Asia Pacific market is poised to record a substantial growth rate during 2022-2028, attributed to the immense potential in developing countries like India & China, rapid urbanization, and extensive construction of buildings with smart technologies.
On the other hand, Europe is estimated to emerge as a promising avenue for market stakeholders during the projected timeline, owing to the proliferation of construction sector, and incorporation of advanced technologies.
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Competitive Dashboard:
The notable players influencing the competitive scope in worldwide smart elevator market include names like Fujitec Co. Ltd., Otis Worldwide Corporation, Honeywell International Inc., Kone Oyj, Toshiba Elevators and Building Systems Corporation, Schindler Group, Mitsubishi Electric Corporation, Thyssenkrupp AG, Hyundai Elevators Co. Ltd., and Hitachi Ltd. among others.
Global Smart Elevator Market, By Component (Revenue, USD Billion, 2018-2028)
- Control System
- Communication System
- Maintenance System
Global Smart Elevator Market, By Service (Revenue, USD Billion, 2018-2028)
- Maintenance
- New Installation
- Renovation
Global Smart Elevator Market, By Application (Revenue, USD Billion, 2018-2028)
- Industrial
- Commercial
- Residential
- Institutional
Global Smart Elevator Market, Regional Overview (Revenue, USD Billion, 2018-2028)
Europe
- France
- Germany
- Spain
- Italy
- UK
- RoE
North America
- Canada
- U.S.
Latin America
- Mexico
- Brazil
Asia Pacific
- India
- Japan
- South Korea
- Australia
- China
- South Korea
- RoAPAC
Rest of the World
Global Smart Elevator Market, Competitive Dashboard (Revenue, USD Billion, 2018-2028)
- Fujitec Co. Ltd.
- Otis Worldwide Corporation
- Honeywell International Inc.
- Kone Oyj
- Toshiba Elevators and Building Systems Corporation
- Schindler Group
- Mitsubishi Electric Corporation
- Thyssenkrupp AG
- Hyundai Elevators Co. Ltd.
- Hitachi Ltd.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2028 (USD Billion)
1.2.1. Global Smart Elevator Market, by Region, 2020-2028 (USD Billion)
1.2.2. Global Smart Elevator Market, by Component, 2020-2028 (USD Billion)
1.2.3. Global Smart Elevator Market, by Service, 2020-2028 (USD Billion)
1.2.4. Global Smart Elevator Market, by Application, 2020-2028 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Smart Elevator Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Smart Elevator Market Dynamics
3.1. Smart Elevator Market Impact Analysis (2020-2028)
3.1.1. Market Drivers
3.1.1.1. Growing need for reducing energy consumption in buildings
3.1.1.2. Rising smart cities initiatives that surge the installation of smart elevators
3.1.2. Market Challenges
3.1.2.1. High initial cost required for the installation of smart elevators
3.1.2.2. Integration of smart elevator components in existing elevators
3.1.3. Market Opportunities
3.1.3.1. Rising Inclination toward green technologies in construction industry
3.1.3.2. Data analytics for predictive maintenance of elevators
Chapter 4. Global Smart Elevator Market Industry Analysis
4.1. Porter's 5 Force Model
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
4.5. Top investment opportunity
4.6. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1.1. Assessment of the overall impact of COVID-19 on the industry
5.1.2. Pre COVID-19 and post COVID-19 market scenario
Chapter 6. Global Smart Elevator Market, by Component
6.1. Market Snapshot
6.2. Global Smart Elevator Market by Component, Performance - Potential Analysis
6.3. Global Smart Elevator Market Estimates & Forecasts by Component 2018-2028 (USD Billion)
6.4. Smart Elevator Market, Sub Segment Analysis
6.4.1. Control System
6.4.2. Maintenance System
6.4.3. Communication System
Chapter 7. Global Smart Elevator Market, by Service
7.1. Market Snapshot
7.2. Global Smart Elevator Market by Service, Performance - Potential Analysis
7.3. Global Smart Elevator Market Estimates & Forecasts by Service 2018-2028 (USD Billion)
7.4. Smart Elevator Market, Sub Segment Analysis
7.4.1. New Installation
7.4.2. Maintenance
7.4.3. Renovation
Chapter 8. Global Smart Elevator Market, by Application
8.1. Market Snapshot
8.2. Global Smart Elevator Market by Application, Performance - Potential Analysis
8.3. Global Smart Elevator Market Estimates & Forecasts by Application 2018-2028 (USD Billion)
8.4. Smart Elevator Market, Sub Segment Analysis
8.4.1. Residential
8.4.2. Commercial
8.4.3. Institutional
8.4.4. Industrial
Chapter 9. Global Smart Elevator Market, Regional Analysis
Related Report:
Elevator Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028
Global elevator industry forecast is expected to be propelled over 2022 to 2028 by the growing construction activities worldwide. Expanding urbanization and increasing disposable incomes would positively influence the development of residential and commercial buildings, paving way for the installation of fully functional and automatic elevators. The rising trend of smart elevators is further anticipated to offer profitable growth opportunities for elevator market players. For instance, LG Electronics announced partnering with Hyundai Elevator Co. for smart building solutions. Under the pact, both the companies will cooperate in developing premium elevators equipped with the former's OLED signage. On the other hand, the Middle East and Africa elevator market is poised to depict a CAGR of 2.4% over the forecast period. This can be attributed to an upsurge in the demand for high rise buildings in some of the crucial economies.
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