SELBYVILLE, Del., April 12, 2021 /PRNewswire/ -- Global Market Insights Inc. has recently added a new report on the smart elevator market which estimates the market valuation for smart elevator will cross US$ 23.5 billion by 2027. The market is anticipated to witness a high growth rate on account of the significant increase in the customer spending capacity globally. Rise in customer spending in intelligent and technically-advanced structures that facilitate safety and comfort will propel the industry demand.
The smart elevator industry faced numerous challenges due to the escalating spread of COVID-19 pandemic during the first half of 2020. Rising financial insecurities and economic slowdown have resulted in decline in the adoption of smart and sustainable solutions globally. Furthermore, the halt in various construction activities has hampered the demand for smart elevators during this period. However, the market is anticipated to witness significant growth through 2027.
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The lift maintenance systems in the smart elevators market is witnessing a surge in the market demand from 2021 to 2027 due to reduced malfunctioning benefits, passenger security, and intelligent features. These maintenance and service systems recognize issues including slow speed and unwanted stops and restart the elevator operation in the minimum possible time in case of electricity cuts and breakdowns. The system also informs building authorities directly and helps in reducing passengers' stress. Various maintenance systems comprise a mobile application that helps commuters to track lifts using their smartphones, thereby augmenting the market statistics.
The Middle East & Africa smart elevators market is expected to witness a sizable growth through 2027. The proliferation of smart cities will propel the demand for smart elevators in the region. For instance, the Saudi vision project incorporated by the domestic authorities will augment the demand for smart elevators. The project envisioned the execution in 10 cities including Al-Madinah, Makkah, Al-Ahsa, Riyadh, and Jeddah in the region. The country unveiled Neom, a smart city mega-project worth USD 500 billion in 2019.
The players active in the smart elevators market are Otis Elevator Company, Thyssenkrupp AG, Bosch Security Systems, Kone Oyj, Fujitec, Hitachi Ltd., Mitsubishi Elevator, and Schindler Group. These players focus majorly on offering new technologically advanced elevator solutions. For instance, in September 2019, Kone Oyj India launched its new range of escalator and elevator solution, KONE CareTM. The system is equipped with IoT technology. This aided the company to strengthen its position in the market.
Some major findings in the smart elevators market report include:
- Rising consumer spending capacity toward smart and sustainable solutions will support the industry through 2027.
- Rapid increase in the demand for smart cities globally will fuel the adoption of smart elevators, thereby supporting the market growth.
- Increase in the demand for commercial and residential infrastructural developments across the globe will propel the demand.
- Control systems will foresee a substantial growth rate owing to the enhanced security & management offered by these systems in crowded buildings, accelerating the market growth.
- The presence of several industry players is augmenting the used cars market share in Asia Pacific and North America.
- The commercial segment will witness a steady growth rate owing to the rising demand for commercial spaces and high-rise buildings globally.
- Major strategies adopted by the market players include mergers and acquisitions and strategic partnerships with other industry players to enhance their market share.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Smart Elevator industry 360° synopsis, 2017 - 2027
2.1.1 Business trends
2.1.2 Solution trends
2.1.3 End-use trends
2.1.4 Regional trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on smart elevator industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research & development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Suppliers
3.3.2 Manufacturers
3.3.3 Software & technology providers
3.3.4 Service providers
3.3.5 System integrators
3.3.6 Distribution channel analysis
3.3.7 End-use landscape
3.3.8 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1 North America
3.5.2 Europe
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 MEA
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Rapidly increasing construction & infrastructure industry across the globe
3.6.1.2 Growing urbanization in China and India
3.6.1.3 Initiatives taken by European Union towards energy efficiency
3.6.1.4 Implementation of several smart city projects in MEA and Singapore
3.6.1.5 Rapidly developing commercial sector in Brazil and Mexico
3.6.1.6 Increasing trend of energy efficient & intelligent buildings in North America
3.6.2 Industry pitfalls & challenges
3.6.2.1 High initial investments associated with smart elevators
3.6.2.2 High operational costs
3.7 Growth potential analysis
3.8 Porter's analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
About Global Market Insights
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Smart Elevator Market revenue worth over $23.5 billion by 2027
Smart Elevator Market size is set to be over USD 23.5 billion by 2027, according to a new research report by Global Market Insights Inc.
SOURCE Global Market Insights, Inc.
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