Market Scenario

Rapid increase in urbanization has created a positive impact on the development of smart projects such as smart cities in the emerging economies. As more number of people living in the cities has encouraged the builders and contractors to build taller buildings in the urban areas which eventually increases the demand for the elevators.

Populated cities have tall buildings, generally used for offices as well as residential purposes, which can cause inconvenience for the general public to wait for a longer time in lifts which increases the waiting time and operating costs of elevators. Rising need for energy efficient solutions such as smart elevators is required to allow better convenience for the people.

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However, with advent of technology, the elevators installed in commercial and residential buildings are equipped with smart solutions such as destination dispatch, facilitated at multi-elevator buildings, the number of people or passengers being informed and offers to select and travel-specific floor to halt to turn up for their vehicles which comparatively reduces the waiting time. Destination dispatch technology being used in multi-storey buildings such as 20-25 floor buildings where the panel buttons are at present at the lobby, rather than in elevator. The advanced system identifies the traffic arrangement and adjust the number of elevators at the lobby, and engage the certain elevators at higher floors, which reduces the traveling and waiting times during the peak period of business hours.

On the flip side, implementing these smart solutions on a large scale require huge investments which eventually, regarded as a challenging factor for the smart elevators market.

The global Smart Elevator is expected to reach approximately USD 30 billion by 2023 growing at a 15% CAGR over the forecast period 2017-2023.

Key Players:

Some of the key players of Smart Elevator Market include ThyssenKrupp AG (Germany), Otis Elevator Company (U.S.), Schindler Group (Switzerland), KONE Corporation (Finland), Johnson Controls Inc. (U.S.), Motion Control Engineering (U.S.), Mitsubishi Electric (Japan), Hyundai Elevator (South Korea), Hitachi (Japan), Fujitec (Japan) and Hyundai Elevator Co. Ltd (Iran).

Segmentation

The smart elevator market is differentiated by type, component, services, speed and application.

By type, the smart elevator market is sub-segmented into passenger elevator, freight elevator and fireproof elevators. The component segment consists of maintenance, control system and communication system. The control sub-segment is further divided into access, elevator, sensors and security. Depending on the speed, smart elevator market is categorized as low-speed, fast-speed, high-speed and super-speed.

The application based smart elevator is segmented as industrial, commercial, institutional and infrastructure, residential, and others.

Regional Analysis

Geographically, the smart elevator is segmented into four different regions namely North America, Asia Pacific, Europe, and the Rest of the World.

North America and Europe are presumed to have steady growth in the smart elevator market. This is due to the region is already equipped with the advanced infrastructure and surging need for energy efficient solution for replacing the prevailing elevators with the sophisticated technology. Asia Pacific is also anticipated to be the fastest growing region in the smart elevator market over the forecast period. India, Japan, and China are the leading countries in the smart elevator market. This is attributed to rapid increase transforming the infrastructure with smart solutions. Additionally, India is considered to be the fastest growing economy due to a review of regulation policies of foreign direct investment in real estate and commercial sector.

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Target Audience

Research Firms.
Government Agencies
Smart Elevator Service Providers
Associations, organizations, forums and alliances related to Smart Elevator
Government bodies such as regulating authorities and policy makers
Building owners
Private construction/elevator consultants
Government bodies involved in infrastructure modernization
Software vendors
Elevator associations
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TABLE OF CONTENTS

1 Executive Summary

2 Scope Of The Report

2.1 Market Definition

2.2 Scope Of The Study

2.2.1 Research Objectives

2.2.2 Assumptions & Limitations

2.3 Markets Structure

3 Market Research Methodology

3.1 Research Process

3.2 Secondary Research

3.3 Primary Research

3.4 Forecast Business Function

4 Market Landscape

4.1 Porter’s Five Forces Analysis

4.1.1 Threat Of New Entrants

4.1.2 Bargaining Power Of Buyers

4.1.3 Threat Of Substitutes

4.1.4 Segment Rivalry

4.2 Value Chain/Supply Chain Of Global Smart Elevator Market

5 Industry Overview Of Global Smart Elevator Market

5.1 Introduction

5.2 Growth Drivers

5.3 Impact Analysis

5.4 Market Challenges

Continued…

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