Smart Elevators Market to Accelerate with a Significant Revenue Rates

Smart Elevator Market

Opportunity Analysis and Industry Forecast, 2016-2023

Global Opportunity Analysis and Industry Forecast, 2013-2020

Introduction • Smart Elevators Market was valued at $9.73 Million and it is expected to garner $23.16 Million by 2020, registering a CAGR of 13.8% during the forecast period 2014 - 2020 • The growing number of high-rise buildings has escalated the demand for quick, comfortable, efficient, and secure vertical transportation system • The modernization of conventional elevator systems in developed countries such as U.S., UK, Canada, and Francehas been major contributor to smart elevator market revenue so far • Technologically advanced features and integration of smart communication, access control and security technology allows smart elevators to cater custom needs

• China alone accounts for about 53% of the upcoming high-rise projects across the world

Key Factors of the Market • The smart elevators are found to be a crucial element in commercial, residential, institutional and other applications.

• The market, driven by modernization of existing elevator systems, would experience a radical shift by 2020

• Smart Elevator systems consist of new-age digital security system controls, i.e., biometrics, touch screen, destination dispatching & access control systems, which make them advanced • Reduced waiting time of passengers, enhanced spending capabilities of customers in emerging markets and overall improvement in global economies are some of the major driving factors for the Smart elevators market • Globally, the growing number of high-rise buildings has escalated the demand for quick, comfortable, efficient, and secure vertical transportation system

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Key Benefits of the Market • Global market for smart elevators applications is gaining momentum with residential and industrial usages to provide major growth during the forecast period (2014 - 2020) • Industrial applications will grow at a CAGR of 16.6% during the forecast period, fastest among all applications • Maintenance of smart elevators would unveil another area for monetization, which will pick up after year 2015, with highest CAGR of 49.4% • Asia-Pacific would be the lucrative market, both in terms of size and growth. It would reach$5.1 billion by 2020, with fastest CAGR of 19.8% • The elevators in upcoming high-rises would be smart elevators to greater extent, which would pose new deployment market as largest revenue contributor by 2020.

Market Segmentation

By Solutions • Elevator Access Control & Security • Elevator Automation • Elevator Modernization • Maintenance

By Geography • North America • Europe • Asia-Pacific • LAMEA

By Applications • Residential • Commercial • Industrial • Institutional • Others

Key Players of the Market • • • • • • • • • •

Schindler Holding AG Honeywell International Inc. Otis Elevator Corporation Hyundai Elevator Co. Ltd. Mitsubishi Electric Corporation KONE Elevators Co. Ltd. ThyssenKrupp Fujitec Bosch Security Systems Hitachi Ltd

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