GLOBAL SMART ELEVATORS MARKET RESEARCH REPORT, 2023-2029
Market Value:
• 2021 = USD10.66 Billion
• 2028 = USD 51.1 Billion
• CAGR = 5.1%
Date Published: January 2023
Publisher: Introspective Market Research
Annual Market Size and Forecast
Technological Roadmap & Regulatory Landscape
Analysis on type and applications
Industry Value Chain Analysis
Analysis on Major Trends
Key strategies by Top Market Players
Market Share Analysis 2021
The Global Smart Elevators Market Size Was Valued at USD 10.66 Billion In 2021 And Is Projected to Reach USD 15.10 Billion By 2028, Growing at A CAGR of 5.1% From 2022 To 2028.
Smart elevators make it easier, quicker, and less time-consuming to move between floors. Before entering the elevator, passengers can now select the floor they want to go to instead of pressing a button to go up or down. This will allow them to reach their destination in the fewest number of stops possible. Intelligent elevators are faster and use less energy and time than traditional elevators. Smart elevators are modern, sleek, and comfortable to use. As a result of the rapidly expanding trend of adopting IoT and smartening devices to enhance the overall experience and reduce waiting time as well as operational activities, the adoption of smart elevators is increasing in various regions, particularly Asia, Latin America, and the Middle East.
The Report Will Include A Major Chapter
• Patent Analysis
• Regulatory Framework
• Technology Roadmap
• BCG Matrix
• Heat Map Analysis
• Price Trend Analysis
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Top Key Players Covered In The Smart Elevators Market:
• Motion Control Engineering (U.S.)
• Hyundai Elevator Co. Ltd (Iran)
• ThyssenKrupp AG (Germany)
• Mitsubishi Electric (Japan)
• Otis Elevator Company (U.S.)
• Hyundai Elevator (South Korea)
• Schindler Group (Switzerland)
• Hitachi (Japan)
• KONE Corporation (Finland)
• Fujitec (Japan)
• Johnson Controls Inc. (U.S.), Other Major Players.
Smart Elevators Market Report Highlight:
• By Component, the Control System segment is anticipated to lead the growth of the Smart Elevators market in the forecasted timeframe. Traffic management, car call
management, and power, energy, and time conservation are all made easier by elevator access control systems. The market for smart elevators uses a variety of sensors, including photoelectric sensors, current sensors, and position sensors.
• By Application, the Commercial segment is expected to have the highest share of the Smart Elevators market over the projected period. The demand for modernization services in commercial buildings typically arises as a result of the introduction of safety regulations for elevators and escalators. The process of upgrading or replacing elevator control systems and cabins with new products and technologies is referred to as renovation. It prolongs the life of the elevator, conserves energy, provides commuters with a safe and comfortable ride, and makes it easier for people to use.
• The Asia-Pacific region is expected to have the highest share of the Smart Elevators market over the projected period. Urbanization and the construction of commercial and residential structures to meet the needs of urban areas are to blame for the large portion of Asia-Pacific. Living standards have risen and innovative building technologies have emerged in Asian nations like India, Thailand, Indonesia, Malaysia, and Vietnam.
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Key Industry Development:
In June 2021, Otis expanded its range of smart elevator products when it introduced its newly developed Smart Gen3TM elevator. Otis will focus on prominent Chinese construction industry vendors in search of elevators for their upcoming infrastructure projects. The company has strategically targeted this particular market because the construction industry in China is increasingly inclined toward green development. The product will make it easier for passengers to use elevators and will operate with cloud-based Internet of Things technology.
In October 2020, to strengthen its position in the elevator and escalator market, Hitachi Ltd. (Japan) purchased a 9.99% stake in Yungtay Engineering (Taiwan). To this point, Hitachi owns 51% of Yungtgay.
Smart Elevators Market Segmentation: By Component
• Control System
• Maintenance System
• Communication System By Application
• Residential
• Commercial
• Institutional
• Industrial
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For this report, Introspective Market Research has segmented the Smart Elevators Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)
Scope of the Report:
The latest research on the Smart Elevators market provides a comprehensive overview of the market for the years 2022 to 2028. It gives a comprehensive picture of the global Smart Elevators industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter's five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Smart Elevators market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve longterm success in their particular market areas.
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Table Of Content: -
Chapter1:Introduction
1.1ResearchObjectives
1.2ResearchMethodology
1.3ResearchProcess
1.4ScopeandCoverage
1.4.1MarketDefinition
1.4.2KeyQuestionsAnswered
1.5MarketSegmentation
Chapter2:ExecutiveSummary
Chapter3:GrowthOpportunitiesBySegment
3.1ByComponent
3.2ByApplication
Chapter4:MarketLandscape
4.1Porter'sFiveForcesAnalysis
4.1.1BargainingPowerofSupplier
4.1.2ThreatofNewEntrants
4.1.3ThreatofSubstitutes
4.1.4CompetitiveRivalry
4.1.5BargainingPowerAmongBuyers
4.2IndustryValueChainAnalysis
4.3MarketDynamics
4.3.1Drivers
4.3.2Restraints
4.3.3Opportunities
4.5.4Challenges
4.4PestleAnalysis
4.5TechnologicalRoadmap
4.6RegulatoryLandscape
4.7SWOTAnalysis
4.8PriceTrendAnalysis
4.9PatentAnalysis
4.10AnalysisoftheImpactofCovid-19
4.10.1ImpactontheOverallMarket
4.10.2ImpactontheSupplyChain
4.10.3ImpactontheKeyManufacturers
4.10.4ImpactonthePricing
Chapter5:SmartElevatorsMarketbyComponent
5.1SmartElevatorsMarketOverviewSnapshotandGrowthEngine
5.2SmartElevatorsMarketOverview
5.3ControlSystem
5.3.1IntroductionandMarketOverview
5.3.2HistoricandForecastedMarketSize(2016-2028F)
5.3.4
To Be Continued…
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Terms of Use:
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Top-down and bottom-up approaches are used to validate the global market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
