Smart Elevator Market Trends Growth Forecast Research 2017-2024
Government regulations & standards for global green infrastructure, reduction in the operational cost and automation are instrumental in driving the adoption of smart elevators across the globe. Increase in concerns related to safety and advances towards integration of access controls will further contributes towards the smart elevator market share.
Advances in the digital control systems such as biometrics, card based systems, touch screens, keypads and iris recognition offers huge growth opportunities to the smart elevator market growth. Security measures are being taken players across the residential and commercial segment to protect their residents, employees or customers thus making security the main feature of any building. Digital control systems provide strict security to the buildings thereby positively affecting the smart elevator market.
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Smart elevators provide crowd management efficiency by reducing the waiting time, and by utilizing automation. The main demand for the smart elevator market is witnessed across several applications such as commercial, industrial, and residential. The commercial segment is currently dominating the market, which is due to the increasing need to reduce the waiting time of business customers to access the elevators for an emergency.
The incorporation of entry control systems and elevator dispatching technology which is helping to minimize the waiting time and manage the crowd flow. Smart elevators are playing a vital role in the residential segment which is predicted to grow at a high rate over the over the future as the current drift is to automatize sub-urban buildings. The usage of smart elevators in institutional buildings is predicted to grow speedily over the forecast period.
Smart elevator market is segmented by services into maintenance & support, and installation. Installation service segment is projected to grow during the forecast timeframe, which is due to the increasing demand for the entry control systems and innovative security automation solutions. Moreover, improving infrastructure across the globe is instigating the emerging countries to install advance technologies offering growth opportunities to the smart elevator market.
Rising global population has created a tremendous demand for energy, thus increasing the energy consumption rate. This has encouraged businesses and companies to invest in the smart elevator market. The demand for the technology is shifting from traditional hydraulic elevators, as it consumes less energy and save time. High initial investment for installation of smart elevators would hinder the market growth over the future.
North America smart elevator market have witnessed the significant market share in 2016. This growth can be credited to the improved global economy and rising demand for energy efficient solutions and systems. The stringent government regulations across the region has driven the adoption of smart elevators. Due to the high infiltration of ICT technologies and the presence of supportive infrastructure, the U.S. is the major contributor in the global smart elevator market.
Asia Pacific smart elevator market is observing the substantial growth owing to the improving construction industry in the countries such as India and China encouraging huge demand for smart elevator systems. The economic transformation and support from the government are the major drivers contributing to the regional growth. Moreover, the presence of most populated countries in this region such as China & India and rapid development are likely to pave new growth avenues for construction companies. Markets in countries such as South Africa, Russia, and Brazil are also anticipated to have tremendous growth in the construction segment which will drive the smart elevator market.
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Industry players in the smart elevator market includes Schneider Electric, Siemens AG, ThyssenKrupp Elevator, Mitsubishi Electric, Hyundai Elevator, Keyscan, Johnson Controls, Hitachi, Cisco Systems, Bosch Security Systems, Otis Elevator, Ingersoll-Rand Plc, KONE Corporation, and Honeywell International. Manufacturers in the industry are offering customized solutions and systems as per the exclusive requirements of the customers to provide space, comfort, hygiene, security and reliability.
In 2016, Schneider Electric entered an agreement with GE to use its Predix Platform. The platform will improve its competences to analyze, monitor and leverage data which is produced from its elevators and PORT technology. The PORT is smart elevator destination dispatch technology developed by Schneider Electric which has been used for the modernization and installation of elevators in buildings.
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