Smart Elevator Market To Rise Significantly - Allied Market Research

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. Smart Elevators are advanced systems that allow automated vertical transportation of goods or passengers. As this system utilizes automation, it reduces the waiting time and increases traffic management efficiency in residential, commercial and other buildings.

Along with many new trends that electrical contractors are finding themselves involved with these days, there are some surprises. While ECs have traditionally wired the power for elevators, much of the work has been left to mechanical contractors. Now, with the new wave of intelligent and integrated systems, buildings are adopting smart elevators, and they need ECs to integrate the controls. According to a new report by Allied Market Research (AMR), the demand for this service is going up.


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AMR suggests there will be a strong renovation component to this market. Modernizing existing elevator systems will drive it until 2020, when the firm predicts the market will experience a radical shift with new deployments taking over as the majority of the market’s revenue.


Much like many smart systems coming to buildings these days, green standards are driving smart elevators, according to AMR. They also provide the benefit of increased customizability, ensuring the facility is best served for its unique needs. AMR’s report finds that smart elevators in industrial applications will experience the highest growth. Not to forget about the service of equipment after installation, smart elevators will require significant maintenance, and AMR predicts a growth rate of almost 50 percent after 2015.


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Key Benefits:

The report provides a comprehensive analysis of the smart elevator market with current trends and future growth opportunities, challenges, and competitive scenario.
The current market trends are quantitatively analyzed and estimated for the period 20132020, which have been provided to highlight the financial competency of the market.
Porter’s five forces analysis provides inputs on the potential of buyers and suppliers and highlights the competitive structure of the market, which is likely to enable market players to devise effective growth strategies and facilitate better decision-making.
Value chain analysis provides key inputs on the role of different stakeholders involved at various stages.
SWOT analysis of the key market players highlights the essential strengths and potential opportunities in the market.

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Key Players

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

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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