Growth at a CAGR of about 14.12% in the Energy Efficient Elevators Market during the forecast period (2018 - 2023)| Dominant Vendors - HITACHI LTD, MITSUBISHI ELECTRIC CORP., HONEYWELL INTERNATIONAL, HYUNDAI ELEVATORS CO.LTD, SCHINDLER GROUP, KONE, FUJITE

Market Analysis:

Europe to Dominate the Market
The European energy efficient elevators market is fuelled by the growing demand for modernization of buildings and increase in construction activities. This has fueled the electricity prices in the region. Germany topped the list of countries with the highest electricity prices as of 2017, leaving behind the United States.

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Rising urbanization in developing countries and awareness regarding accessibility issues, growing need for convenience systems, and changing demographics, like aging population, demand for energy-efficient products, and greener buildings solution are likely to foster the need for more advanced and smarter elevators over the forecast period. Further, mounting electricity prices, especially in high-traffic applications, and rising concerns, regarding the increased energy consumption, have also been the major driving factors for the energy-efficient elevators market. However, factors like high price of standard elevators and fragmented market, with many private players and SMEs players, are acting as major restraints for the market growth.

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Market Segments:
Energy Efficient Elevators Market is segmented by:
1. System: Control Systems, Automation Systems
2. End User: Industrial, Commercial, Residential
3. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• December 2017 - KONE Corporation acquired Shan On Engineering Company Limited in Hong Kong. By acquiring Shan On Engineering Company Ltd with approximately 1,000 elevators in its maintenance base, Kone Corporation strengthened its market position in the region.
• November 2017 - Otis Brazil acquired Mitsubishi Electric’s elevators and escalators business in Brazil.

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