by Brianna Crandall — December 4, 2017 — Whether your facility needs to replace an elevator or has a new construction project underway, or you are proactively researching smart building systems, a new report provides up-to-date information on smart elevators. The Global Smart Elevator Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2017 to 2025 report from Acute Market Reports was just added to Research and Markets’ extensive offering of market reports.
Smart elevators are emerging as the most effective solution for managing the traffic between the floors of high-rise/multistory buildings, according to the report. Smart elevators are equipped with modern security systems including biometrics, touch screen, destination dispatching and access control systems, among others.
Smart elevators offer greater security and energy efficiency than conventional elevators, while enabling faster movement of foot traffic within a building. According to a study by the American Council for an Energy-Efficient Economy, smart elevators have the potential to ensure energy and cost savings by almost 40 percent as compared to conventional elevators.
Smart elevators market drivers
The global smart elevators market is expected to witness strong growth of 12.7% CAGR (compound annual growth rate) during the forecast period 2017-2025 due to the flourishing construction and real estate industries following the economic recession. Urbanization and rise in the number of new dwelling units in cities has made the real estate sector competitive, adds the report, so builders are coming up with new projects and are offering automation and smart elevators as a part of amenities.
The trend in the construction industry towards going green is also helping drive the increase in smart elevators. Over the past few years, the industry has been flooding with sustainable green products. According the U.S. Green Building Council (USGBC), only two percent of non-residential buildings in the US were green in 2005. However, by 2015 almost half of the non-residential buildings in the country were green.
Hindering market growth
Although the adoption of smart elevators is increasing steadily in developed economies, replacing the old conventional elevator with the advanced smart elevator is still an expensive proposition, notes the report. An average cost of replacing a conventional elevator with the smart equivalent costs between $60,000 and $250,000 per elevator, depending upon the size of the building.
Another issue slowing market growth is that smart elevator manufacturers are required to comply with several stringent government mandates and other entry barriers.
Although Asia Pacific trails behind North America and Europe in adoption, the region’s improving standard of living, urbanization, growing awareness regarding the benefits offered by smart technologies, and latent potential are expected to make it the most lucrative smart elevators market in the years to come. The entry of international players together with local vendors is expected to augment market competition, supporting market growth.
China, Singapore, Korea and India are major markets and uphold huge growth potential. The governments of these leading countries have been promoting energy-efficient solutions in a bid to achieve energy self-sufficiency. For instance, China has drafted plans for developing robust smart grid infrastructure to manage energy consumption wisely. All these factors are collectively expected to drive market demand in Asia Pacific.
Key market players
The report on the global smart elevators market discusses key market players and their strategies. The key players in the smart elevator market are Bosch Security Systems, Hitachi Ltd., Honeywell International Inc., Otis Elevator Company, Mitsubishi Electric Corporation, Kone Corporation, Hyundai Elevator Co. Ltd., Johnson Controls Inc., Schneider Electric SA, Schindler Group, Fujitec Co., Ltd., and ThyssenKrupp Elevator. The key strategies adopted by these players include product innovation and focus on research and development.
For more information or to purchase the report, see the Global Smart Elevator Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2017 to 2025 page on the Research and Markets Web site.