The Global Market for Smart Elevators is Projected to Reach US$25 Billion by 2020

Growing Number of High-Rise & Super Tall Buildings Drives the Global Smart Elevators Market, According to a New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Smart Elevators. The global market for Smart Elevators is projected to reach US$25 billion by 2020, driven by the growing number of new high-rise and super tall buildings that demand secure, energy-efficient, comfortable and faster vertical transportation systems.

Smart elevators are growing in popularity worldwide spurred on by benefits such as energy efficiency, reduced waiting time, integrated access control features, and better control of elevator traffic. Key end-use sectors for smart elevators include commercial, residential, healthcare, hospital, retail, and industrial, among others. One of the many smart features of a smart elevator is the clustering of travelers depending on the destination floors, which reduces wait time as well as travel time by as much as 50%. Another smart feature includes detecting employees of all the companies in a particular building based on their IDs and assignment of elevators accordingly.

Strong growth is projected in both the developed and developing countries, driven by the need for efficient people mobility solutions in high rise buildings. Other important factors driving growth in the market include rising prominence of energy efficient building solutions, growing need for advanced and sophisticated security systems, increasing number of super tall buildings worldwide, positive outlook for the global construction industry, rising investments in infrastructure projects worldwide, focus on ‘green infrastructure’, and favorable regulations. An important technological advancement that is making smart elevators even smarter is the destination dispatch technology for lesser congestion in lobbies during peak hours, increased handling capacity of elevators, less crowded elevators, and enhanced passenger comfort levels. Additionally, smart elevators are making use of the cloud to offer not just enhanced comfort and faster mobility to people working and living in high-rise buildings but also uninterrupted service through predictive analysis of maintenance. Other smart elevator advancements poised to benefit market prospects in the near term include remote monitoring system for reducing elevator downtime, touch screen interface in operating panels for smart destination control, touchless summoning, and multi-carriage system for smart time management.

As stated by the new market research report on Smart Elevators, the United States represents the largest market worldwide, followed by Europe. Stringent energy efficiency regulations, rising security concerns, and increasing demand for convenient and advanced vertical transportation systems represent key growth drivers in developed markets. Asia-Pacific ranks as the fastest growing market worldwide with a projected CAGR of 21.7% over the analysis period, driven by rapid urbanization, and the growing popularity of high-rise buildings in densely populated countries such as China and India. China alone accounts for more than 50% of the global upcoming high-rise building projects. Other key growth drivers include expanding manufacturing base, growing middle class population, and government focus on infrastructure development and energy self-sufficiency.

Key players covered in the report include Fujitec Co., Ltd., Hitachi Ltd., Hyundai Elevators Co., Ltd., Kone Corporation, Mitsubishi Electric Corporation, Otis Elevator Company, Schindler Group, and ThyssenKrupp Elevator AG, among others.

The research report titled “Smart Elevators: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America). Segments analyzed in the report include New Installations and Retrofit & Service. Key end-use applications analyzed for the global and the US market include Commercial, Residential, and Others.