DUBLIN--(BUSINESS WIRE)--The "Smart Elevator Market by Offering, and End Use - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
Global Smart Elevator Market is expected to reach $31.8 billion by 2028, at a CAGR of 11.4% during the forecast period, 2021-2028.
The smart elevators market is witnessing growth due to the growing adoption of intelligent building solutions, advanced security, increased construction of high-rise buildings, growing demand for reducing energy consumption solutions, growing number of smart cities, and need for energy efficiency tools.
Growing demand for energy-efficient building solutions drives the smart elevators market. This vertical transportation solution reduces waiting and traveling time, integrates access control, and provides better traffic control management. However, the deployment of smart components in existing elevators and security risks associated with smart elevator systems are challenges for the smart elevators market.
Based on offering, the smart elevators market is segmented into solutions and services. The solutions segment comprises control, maintenance, and communication systems. The maintenance systems segment is projected to grow at the highest CAGR during the forecast period.
The high growth of this segment is mainly attributed to the smart elevator feature of proactive planning of maintenance to avoid the breakdown of the system. Smart elevator monitors each elevator component proactively and generates alarms, further reducing repairing costs and operational costs. Also, smart elevators provide proactive, condition-based analysis and predictive maintenance, which building owners can utilize for proper maintenance, which further boosts the demand for smart elevators.
The services segment comprises of new installation, modernization, and maintenance & repair. The new installation segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the emerging construction activities across the globe.
Developing countries such as India, Indonesia, Italy, Mexico, South Korea, and Saudi Arabia are expected to lead the new installation segment due to the growing construction of commercial and residential buildings. Also, the new installation of smart elevators reduces waiting time and traveling time for passengers as it cuts down unnecessary stops; thus, the new installation segment is expected to grow at the highest rate.
Based on end use, the global smart elevators market is segmented into residential, commercial, industrial, and institutional. The residential segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing construction of technically advanced and automated residences, homes, and apartments.
Also, the smart elevator's access control feature limits the entry of salespersons and tenants on specific floors for safety purposes. Additionally, the control system in smart elevators provides alarms for maintenance & repair, criminal activities, and property damage, further supporting the growth of the market.
The Asia-Pacific region is expected to account for the highest share in 2021 and is expected to grow at the highest CAGR during the forecast period. Asia-Pacific follows North America in terms of share, attributed to the construction of high-rise and complex infrastructure across all industry verticals.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. COVID-19: Impact Assessment
4.1. Scenario A: Severe Impact
4.2. Scenario B: Moderate Recovery
4.3. Scenario C: Fast Recovery
5. Market Insights
5.1. Introduction
5.2. Market Dynamics
5.2.1. Drivers
5.2.1.1. Increasing Demand for Energy-Efficient Solutions
5.2.1.2. Growing Construction of Smart Residential and Commercial Buildings in Developed Countries
5.2.1.3. Rising Construction of High-Rise Buildings
5.2.2. Restraints
5.2.2.1. High Initial Investment
5.2.3. Opportunities
5.2.3.1. Implementation of AI and Analytics in Building Infrastructure
5.2.3.2. Innovation in Touchless Elevator Operations
5.2.4. Challenges
5.2.4.1. Deployment of Smart Components in Existing Elevators
5.2.4.2. Security Risk
5.3. Value Chain Analysis
5.3.1. Suppliers
5.3.2. Manufacturers
5.3.3. Agents
5.3.4. Owners, Developers, or Construction Companies
5.3.5. Installers
5.3.6. Maintenance Providers
5.3.7. Buildings and Structures
6. Global Smart Elevators Market, by Offering
6.1. Introduction
6.1.1. Solutions
6.1.1.1. Control Systems
6.1.1.1.1. Security Control Systems
6.1.1.1.1.1. Camera Systems
6.1.1.1.1.2. Visitor Management Systems
6.1.1.1.1.3. Fire Alarm Systems
6.1.1.1.2. Elevator Control Systems
6.1.1.1.3. Access Control Systems
6.1.1.1.3.1. Card-Based Access Control Systems
6.1.1.1.3.2. Biometric Access Control Systems
6.1.1.1.3.3. Touch Screen & Keypad-Based Access Control Systems
6.1.1.1.3.4. Smartphone-Based Access Control Systems
6.1.1.2. Communication Systems
6.1.1.3. Maintenance Systems
6.1.2. Services
6.1.2.1. Maintenance & Repair Services
6.1.2.2. Modernization Services
6.1.2.3. New Installation Services
7. Global Smart Elevators Market, by Application
7.1. Introduction
7.2. Commercial Buildings
7.3. Residential Buildings
7.4. Institutional Buildings
7.5. Industrial Buildings
7.6. Other Applications
8. Smart Elevators Market, by Geography
8.1. Introduction
9. Competitive Landscape
9.1. Introduction
9.2. Key Growth Strategies
9.3. Market Share Analysis (2020)
9.3.1. KONE Corporation
9.3.2. Otis Worldwide Corporation
9.3.3. TK Elevator Corporation
9.3.4. Schindler Holding Ltd.
10. Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
10.1. Hitachi, Ltd.
10.2. TK Elevator Corporation
10.3. Schindler Holding Ltd.
10.4. Otis Worldwide Corporation
10.5. KONE Corporation
10.6. Mitsubishi Electric Corporation
10.7. Fujitec Co., Ltd.
10.8. Hyundai Elevator Co., Ltd.
10.9. Honeywell International, Inc.
10.10. Toshiba Corporation
10.11. Bosch.IO GmbH
10.12. Huawei Technologies Co., Ltd.
10.13. Thames Valley Controls, Ltd. (A Part of Vantage Elevator Solutions)
10.14. Motion Control Engineering, Inc.
10.15. Sigma Elevator Company
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