Smart Elevator Market - Geographical Analysis and Competitive Landscape to 2027

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Smart Elevator Market 2021 - Growth Statistics by
Regions, Segments and Demand Analysis to 2027

• The global smart elevator market share is
  projected to gain remarkable traction in years to
  come, on account of the significant rise in
  consumer spending capacity towards sustainable
  and smart elevator solutions worldwide. Consumers
  are rapidly making investments in intelligent
  technically advanced structures that can ensure
  high safety and comfort. As per Global Market
  Insights, Inc. estimates, the global smart
  elevator market size is expected to register
  revenue of over 23.5 billion by 2027.
• Likewise, the growing prominence of smart cities,
  coupled with the mounting need for residential
  and commercial infrastructural developments
  across the globe, will push the product
  penetration over the foreseeable future. The
  deployment of infrastructure management systems
  like smart elevators as well as other sustainable
  services is considered highly crucial in the
  establishment of smart buildings and smart
  cities. This is due to the fact that this
  intelligent system can facilitate easy and
  efficient management and operation of residential
  and workplace areas.

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• In terms of segmentation by solution, the control
  systems segment is set to witness a substantial
  growth rate in the coming years, which can be
  credited to the capability of this smart elevator
  system to deliver enhanced security and
  management in the crowded buildings.

• On the other hand, the lift maintenance systems
  segment will account for a considerable share of
  the smart elevator market, owing to the myriad
  benefits including reduced malfunctioning,
  intelligent features, and passenger security.
  These systems can recognize issues regarding the
  speed and unwanted stops of the lifts as well as
  help restart its operation in less time during
  power cuts and breakdowns. Moreover, it can
  directly inform the building authorities when the
  issues arise and subsequently reduce the waiting
  time and stress of the passengers. The segmental
  growth is further driven by the deployment of a
  mobile solution in several maintenance systems to
  aid the commuters in tracking the lifts through
  their smartphones.

• With regards to the end-use spectrum, the global
  smart elevator market from the commercial segment
  is anticipated to witness a major upsurge over
  the forecast spell, due to the accelerating
  demand for commercial spaces and the construction
  of high-rise buildings globally.

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• The smart elevator industry, however, witnessed
  numerous challenges in its steady growth during
  the 1st half of 2020, as a result of the rapid
  spread of the COVID-19 disease. Key market
  participants were facing major issues due to the
  financial distress and economic slowdown caused
  by the decline in the adoption of sustainable and
  smart elevator technology, alongside the halt in
  construction activities worldwide.

• Regional Analysis

• From a regional perspective, the Middle East and
  Africa smart elevator market will register
  significant revenue in years ahead, which is
  attributable to the proliferation of the smart
  cities initiatives across the region. For
  example, the Saudi vision project that was
  incorporated by domestic authorities will lead to
  the high adoption of smart elevators, as the
  project envisioned its execution in 10 cities
  including Jeddah, Riyadh, Al-Ahsa, Makkah, and
  Al-Madinah.

• Competitive Analysis

• Major smart elevator industry players include
  Schindler Group, Mitsubishi Elevator, Hitachi
  Ltd., Fujitec, Kone Oyj, Bosch Security Systems,
  Thyssenkrupp AG, and Otis Elevator Company, among
  others. These firms are majorly focusing on
  strategies such as MA, innovative product
  launches, and business expansions to enhance
  their market position.

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