Smart Elevators Market Overview:
Smart Elevators Market was valued at $9.73 Million and it is expected to garner $23.16 Million by 2020, registering a CAGR of 13.8% during the forecast period 2014 - 2020. Smart Elevators are advanced systems that allow automated vertical transportation of goods or passengers. As this system utilizes automation, it reduces the waiting time and increases traffic management efficiency in residential, commercial and other buildings.
Smart Elevator systems consist of new-age digital security system controls, i.e., biometrics, touch screen, destination dispatching & access control systems, which make them advanced. Moreover, reduced waiting time of passengers, enhanced spending capabilities of customers in emerging markets and overall improvement in global economies are some of the major driving factors for the Smart elevators market. In spite of various advantages and driving factors, substantial initial investment in the installation of smart elevators would limit its presence, which in turn would adversely impact the global smart elevators market growth.
The smart elevators market is in developing phase of its product life cycle. This market is in its early stage of development and is already contributing a good deal of revenue to the overall elevator industry. The smart elevators are found to be a crucial element in commercial, residential, institutional and other applications. The commercial usage of smart elevators itself contributes over one third of the overall market revenue. The usage in institutional buildings would also grow rapidly over the period.
The Global smart elevators market is segmented on the basis of solution, applications, and geography. The market has been further bifurcated into different solutions of elevator namely, new deployments, elevator modernization and maintenance. The segment elevator modernization dominates the global market and new deployments is expected to grow by the forecast period owing to advanced security automation and access control systems. Based on applications, the market is segmented in residential, commercial, industrial, institutional, and others. The segment commercial application dominates the global market owing to high waiting time in corridors for accessing elevator car.
The smart elevators market is segmented on the basis of geographical regions, encompassing North America, Europe, Asia-Pacific and LAMEA. North America accounted for the largest share of the global market, owing to increasing demand for energy-efficient and enhanced global economy. However, Asia-Pacific would be the fastest growing region due to increase in population.
Top Factors Impacting Global Smart Elevators Market
The Global smart elevators market is influenced by numerous factors including demand for energy efficient solutions, advanced security automation and access control systems, rising spending capabilities for construction and global economic improvement. These factors collectively create opportunities for the market growth, whereas some of them hamper the smart elevators market growth. However, each factor would have its definite impact on the market during the forecast period.
Advanced Security Automation and Access Control Systems
Elevators being primary mode of vertical transportations amongst individuals, security in such automated systems are the biggest concern. Therefore, the required security measures are taken by the builders of the commercial and residential complexes in order to safeguard their customers/ individuals/ residents/ employees. However, security has become an integrated feature of any building. Moreover, iris recognition, biometrics are some of the advanced features that are used in order to mitigate the security concerns. Smart elevators use these security systems and provide stringent security to the buildings. Moreover, in the current business scenario, these security measures are positively affecting the smart elevators market and would have large impact on market in near future.
Minimum Waiting Time
Waiting time in front of elevators is a biggest concern amongst the passengers in residential, commercial building or in an emergency case in hospitals. The low waiting times for the elevators add to the customer experience in any building. The integration of access control systems and destination dispatching technology manages the traffic flow in a building with minimum waiting time. It directs the passengers who want to go to a certain floor in the building to specific elevator, which minimizes waiting time. Therefore, reduced waiting time is increasing the use of smart elevators in all sectors and is fueling the growth of smart elevators market.
Large Initial Investments
Installation of smart elevators requires high initial investment. The automated access control systems and security systems that are integrated in the smart elevators increases the total cost of smart elevators as compared to the conventional elevators. This restricts the use of smart elevators in the low or mid-rise apartments or buildings. Although modernization is an alternative to reduce the cost of building, it only adds automations, security and other features to the existing elevator systems. However, modernization is only possible in the buildings where elevators are already available. This does not provide a complete smart elevator system. Therefore, high costs are negatively affecting the growth of smart elevators market.
Top Winning Strategies
The smart elevators market is largely driven by product launch strategy. The information about the market players and their strategic moves are gathered through the press releases of respective companies, various blogs, which is limited to the available information on the websites and primary calls to the experts in the smart elevators industry.
- The report provides a comprehensive analysis of the smart elevator market with current trends and future growth opportunities, challenges, and competitive scenario.
- The current market trends are quantitatively analyzed and estimated for the period 20132020, which have been provided to highlight the financial competency of the market.
- Porter’s five forces analysis provides inputs on the potential of buyers and suppliers and highlights the competitive structure of the market, which is likely to enable market players to devise effective growth strategies and facilitate better decision-making.
- Value chain analysis provides key inputs on the role of different stakeholders involved at various stages.
- SWOT analysis of the key market players highlights the essential strengths and potential opportunities in the market.
Smart Elevators Market Key Segment:
- Elevator Access Control & Security
- Elevator Automation
- Elevator Modernization
- North America
- Schindler Holding AG
- Honeywell International Inc.
- Otis Elevator Corporation
- Hyundai Elevator Co. Ltd.
- Mitsubishi Electric Corporation
- KONE Elevators Co. Ltd.
- Bosch Security Systems
- Hitachi Ltd