Smart Elevator Market with COVID-19 Impact Analysis - Global Forecast to 2026 - Inclination Toward Green Technologies in Construction Industry - ResearchAndMarkets.com

The "Global Smart Elevator Market with COVID-19 Impact Analysis by Component (Control System, Maintenance System, Communication System), Application (Residential, Commercial, Institutional), Services, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global smart elevator market size was valued at USD 9.7 billion in 2021 and is projected to reach USD 12.6 billion by 2026; it is expected to grow at a CAGR of 5.4% from 2021 to 2026.

The growth of the smart elevator market is majorly driven growing need for reducing energy consumption in buildings, increased construction of high-rise buildings equipped with smart vertical transportation systems due to rapid urbanization, smart cities development among others.

COVID-19 has emerged as a global pandemic that has spread in several countries worldwide and disrupted various industries around the world. The prominent players across industries have been affected by this pandemic. The foreseeable decline in the growth of applications may have a considerable direct impact on the smart elevator market.

Commercial segment expected to hold the largest market share during the forecast period

The commercial segment held the largest size of the market in 2020 and is likely to exhibit a similar growth pattern during the forecast period on account of the increasing deployment of solutions in the commercial sector. Furthermore, the consolidating trend of developing energy-saving infrastructure in airports, malls, and other commercial facilities will push the growth of the segment. On the other hand, the construction of high-rise buildings to accommodate the increasing urban population will lead the residential segment to register the highest growth rate during the forecast period.

New Installation is expected to contribute largest share of market for smart elevator during the forecast period

New installations are done in ongoing construction activities across the world. Therefore, emerging economies, such as India, China, Indonesia, and Africa, are expected to lead the market for new installation services. Additionally, emerging economies and untapped markets in India and other Asian countries are responsible for the high growth of new installations in the APAC market.

APAC is projected to grow at the highest CAGR during the forecast period

APAC is anticipated to remain dominant throughout the forecast period as emerging countries such as Indonesia, Vietnam, and Bangladesh are steadily improving living standards that will lead to more urbanization and construction of building with smart technologies. Further, the presence of the most populous countries such as India and China make APAC a prominent region for smart elevators as rapid urbanization and infrastructure in this region would pave new growth avenues for companies.

Otis Elevator, Schindler Group, KONE Corporation, Thyssenkrupp AG, Hitachi and Mitsubishi Electric, among others, are some of the key players offering smart elevator.

Market Dynamics

Premium Insights

• Urbanization Coupled with Evolution of Smart Buildings Driving Smart Elevator Market
• Control System to Grow at Highest CAGR in Forecast Period
• Commercial Segment to be Dominant Application for Smart Elevators
• New Installation to Hold Largest Share in Market During the Forecast Period
• China to Account for Largest Share of Market
• APAC to Grow at Highest CAGR in Market During Forecast Period

Drivers

• Increased Construction of High-Rise Buildings Equipped with Smart Vertical Transportation Systems due to Rapid Urbanization
• Growing Need for Reducing Energy Consumption in Buildings
• Growing Aging Population Will Facilitate Development of Better Infrastructure Within Buildings
• Smart Cities to Boost Installation of Smart Elevators
• Modernization of Old Buildings

Restraints

• High Cost to Install Smart Elevators

Opportunities

• Inclination Toward Green Technologies in Construction Industry
• Data Analytics for Predictive Maintenance of Elevators

Challenges

• Economic Slowdown
• Integration of Smart Elevator Components in Existing Elevators

Value Chain Analysis

• Research and Development
• Component Manufacturer
• Manufacturer
• Software & Service
• Integrator
• End-use Application

Ecosystem Analysis for Smart Elevators

Smart Elevator Use Cases

• Case Study 1: Honeywell: Corporate Office Renovations
• Case Study 2: KONE Corporation: 180 Brisbane Commercial Offices, Australia
• Case Study 3: Otis Elevators: Bahrain World Trade Center

Technology Trends

• Adoption of Eco-Friendly Products
• Artificial Intelligence
• Intuitive Elevator Technology
• Internet of Things
• Connectivity 5G Technology

Companies Mentioned

• Brivo
• Emerald Elevators
• Fujitec Co. Ltd.
• Hitachi Ltd.
• Honeywell
• Hyundai Elevators Co. Ltd.
• IBM
• Kintronics, Inc.
• Kisi
• KONE Corporation
• Liftinsight
• Mitsubishi Electric Corporation
• Motion Control Engineering
• Openpath Security Inc.
• Otis Elevator
• Pepperl+Fuchs
• Rimrock Corporation
• Robert Bosch GmbH
• Robustel
• Schindler Group
• Sick AG
• Sigma Elevator Company
• Thames Valley Controls
• Thyssenkrupp AG
• Toshiba Elevators & Building Systems Corporation

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