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  • Smart Elevator Market Analysis | 2023-2028

    Smart Elevator Market Analysis | 2023-2028

    Smart Elevator Market Analysis | 2023-2028
    Report code - SR2112 Delivery - 2 Weeks
    Smart Elevator Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Oppor See more...

    Market Highlights

    The Smart Elevator Market is expected to grow from USD 9.72 billion in 2022 to USD 13.34 billion by 2028 at a CAGR of 5.41% during the forecast period.

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    What are smart elevators?

    Smart elevators are aimed at transforming the simple act of traveling between floors. Users can control smart elevators by pressing a key to set their destination. An indicator on the elevator directs users to their desired destination. Different types of connectivity can be used to control or monitor a smart elevator.

    Covid-19 Impact

    The sudden outbreak of the pandemic shook the smart elevator market to the core. The majority of end-use industries experienced supply chain disruption, cash flow constraints, and temporary shutdowns in manufacturing facilities. As a result, end-use industries witnessed a decline in the demand for smart elevators. The decline in end-use industries that use smart elevators negatively impacted their growth trajectory to an extent. However, the long-term market outlook still seems propitious with rising infrastructure transformations and constructions globally as well as ample growth opportunities across regions.

    Segments Analysis

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories-

    By Solution Type

    • Control Systems
    • Maintenance Systems 
    • Communication Systems 
    • Services

    By End-Use Type

    • Residential 
    • Commercial 
    • Institutional 
    • Industrial 

    By Region

    • North America 
    • Europe 
    • Asia-Pacific 
    • Rest of the World 

    By Solution Type

    The market is segmented into control systems, maintenance systems, communication systems, and services. Control systems are the most widely used solution type and they are expected to remain the biggest demand generator for smart elevators in the foreseen future. Control systems not only provide enhanced security and management in crowded buildings, but they also include fast connectivity parameters, advanced access control, and video surveillance to ensure high passenger comfort and elevator security. Control systems are further classified as a security control system, elevator control system, and access control system.

    By End-Use Type

    The market is segmented as residential, commercial, institutional, and industrial. The commercial sector is expected to lead the market on account of the integration of energy-efficient initiatives and digital building technologies into commercial structuresThe need for smart elevators is rising along with the demand for commercial spaces.

    Regional Analysis

    In terms of regions, Asia-Pacific is expected to remain the largest region in the market for smart elevators during the forecast period. Rapid population growth and urbanization in countries such as India, China, and Japan are expected to provide significant growth opportunities for smart elevators over the forecast period.

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    Key Players

    The players are performing strategic mergers & acquisitions to gain an edge in the market. Hitachi Ltd. announced the acquisition of a 9.99% share in Yungtay Engineering (Taiwan) to strengthen its elevator and escalator markets. Bay State Elevator was acquired by Otis Elevator Company to expand its business in the northeast U.S. The following are some of the key players in the smart elevator market:

    • Bosch Security and Safety Systems
    • Fujitec Co., Ltd.
    • Hitachi Ltd.
    • Honeywell International, Inc.
    • Hyundai Elevator Co., Ltd.
    • Kone Corporation
    • Mitsubishi Electric Corporation
    • Motion Control Engineering, Inc.
    • The Schindler Group
    • Thames Valley Controls Ltd.

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s smart elevator market realities and future market possibilities for the forecast period of 2023 to 2028. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Smart Elevator Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    Smart elevators are aimed at transforming the simple act of traveling between floors. Users can control smart elevators by pressing a key to set their destination. An indicator on the elevator directs users to their desired destination. Different types of connectivity can be used to control or monitor a smart elevator.

    The smart elevator market is estimated to grow at a healthy CAGR of 5.41% over the next five years.

    The smart elevator market is likely to reach USD 13.34 billion in 2028.

    The growth of the market can be attributed to factors such as government initiatives to adopt energy-efficient solutions, as well as increasing infrastructure transformations and constructions around the world.

    Asia-Pacific is estimated to be dominant in the smart elevator market in the coming years owing to the rapid increase in population and the rising trend of urbanization in key Asian countries.

    Control systems are likely to maintain their dominance in the market over the next five years owing to the numerous features provided by smart elevators, such as fast connectivity parameters, advanced access control, and video surveillance, among others.

    Bosch Security and Safety Systems, Fujitec Co., Ltd., Hitachi Ltd., Honeywell International, Inc., Hyundai Elevator Co., Ltd., Kone Corporation, Mitsubishi Electric Corporation, Motion Control Engineering, Inc., The Schindler Group, Thames Valley Controls Ltd are some of the key players in the market.

    The market is studied from 2017-2028.