Smart Elevator Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
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Smart Elevator Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
The Smart Elevator Market is segmented by Solution Type (Control Systems [Security Control System, Elevator Control System, and Access Control System], Maintenance Systems, Communication Systems, and Services [Support & Maintenance, New Deployments, and Modernization]), by End-Use Type (Residential, Commercial, Institutional, and Industrial), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, Italy, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Argentina, and Others]).
The Smart Elevator Market is segmented by Solution Type ...
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 marketon account of the integration of energy-efficient initiatives and digital building technologies into commercial structures. The 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?
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
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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 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.
