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Global Smart Elevator Market 2017-2021

Global Smart Elevator Market 2017-2021

About Smart Elevator

An elevator, which is also known as a lift in many countries, is a vertical transportation equipment that moves people or goods between the various floors of a building, shipping vessel, or any other multi-story structure. Smart elevators obtain the destination floor from the user and direct them to the elevator that will make them reach their floor with the minimum number of stops. This reduces the number of stops, makes rides more comfortable, and reduces energy consumption significantly.

Technavio’s analysts forecast the global smart elevator market to grow at a CAGR of 14.56% during the period 2017-2021.

Covered in this report

The report covers the present scenario and the growth prospects of the global smart elevator market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.

The market is divided into the following segments based on geography:

  • Americas
  • APAC
  • EMEA
Technavio's report, Global Smart Elevator Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
  • Fujitec
  • KONE
  • Otis Elevator
  • Schindler Group
  • thyssenKrupp
Other prominent vendors
  • Hitachi
  • Hyundai Elevator Company
  • Mitsubishi Electric Corporation
  • Motion Control Engineering
  • Toshiba Elevators and Building Systems Corporation
Market driver
  • Focus on reducing the impact of energy costs on business
  • For a full, detailed list, view our report
Market challenge
  • Capital-intensive nature of the market
  • For a full, detailed list, view our report
Market trend
  • Increasing need for energy efficiency
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2021 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?


Press Release

Technavio Announces the Publication of its Research Report – Global Smart Elevator Market 2017-2021

Technavio recognizes the following companies as the key players in the global smart elevator market: Fujitec, KONE, Otis Elevator, Schindler Group, and thyssenKrupp.

Other Prominent Vendors in the market are: Hitachi, Hyundai Elevator Company, Mitsubishi Electric Corporation, Motion Control Engineering, and Toshiba Elevators and Building Systems Corporation.

Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing need for energy efficiency. Global economic growth has led to a rise in energy demand, and global demand for energy is likely to increase by 75% by 2030. Energy shortages are a challenge for organizations, which, therefore, are striving to solve the energy shortage crisis. Energy efficiency is the most effective way of reducing energy consumption, as it is much more economical than buying additional power from reserve plants.”

According to the report, one driver in the market is focus on reducing the impact of energy costs on business. There is a continuous surge in electricity generation worldwide due to the growth in population and urbanization, due to which, utilities are running their plants at full capacity to generate more power from the existing infrastructure. Power companies are working on making power generation more efficient by adding new technological innovations like substation automation and demand response systems for power supply and energy management systems to conserve energy in conventional power plants. The addition of these technologies is enabling them to have a greater visibility of the functioning of the grid, thus enabling them to uncover the areas of inefficiencies and correct them for more efficient power production.

Further, the report states that one challenge in the market is capital-intensive nature of the market. The installation of smart elevators is highly expensive as they have many components like automated access control systems and security systems, which are integrated with the smart elevators and increase the total cost of smart elevators when compared with conventional elevators. Moreover, smart elevator manufacturers spend huge sums of money in acquiring the necessary certifications. For instance, for the licensing of elevators, the contractor has to pay registration charges, insurance charges, and inspection fees. In addition, for retrofitting an older technology with a new one, contractors must pay appeal fees for new technology. Therefore, retrofitting also becomes more expensive. This results in the high cost of smart elevators.

Companies Mentioned

Fujitec, KONE, Otis Elevator, Schindler Group, thyssenKrupp, Hitachi, Hyundai Elevator Company, Mitsubishi Electric Corporation, Motion Control Engineering, and Toshiba Elevators and Building Systems Corporation.

  • Executive summary
  • Scope of the report
  • Research methodology
  • Introduction
    • Market outline
      • Table Types of elevators
      • Table Current market scenario and future projections of each service
      • Table Current market scenario and future projections of each region
  • Market landscape
    • Market overview
      • Table Global smart elevator market
    • Market size and forecast
      • Table Global smart elevator market 2016-2021 ($ billions)
    • Five forces analysis
      • Table Five forces analysis
  • Market segmentation by services
    • Market segmentation by services
      • Table Market share 2016 (%)
      • Table Market share 2021 (%)
    • Market shares
      • Table Market share change (%)
    • Modernization
      • Table Global smart elevator market by modernization 2016-2021 ($ billions)
    • New deployment
      • Table Global smart elevator market by new deployment 2016-2021 ($ billions)
      • Table Major skyscraper projects in progress across the globe
    • Maintenance
      • Table Global smart elevator market by maintenance 2016-2021 ($ billions)
  • Regional landscape
    • Geographical segmentation
      • Table Regional landscape – market size & forecast
    • Regional comparison
      • Table Regional comparison
    • Americas – market size & forecast
      • Table Americas – market size & forecast ($ billions)
      • Table Skyscrapers under construction in Canada
      • Table Americas – Year-over-year growth (%)
    • EMEA – market size & forecast
      • Table EMEA – market size & forecast ($ billions)
      • Table EMEA – Year-over-year growth (%)
    • APAC – market size & forecast
      • Table APAC – market size & forecast ($ billions)
      • Table APAC – Year-over-year growth (%)
    • Key leading countries
      • Table Key leading countries
    • Market opportunity
  • Decision framework
  • Drivers and challenges
    • Market drivers
      • Table Global smart home market 2016-2021 ($ billions)
      • Table Smart home penetration regional share 2016-2021 (%)
    • Market challenges
  • Market trends
    • Increasing need for energy efficiency
      • Table Cumulative energy efficiency investments by region 2014-2035 (%)
    • Elevator maintenance using IoT platform
      • Table Predictive vs. prescriptive maintenance
  • Vendor landscape
    • Competitive scenario
    • Other prominent vendors
  • Key vendor analysis
    • Fujitec
      • Table Fujitec: Smart elevator product portfolio
    • KONE
      • Table KONE: Smart elevator product portfolio
    • Otis Elevator
      • Table Otis Elevator: Smart elevator product portfolio
    • Schindler Group
      • Table Schindler Group: Smart elevator product portfolio
    • thyssenKrupp
      • Table thyssenKrupp: Smart elevator product portfolio
  • Appendix
    • List of abbreviations
  • Explore Technavio

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