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