Smart Elevator Market with COVID-19 Impact by Component (Control System, Maintenance System, Communication System), Application (Residential, Commercial, Institutional), Services, and Region - Global Forecast to 2026
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.
Break-up of the profiles of primary participants:
By Company Type – Tier 1 – 40%, Tier 2 – 45%, and Tier 3 – 15%
By Designation – C-level Executives – 45%, Directors – 30%, and Others – 25%
By Region – North America - 40%, Europe – 30%, APAC – 25%, and RoW – 5%
Otis Elevator, Schindler Group, Kone Corporation, Thyssenkrupp AG, Hitachi and Mitsubishi Electric, among others, are some of the key players offering smart elevator.
The smart elevator market has been segmented into offering, component, application, services and region. The smart elevator market has been studied for North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons to buy the report:
Illustrative segmentation, analysis, and forecast of the market based on offering, component, end user, and region have been conducted to give an overall view of the smart elevator market.
A value chain analysis has been performed to provide in-depth insights into the smart elevator market ecosystem.
The report includes pricing analysis, patent analysis, ecosystem analysis as well as technology, trade and case study analysis pertaining to smart elevator.
The key drivers, restraints, opportunities, and challenges pertaining to the smart elevator market have been detailed in this report.
Detailed information regarding the COVID-19 impact and related updates on the smart elevator market has been provided in the report.
The report includes a detailed competitive landscape of the market, along with key players, as well as in-depth analysis of their revenues and market share.
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