Global Energy Efficient Elevators Market - Segmented by Control Systems (Elevator, Access), Automation Systems (Motors and Drivers, Sensors and Controllers, Building Management Systems), End User Vertical (Commercial, Residential, Industrial) and Region - Growth, Trends and Forecasts (2018 - 2023)
The global energy efficient elevators market is expected to record a CAGR of about 14.12% during 2018 - 2023 (the forecast period). The scope of the report is limited to the solutions that are offered by the major players, including providers of elevators and access control systems. The regions considered in the scope of this report include North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Rising urbanization in developing countries and awareness regarding accessibility issues, growing need for convenience systems, and changing demographics, like aging population, demand for energy-efficient products, and greener buildings solution are likely to foster the need for more advanced and smarter elevators over the forecast period. Further, mounting electricity prices, especially in high-traffic applications, and rising concerns, regarding the increased energy consumption, have also been the major driving factors for the energy-efficient elevators market. The continuous rise in the global energy consumption calls for efficient energy management, which subsequently leads to the increasing adoption of energy efficient elevators.
The energy-efficient technological developments require various ways to tackle inefficiencies in the vertical transportation systems. A combination of accelerating growth in the end-user applications and continuous technological advancements is expected to provide an added impetus to the global energy-efficient elevators market.
However, factors like high price of standard elevators and fragmented market, with many private players and SMEs players, are acting as major restraints for the market growth.
Growing Demand for Energy-efficient Systems to drive the Market
The energy efficient elevators market is expected to grow considerably, over the next five years, owing to the rising need for commercial energy management systems and residential energy management systems. According to the US Energy Information Administration, about 40% of total U.S. energy consumption was consumed by the residential and commercial sectors in 2016. In developing countries, companies and the residential sector are concerned more about increasing electricity prices, as there has been a significant rise in the same over the last few years, and are estimated to increase further. Whereas, the implementation of energy-efficient solutions to elevators can manage the consumption rate and derive the statistics on real-time basis. This particular feature is expected to serve as the intelligent data management system, thus reducing electricity bills.
The industrial sector is keen on reducing its dependence on the conventional energy systems, owing to greenhouse gas emissions from those systems. So, the major companies are willing to maintain and want to put a cap on the energy consumption systems, and looking for overhaul of the present electrical systems. This willingness of the companies to get away with the conventional systems is boosting the market growth for energy efficient elevators systems.
Commercial Elevators to Account for a Significant Portion of Market
The commercial elevators include office elevators, hotel elevators, hospital elevators, airports and shopping malls elevators, and all commercial stores elevators. The commercial sector requires high performance, low break down, smooth operation, along with the beautiful aesthetics elevators. Thus, elevators are designed to handle high traffic and avoid long waiting times and provide customized technical solutions, catering the special needs of these businesses. With the development in the commercial sector, coupled with the focus on efficient energy utilization, energy efficient elevator in the commercial sector is expected to hold a large market share. Moreover, the smart elevator initiatives being adopted, owing to the growing development of ICT, are expected to offer opportunities to the market.
Europe to Contribute Significantly to the Market Growth over the Forecast Period
The European energy efficient elevators market is fuelled by the growing demand for modernization of buildings and increase in construction activities. This has fueled the electricity prices in the region. Germany topped the list of countries with the highest electricity prices as of 2017, leaving behind the United States.
Therefore, in order to control the increasing prices of electricity energy efficient systems, incorporation is essential. There were already about 4.8 million lifts installed in the EU‐27 and their energy consumption added up to 3-5 % to the overall consumption of buildings. Residential and industrial sectors are consuming around one-thirds of the overall energy generation in Europe. In addition, changing lifestyles is a factor that is demanding for more comfort in buildings, which, in turn, is increasing the energy consumption rate. However, these factors are contributing to the growth of Co2 emissions. To tackle these issues, the EU is looking at untapped energy-saving potential, with respect to electrical equipment. The recent introduction of the E4‐project is targeted at the improvement of energy performance of lifts in the industrial and residential buildings.
Key Developments in the Market
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