Growing Urbanization and Construction Activities Paving New Opportunities for Smart Elevator Market

Jul 4th, 2016 · Comments Off on Growing Urbanization and Construction Activities Paving New Opportunities for Smart Elevator Market

 

Smart elevators are proving to be fast and more energy efficient in comparison to the conventional elevators. The huge demand for these energy-efficient elevators combined with the rapidly increasing construction activities across the globe are expected to boost the market growth, surpassing the USD 26 Billion market by the end of 2022. They help in minimizing the overall energy consumption and managing of passenger traffic in an efficient manner in residential and other buildings. With the continuous developments and innovations in technology and improving lifestyles, the demand for safety and energy-saving solutions has also increased over the past few years.

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According to the researchers, the global smart elevator market which was valued at USD 9.54 Billion in 2015 is predicted to reach USD 26.69 Billion by the end of 2022, growing at a CAGR 15.6% between 2015 and 2022. Among regions, North America was the dominant market in 2015 since the presence of ICT technologies is more in this region as compared to other regions like APAC and RoW, whereas Asia-Pacific is expected to grow at the highest CAGR during the forecast period. Based on services, the modernization of existing elevators is the current dominant segment; however, over the coming years, the new installation services market is expected to be the leading market.

Why APAC is considered a favorable destination for this market to flourish?

APAC comprises countries namely, India, China, Japan, Taiwan, and South Korea. All these countries are offering lucrative opportunities for elevator manufacturers because of untapped market opportunities. India and China collectively accounted for significant share in world population, considering the ongoing economic activities in these countries like development of smart cities, special economic zones, and expansion of major companies. Moreover, the investments in these countries have been on a rise since the past few years. For instance, India attracted nearly USD 40.0 Billion FDI in construction sector between 2000 and 2013. Such initiatives clearly support the APAC market as the favorable destination for smart elevators.

How is the residential sector majorly benefiting the growth of this market, globally?

Urbanization is the key trend primarily driving growth in the residential market across the globe. It can also be seen as leading factor that supported high standard of living over the past few years. The automation and control enhanced the standard of living in every sphere, and this trend is also applicable for smart elevators as well. High rise buildings have increased over the last two decades, and smart elevators have proved to be best mode of vertical transportation in these buildings. Moreover, smart elevators were found to be the best way to provide security, avoiding unauthorized entry in residential and other buildings.

What are the major developments in the global smart elevator market?

The major development in smart elevator market is the association of companies with IT giants like Microsoft and IBM. Over the last three years, it was observed that all the major elevator manufacturers have entered into partnerships with major companies in IoT industry. Association with IoT companies helped manufacturers to integrate their services and strengthen their position in smart elevator industry.

What will drive the progress of global smart elevator market?

The factors such as increasing demand for energy efficient systems, rapid urbanization, growing construction & real estate industry, high demand for security, and rising adoption of wireless technologies are the key factors driving the global market for smart elevators towards substantial growth.

Major challenges faced by this market

Since industry is capital intensive, it is not easy for a small and medium scale companies to enter into this market, thus making the entry barrier as one of the major challenges for the market players. Also, the major four players, namely Otis, KONE, Schindler, and Thyssenkrupp elevators govern approximately 60-70% of the overall market. Hence, the existing small companies are finding it difficult to compete with them, as heavy investments in R&D is required to match up with their offerings. In addition to this, market consolation is also a key challenge as many small companies are being acquired by the aforementioned four major players in this industry.

Telepresence (Videoconferencing) Market worth 2.63 Billion USD by 2022

According to the new report "Telepresence (Videoconferencing) Market by Component (Hardware, Software and Service), System Type (immersive Telepresence, Personal Telepresence, Holographic Telepresence, and Robotic Telepresence), Industry, and Geography - Global Forecast to 2022", the global telepresence market is expected to reach USD 2.63 Billion by 2022 at a CAGR of 19.6% between 2016 and 2022. Factors such as technological superiority, reduced costs of travel for small and large enterprises, minimized operational cost, and growing demand for robotic telepresence are the key drivers for telepresence market.

Browse 68 market data Tables and 53 Figures spread through 144 Pages and in-depth TOC on "Telepresence (Videoconferencing) Market - Global Forecast to 2022"

Software component held the largest market share in 2015 and is expected to exhibit high growth during the forecast period

Software is major component in a telepresence system. A telepresence system works on various software such as cloud computing and CAD among others. The updating of software provides easy access to IP networks and flexibility to collaborate with devices such as desktops, tablets, and smartphones. These periodic upgrades contribute toward the growth of the telepresence market for software.

Telepresence helps reduce travel costs in the enterprise sector

Many small to large business sectors use telepresence systems for virtual meetings with their distantly located customers, employees, or partners. It facilitates efficient communication with people across the globe, without having to travel physically. This significantly reduces the travel expenses; this is one of the major driving factors for the growth of the telepresence market, globally.

North America held the largest share of the telepresence market

The major tech companies such as Cisco Systems Inc. (U.S.), Polycom Inc. (U.S.), ZTE Corp. (U.S.), Avaya Inc. (U.S.) and Vidyo Inc. (U.S.) among others has been developing telepresence systems for various verticals; this is one factor responsible for the dynamic growth of the telepresence market in North America. The U.S. held the largest market share in North America, in 2015. Additionally, their application in the medical sector has  fueled market growth.

The market in APAC is expected to grow at the highest CAGR during the forecast period. The increasing number of businesses in APAC has increased the demand for videoconferencing technologies. The use of advanced videoconferencing such as telepresence help users experience close-to-real presence of a person in some other part of the world. Japan, China, and India hold a large share of this market in APAC.

Some of the players operating in APAC are Cisco Systems, Inc. (U.S.), Polycom Inc. (U.S.), Avaya Inc. (U.S.), ZTE Corp. (U.S.), Huawei Technologies Co., Inc. (China), VGo Communications, Inc. (U.K.), Vidyo Inc. (U.S.), Teliris Inc. (U.K.) and Array Telepresence (U.S.) among others.

Non-Destructive Testing and Inspection Market worth 11.39 Billion USD by 2022

According to the new market research report "Non-Destructive Testing and Inspection Market by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy Current, Ultrasonic, Radiographic, Acoustic Emission, Terahertz Imaging), Service, Vertical, and Geography - Global Forecast to 2022", is expected to reach USD 11.39 Billion by 2022, at a CAGR of 8.30% between 2016 and 2022. Factors which are driving for this market include the increasing demand from electronics, automation, and robotics end user industries, emergence of IoT, and safety regulations by governments.

Browse 81 market data tables with 57 figures spread through 180 pages and in-depth TOC on "Non-Destructive Testing and Inspection Market - Global Forecast to 2022" 

Ultrasonic testing technique to hold the largest share of the non-destructive testing market

Ultrasonic testing is expected to lead the market between 2016 and 2022. Ultrasonic testing is a fast, reliable, and versatile method of inspection. It detects internal and hidden discontinuities. Ultrasonic rays have high penetrating power, sensitivity, and accuracy; they are  non-hazardous.

Market for the manufacturing vertical expected to grow at the highest rate

The market for the manufacturing vertical is expected to grow rapidly during the forecast period. This sector is expected to be driven by government policies and safety awareness for non-destructive testing. The increasing demand for consumer durable goods and electronic equipment would raise the need for inspection.

North America expected to hold the largest market share during the forecast period

North America has been a leading player in this market. The oil & gas vertical accounted for the largest share of the market in North America. Inspection is majorly performed for the maintenance of oil & gas pipelines and other refinery equipment. The power generation vertical is another key player for NDT in North America. The U.S. held the largest market share in 2015 and is expected to be the leading player in this market.

The key players in the market include General Electric Company (U.S.), Olympus Corporation (Japan), Ashtead Technology Ltd. (U.K.), Mistras Group Inc. (U.S.), Nikon Corporation (Japan), Magnaflux Corporation (U.S.), Zetec Inc. (U.S.), Sonatest Ltd. (U.K.), Sonotron NDT (Israel), Bosello High Tech SRL ( Italy),  Yxlon International GmbH (Germany), Fischer Technology Inc. (U.S.), Eddyfi NDT Inc. (Canada) among others.

This research report categorizes the global non-destructive testing market on the basis of technique, method, service, vertical, and geography. This report describes the drivers, restraints, opportunities, and challenges for the growth of the NDT market. The Porter’s Five Forces analysis has been included in the report with a description of each of its forces and their respective impact on this market.