Attractive Opportunity: Supercharge your Visualizations
The
key factors fueling the growth of this market consist of reducing
energy consumption within the buildings, development of smart cities and
growth in urbanization. Moreover, increased construction of high-rise
buildings equipped with smart vertical transportation systems due to
rapid urbanization and modernization of old buildings plays a key role
in driving the growth of smart elevator market.
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Industry Trends of the Global Smart Elevator Market:
1. Hitachi Ltd. (Japan) acquired a 9.99% share in Yungtay Engineering
(Taiwan) to strengthen its elevator and escalator market. Till date,
Hitachi has acquired a ~51% share in Yungtgay.
2. OTIS Elevator
(US) acquired Bay State Elevator (US) to expand in the northeast US.
The acquisition includes the company service portfolio and operations in
Massachusetts, Connecticut, Vermont, and upstate New York
- Thyssenkrupp
AG (Germany) entered an agreement with Advent, Cinven, and RAG
Foundation to sell its Elevator Technology business segment to
strengthen its cash flow and lower its structural costs.
What are the Driving Factors of Evolution of technologies and consolidation of Smart Elevator Market?
The Smart elevator market
is expected to grow from USD 9.7 billion in 2021 to USD 12.6 billion by
2026.; it is expected to grow at a CAGR of 5.4% from 2021 to 2026.
Elevator control segment is expected to hold the largest share of the
smart elevator control system market during the forecast period
The elevator control segment is expected to account for the largest segment of the overall revenue of the smart elevator control systems market throughout the forecast period. It is further expected to grow at a significant rate during the forecast period. The growing demand for smarter buildings with seamless passenger flow and easy-to-use elevators is driving the demand for destination control technology. Improving living standards in emerging economies have led to the demand for more high-tech buildings, coupled with the adoption of less energy that further fuels the demand for elevator control systems.
Smart Elevator Market: Top Leading Companies Profiles:
Smart elevator market for residential application is expected to grow at the fastest CAGR during the forecast period
The global residential market is being driven by the growing sophistication of living standards in emerging economies. Emerging economies, such as India, China, and South East Africa, are witnessing unprecedented growth in urbanization as the population in these countries is migrating towards cities for employments. Consequently, the construction of high-rise buildings—that almost invariably are equipped with smart elevators—has become rather necessary to accommodate a sizeable population in cities. The growth of the real estate industry in developing countries is also a key metric for the growth of the segment. Also, people are looking for better security systems and energy-efficient buildings. Furthermore, the trend of building automation is also likely to favor the market growth during the forecast period.
Major players in the virtual production market are OTIS Elevator (US), Kone Corporation (Finland), Schindler Group (Switzerland), Thyssenkrupp AG (Germany), Hitachi Ltd. (Japan), Hyundai Elevators Co., Ltd. (South Korea), Mitsubishi Electric (Japan), Fujitec Co., Ltd. (Japan), Toshiba Elevators and Building Systems Corporation (Japan), and Honeywell (US) are some of the key players offering Smart Elevators. Few other players covered in the report includes Motion Control engineering (US), Thames Valley Control (UK), Rimrock Corporation (US), Robustel (China), IBM (US), Robert Bosch (Germany), Liftimsight (Netherlands), Kisi (US), Sick AG (Germany), Perrerl+Fuchs (Germany), Kintronics (US), Openpath Security (US), Brivo (US), Sigma Elevator Company (South Korea), and Emerald Elevators (UK).
Smart Elevator Market- Geographical Regional Vision by MarketsandmarketsTM
APAC projected to grow at the highest CAGR of smart elevator market from 2021 to 2026.
APAC is a mix of developing and mature markets for smart elevators. The residential market is the fastest due to the high middle-class population base seeking better residential properties and consequently moving to cities. The region is predicted to witness an increase in new equipment sales in the coming years, where China is the largest new equipment market globally and India the second-largest market. APAC is expected to lead the smart elevator market in 2021 owing to the rising urban population in China and India.
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