Smart Elevator Market worth $12.6 billion by 2026, at a CAGR of 5.4%

 

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

3. 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.

Driver: Increased construction of high-rise buildings equipped with smart vertical transportation systems due to rapid urbanization

The increasing migration of a large population base from rural areas toward cities has consequently surged the need for infrastructure development, such as constructing high-rise buildings, to cater to the accommodation needs. According to the UN Department of Economic and Social Affairs, by the end of 2030, the urban population will comprise 60% of the world population, and the number is expected to reach 68% by the end of 2050.

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).

Opportunity: Inclination toward green technologies in construction industry

Green engineering is to deliver optimal performance by capturing excessive energy, which is often wasted in the form of heat. The system transfers the captured energy back into the building’s electric grid for reuse in smart elevator market.

Building projects consume nearly 40% of the global energy, with elevators consuming between 2% and 10%. By modernizing the building with smart solutions, this number can be brought down to 1–5%. The green engineering concept offers the opportunity for the players to supply energy-efficient solutions to reduce the operational cost through automation and modernization of the existing elevators.

Orona (Spain) has developed elevators that have achieved zero net energy consumption. The structure of the elevator is designed with energy storage systems and photovoltaic panels for the generation of renewable energy in smart elevator market.

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Northbrook, IL 60062
USA: 1-888-600-6441

Smart Elevator Market Analysis Study | Industry Size, Share, Trends, Demand, Growth, Opportunities and Forecast 2026

 

According to the new market research report "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 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. The key factors fueling the growth of this market comprise 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.

• Informational PDF Brochure :-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1004

Browse 182 market data Tables and 58 Figures spread through 194 Pages and in-depth TOC on "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"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/elevators-controls-market-1004.html

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 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.

New Installations are expected to remain dominant over the forecast period 2021 to 2026

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. Urban cities are now growing into megacities, with the population rising to millions. A few examples are Tokyo, Mexico City, Seoul, and Lagos. This results in the construction of skyscrapers, futuristic transportation hubs, and many more such developments to cater to the huge population. Hence, new installation is expected to grow in the coming years.

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. To that end, China is expected to remain a dominant market for smart elevators in APAC throughout the forecast period. The renovation initiatives in this region backed by government support are the major factor contributing to the growth of the smart elevator market in APAC.

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).

Don’t miss out on business opportunities in Smart Elevator Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently, servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062

Smart Elevator Market size was valued at worth $12.6 billion by 2026

 

According to the new market research report "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 key factors fueling the growth of this market comprise of reducing energy consumption within the buildings, development of smart cities and growth in urbanization.

• Informational PDF Brochure :-

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1004

Browse 182 market data Tables and 58 Figures spread through 194 Pages and in-depth TOC on "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"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/elevators-controls-market-1004.html

Control Systems is expected to hold the largest size of the Smart Elevator market in 2021.

The elevator control segment accounted for the largest segment of the overall revenue of the smart elevator control systems market. 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

The commercial sector is expected to remain dominant applications of the smart elevator market from 2021 to 2026

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. For Instance, in March 2020, the Government of India approved proposals from TCS and DLF to set up a Special Economic Zone (SEZ) for the IT sector in Haryana and Uttar Pradesh. Additionally, reducing energy consumption has become a major objective for building owners, governments, and utilities. Replacing existing elevator systems with more energy-efficient systems (such as smart elevators) is one of the ways to reduce this massive pool of energy use; however, it is just a solution at a small level. These factors will drive the demand for smart elevators in the commercial sector.

New Installations is expected to remain dominant over the forecast period 2021 to 2026

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. Urban cities are now growing into megacities, with the population rising to millions. A few examples are Tokyo, Mexico City, Seoul, and Lagos. This results in the construction of skyscrapers, futuristic transportation hubs, and many more such developments to cater to the huge population. Hence, new installation is expected to grow in the coming years.

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. To that end, China is expected to continue to remain a dominant market for smart elevators in APAC throughout the forecast period. The renovation initiatives in this region backed by government support are the major factor contributing to the growth of the smart elevator market in APAC

OTIS Elevator, Kone Corporation, Schindler Group, Thyssenkrupp AG, Hitachi Ltd., Hyundai Elevators Co., Ltd, and Mitsubishi Electric, among others, are some of the key players offering Smart Elevators.

Don’t miss out on business opportunities in Smart Elevator Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

Smart Elevator Market size was valued at $12.6 billion by 2026

 

According to the new market research report "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 key factors fueling the growth of this market comprise of reducing energy consumption within the buildings, development of smart cities and growth in urbanization.

• Informational PDF Brochure :-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1004

Browse 182 market data Tables and 58 Figures spread through 194 Pages and in-depth TOC on "Smart Elevator Market with COVID-19 Impact and Region - Global Forecast to 2026"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/elevators-controls-market-1004.html

Control Systems is expected to hold the largest size of the Smart Elevator market in 2021.

The elevator control segment accounted for the largest segment of the overall revenue of the smart elevator control systems market. 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

The commercial sector is expected to remain dominant applications of the smart elevator market from 2021 to 2026

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. For Instance, in March 2020, the Government of India approved proposals from TCS and DLF to set up a Special Economic Zone (SEZ) for the IT sector in Haryana and Uttar Pradesh. Additionally, reducing energy consumption has become a major objective for building owners, governments, and utilities. Replacing existing elevator systems with more energy-efficient systems (such as smart elevators) is one of the ways to reduce this massive pool of energy use; however, it is just a solution at a small level. These factors will drive the demand for smart elevators in the commercial sector.

New Installations is expected to remain dominant over the forecast period 2021 to 2026

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. Urban cities are now growing into megacities, with the population rising to millions. A few examples are Tokyo, Mexico City, Seoul, and Lagos. This results in the construction of skyscrapers, futuristic transportation hubs, and many more such developments to cater to the huge population. Hence, new installation is expected to grow in the coming years.

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. To that end, China is expected to continue to remain a dominant market for smart elevators in APAC throughout the forecast period. The renovation initiatives in this region backed by government support are the major factor contributing to the growth of the smart elevator market in APAC

OTIS Elevator, Kone Corporation, Schindler Group, Thyssenkrupp AG, Hitachi Ltd., Hyundai Elevators Co., Ltd, and Mitsubishi Electric, among others, are some of the key players offering Smart Elevators.

Don’t miss out on business opportunities in Smart Elevator Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

COVID-19 impact on the smart elevator market worth $12.6 billion by 2026

 

According to the new market research report "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 key factors fueling the growth of this market comprise of reducing energy consumption within the buildings, development of smart cities and growth in urbanization.

• Informational PDF Brochure :-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1004

Browse 182 market data Tables and 58 Figures spread through 194 Pages and in-depth TOC on "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"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/elevators-controls-market-1004.html

Control Systems is expected to hold the largest size of the Smart Elevator market in 2021.

The elevator control segment accounted for the largest segment of the overall revenue of the smart elevator control systems market. 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

The commercial sector is expected to remain dominant applications of the smart elevator market from 2021 to 2026

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. For Instance, in March 2020, the Government of India approved proposals from TCS and DLF to set up a Special Economic Zone (SEZ) for the IT sector in Haryana and Uttar Pradesh. Additionally, reducing energy consumption has become a major objective for building owners, governments, and utilities. Replacing existing elevator systems with more energy-efficient systems (such as smart elevators) is one of the ways to reduce this massive pool of energy use; however, it is just a solution at a small level. These factors will drive the demand for smart elevators in the commercial sector.

New Installations is expected to remain dominant over the forecast period 2021 to 2026

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. Urban cities are now growing into megacities, with the population rising to millions. A few examples are Tokyo, Mexico City, Seoul, and Lagos. This results in the construction of skyscrapers, futuristic transportation hubs, and many more such developments to cater to the huge population. Hence, new installation is expected to grow in the coming years.

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. To that end, China is expected to continue to remain a dominant market for smart elevators in APAC throughout the forecast period. The renovation initiatives in this region backed by government support are the major factor contributing to the growth of the smart elevator market in APAC

OTIS Elevator, Kone Corporation, Schindler Group, Thyssenkrupp AG, Hitachi Ltd., Hyundai Elevators Co., Ltd, and Mitsubishi Electric, among others, are some of the key players offering Smart Elevators.

Don’t miss out on business opportunities in Smart Elevator Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

Smart Elevator Market expected to reach $12.6 billion by 2026

 

According to the new market research report "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 key factors fueling the growth of this market comprise of reducing energy consumption within the buildings, development of smart cities and growth in urbanization.

• Informational PDF Brochure :-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1004

Browse 182 market data Tables and 58 Figures spread through 194 Pages and in-depth TOC on "Smart Elevator Market with COVID-19 Impact by and Region - Global Forecast to 2026"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/elevators-controls-market-1004.html

Control Systems is expected to hold the largest size of the Smart Elevator market in 2021.

The elevator control segment accounted for the largest segment of the overall revenue of the smart elevator control systems market. 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

The commercial sector is expected to remain dominant applications of the smart elevator market from 2021 to 2026

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. For Instance, in March 2020, the Government of India approved proposals from TCS and DLF to set up a Special Economic Zone (SEZ) for the IT sector in Haryana and Uttar Pradesh. Additionally, reducing energy consumption has become a major objective for building owners, governments, and utilities. Replacing existing elevator systems with more energy-efficient systems (such as smart elevators) is one of the ways to reduce this massive pool of energy use; however, it is just a solution at a small level. These factors will drive the demand for smart elevators in the commercial sector.

New Installations is expected to remain dominant over the forecast period 2021 to 2026

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. Urban cities are now growing into megacities, with the population rising to millions. A few examples are Tokyo, Mexico City, Seoul, and Lagos. This results in the construction of skyscrapers, futuristic transportation hubs, and many more such developments to cater to the huge population. Hence, new installation is expected to grow in the coming years.

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. To that end, China is expected to continue to remain a dominant market for smart elevators in APAC throughout the forecast period. The renovation initiatives in this region backed by government support are the major factor contributing to the growth of the smart elevator market in APAC

OTIS Elevator, Kone Corporation, Schindler Group, Thyssenkrupp AG, Hitachi Ltd., Hyundai Elevators Co., Ltd, and Mitsubishi Electric, among others, are some of the key players offering Smart Elevators.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

Smart Elevator Market expected to reach $12.6 billion by 2026

 

According to the new market research report "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 key factors fueling the growth of this market comprise of reducing energy consumption within the buildings, development of smart cities and growth in urbanization.

• Informational PDF Brochure :-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1004

Browse 182 market data Tables and 58 Figures spread through 194 Pages and in-depth TOC on "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"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/elevators-controls-market-1004.html

Control Systems is expected to hold the largest size of the Smart Elevator market in 2021.

The elevator control segment accounted for the largest segment of the overall revenue of the smart elevator control systems market. 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

The commercial sector is expected to remain dominant applications of the smart elevator market from 2021 to 2026

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. For Instance, in March 2020, the Government of India approved proposals from TCS and DLF to set up a Special Economic Zone (SEZ) for the IT sector in Haryana and Uttar Pradesh. Additionally, reducing energy consumption has become a major objective for building owners, governments, and utilities. Replacing existing elevator systems with more energy-efficient systems (such as smart elevators) is one of the ways to reduce this massive pool of energy use; however, it is just a solution at a small level. These factors will drive the demand for smart elevators in the commercial sector.

New Installations is expected to remain dominant over the forecast period 2021 to 2026

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. Urban cities are now growing into megacities, with the population rising to millions. A few examples are Tokyo, Mexico City, Seoul, and Lagos. This results in the construction of skyscrapers, futuristic transportation hubs, and many more such developments to cater to the huge population. Hence, new installation is expected to grow in the coming years.

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. To that end, China is expected to continue to remain a dominant market for smart elevators in APAC throughout the forecast period. The renovation initiatives in this region backed by government support are the major factor contributing to the growth of the smart elevator market in APAC

OTIS Elevator, Kone Corporation, Schindler Group, Thyssenkrupp AG, Hitachi Ltd., Hyundai Elevators Co., Ltd, and Mitsubishi Electric, among others, are some of the key players offering Smart Elevators.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road

Suite 430

Northbrook, IL 60062

USA : 1-888-600-6441

Smart Elevator Market expected to reach $12.6 billion by 2026

 

According to the new market research report "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 key factors fueling the growth of this market comprise of reducing energy consumption within the buildings, development of smart cities and growth in urbanization.

• Informational PDF Brochure :-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1004

Browse 182 market data Tables and 58 Figures spread through 194 Pages and in-depth TOC on "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"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/elevators-controls-market-1004.html

Control Systems is expected to hold the largest size of the Smart Elevator market in 2021.

The elevator control segment accounted for the largest segment of the overall revenue of the smart elevator control systems market. 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

The commercial sector is expected to remain dominant applications of the smart elevator market from 2021 to 2026

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. For Instance, in March 2020, the Government of India approved proposals from TCS and DLF to set up a Special Economic Zone (SEZ) for the IT sector in Haryana and Uttar Pradesh. Additionally, reducing energy consumption has become a major objective for building owners, governments, and utilities. Replacing existing elevator systems with more energy-efficient systems (such as smart elevators) is one of the ways to reduce this massive pool of energy use; however, it is just a solution at a small level. These factors will drive the demand for smart elevators in the commercial sector.

New Installations is expected to remain dominant over the forecast period 2021 to 2026

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. Urban cities are now growing into megacities, with the population rising to millions. A few examples are Tokyo, Mexico City, Seoul, and Lagos. This results in the construction of skyscrapers, futuristic transportation hubs, and many more such developments to cater to the huge population. Hence, new installation is expected to grow in the coming years.

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. To that end, China is expected to continue to remain a dominant market for smart elevators in APAC throughout the forecast period. The renovation initiatives in this region backed by government support are the major factor contributing to the growth of the smart elevator market in APAC

OTIS Elevator, Kone Corporation, Schindler Group, Thyssenkrupp AG, Hitachi Ltd., Hyundai Elevators Co., Ltd, and Mitsubishi Electric, among others, are some of the key players offering Smart Elevators.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

Smart Elevator Market expected to reach $12.6 billion by 2026

 

According to the new market research report "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 key factors fueling the growth of this market comprise of reducing energy consumption within the buildings, development of smart cities and growth in urbanization.

• Informational PDF Brochure :-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1004

Browse 182 market data Tables and 58 Figures spread through 194 Pages and in-depth TOC on "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"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/elevators-controls-market-1004.html

Control Systems is expected to hold the largest size of the Smart Elevator market in 2021.

The elevator control segment accounted for the largest segment of the overall revenue of the smart elevator control systems market. 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

The commercial sector is expected to remain dominant applications of the smart elevator market from 2021 to 2026

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. For Instance, in March 2020, the Government of India approved proposals from TCS and DLF to set up a Special Economic Zone (SEZ) for the IT sector in Haryana and Uttar Pradesh. Additionally, reducing energy consumption has become a major objective for building owners, governments, and utilities. Replacing existing elevator systems with more energy-efficient systems (such as smart elevators) is one of the ways to reduce this massive pool of energy use; however, it is just a solution at a small level. These factors will drive the demand for smart elevators in the commercial sector.

New Installations is expected to remain dominant over the forecast period 2021 to 2026

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. Urban cities are now growing into megacities, with the population rising to millions. A few examples are Tokyo, Mexico City, Seoul, and Lagos. This results in the construction of skyscrapers, futuristic transportation hubs, and many more such developments to cater to the huge population. Hence, new installation is expected to grow in the coming years.

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. To that end, China is expected to continue to remain a dominant market for smart elevators in APAC throughout the forecast period. The renovation initiatives in this region backed by government support are the major factor contributing to the growth of the smart elevator market in APAC

OTIS Elevator, Kone Corporation, Schindler Group, Thyssenkrupp AG, Hitachi Ltd., Hyundai Elevators Co., Ltd, and Mitsubishi Electric, among others, are some of the key players offering Smart Elevators.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

Smart Elevator Market expected to reach $12.6 billion by 2026

 

According to the new market research report "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 key factors fueling the growth of this market comprise of reducing energy consumption within the buildings, development of smart cities and growth in urbanization.

• Informational PDF Brochure :-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1004

Browse 182 market data Tables and 58 Figures spread through 194 Pages and in-depth TOC on "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"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/elevators-controls-market-1004.html

Control Systems is expected to hold the largest size of the Smart Elevator market in 2021.

The elevator control segment accounted for the largest segment of the overall revenue of the smart elevator control systems market. 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

The commercial sector is expected to remain dominant applications of the smart elevator market from 2021 to 2026

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. For Instance, in March 2020, the Government of India approved proposals from TCS and DLF to set up a Special Economic Zone (SEZ) for the IT sector in Haryana and Uttar Pradesh. Additionally, reducing energy consumption has become a major objective for building owners, governments, and utilities. Replacing existing elevator systems with more energy-efficient systems (such as smart elevators) is one of the ways to reduce this massive pool of energy use; however, it is just a solution at a small level. These factors will drive the demand for smart elevators in the commercial sector.

New Installations is expected to remain dominant over the forecast period 2021 to 2026

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. Urban cities are now growing into megacities, with the population rising to millions. A few examples are Tokyo, Mexico City, Seoul, and Lagos. This results in the construction of skyscrapers, futuristic transportation hubs, and many more such developments to cater to the huge population. Hence, new installation is expected to grow in the coming years.

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. To that end, China is expected to continue to remain a dominant market for smart elevators in APAC throughout the forecast period. The renovation initiatives in this region backed by government support are the major factor contributing to the growth of the smart elevator market in APAC

OTIS Elevator, Kone Corporation, Schindler Group, Thyssenkrupp AG, Hitachi Ltd., Hyundai Elevators Co., Ltd, and Mitsubishi Electric, among others, are some of the key players offering Smart Elevators.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

Smart Elevator Market expected to reach $12.6 billion by 2026

 According to the new market research report "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 key factors fueling the growth of this market comprise of reducing energy consumption within the buildings, development of smart cities and growth in urbanization.

• Informational PDF Brochure :-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1004

Browse 182 market data Tables and 58 Figures spread through 194 Pages and in-depth TOC on "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"

Control Systems is expected to hold the largest size of the Smart Elevator market in 2021.

The elevator control segment accounted for the largest segment of the overall revenue of the smart elevator control systems market. 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

The commercial sector is expected to remain dominant applications of the smart elevator market from 2021 to 2026

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. For Instance, in March 2020, the Government of India approved proposals from TCS and DLF to set up a Special Economic Zone (SEZ) for the IT sector in Haryana and Uttar Pradesh. Additionally, reducing energy consumption has become a major objective for building owners, governments, and utilities. Replacing existing elevator systems with more energy-efficient systems (such as smart elevators) is one of the ways to reduce this massive pool of energy use; however, it is just a solution at a small level. These factors will drive the demand for smart elevators in the commercial sector.

New Installations is expected to remain dominant over the forecast period 2021 to 2026

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. Urban cities are now growing into megacities, with the population rising to millions. A few examples are Tokyo, Mexico City, Seoul, and Lagos. This results in the construction of skyscrapers, futuristic transportation hubs, and many more such developments to cater to the huge population. Hence, new installation is expected to grow in the coming years.

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. To that end, China is expected to continue to remain a dominant market for smart elevators in APAC throughout the forecast period. The renovation initiatives in this region backed by government support are the major factor contributing to the growth of the smart elevator market in APAC

OTIS Elevator, Kone Corporation, Schindler Group, Thyssenkrupp AG, Hitachi Ltd., Hyundai Elevators Co., Ltd, and Mitsubishi Electric, among others, are some of the key players offering Smart Elevators.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

Smart Elevator Market worth 26.69 Billion USD by 2022

The report “Smart Elevator Market by Component (Control System, Maintenance System, Communication System), Services (New Installation, Modernization, Maintenance), Application and Geography - Global Forecast to 2022”, is expected to grow from USD 9.54 Billion in 2015 to USD 26.69 Billion by 2022, at a CAGR 15.6% between 2015 and 2022. Trend toward adopting energy-efficient systems is the key driver for smart elevators. The population growth created a high demand for energy. Over the last three decades, the energy consumption rate has gradually gone up and created opportunity for the companies to invest in this sector. Therefore, the shift from traditional hydraulic to smart elevators that save time and consume less energy is the key driver for the market.

• Download Informational PDF Brochure :- https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1004

Browse 67 market data Tables and 58 Figures spread through 146 Pages and in-depth TOC on "Smart Elevator Market - Global Forecast to 2022"

https://www.marketsandmarkets.com/Market-Reports/elevators-controls-market-1004.html

AVSRS would play a key role in developing the smart elevator market

The automated vehicle storage and retrieval is a robotic technology which uses elevators and other related systems. This technology allows vehicles to be transported by the robotic lifting system. The system offers maximized parking capacity by using minimal space, provides convenience to customers, and ensures vehicle safety. These parking systems can be used in any new construction or renovation projects. This automated parking technology is suitable for densely populated areas including metropolitan areas, business parks, office buildings, trains and subway stations, trade centers, hotels, and others. These automated parking technologies are environmentally friendly because car engines are shut off when cars are stored or retrieved in this parking system; also the search time for a parking space is eliminated because this a robotic system which works without human intervention.

New installation services are expected to lead the market by 2022

The new installation services are likely to dominate the market by 2022. In emerging economies such as APAC, the Middle East, Africa, and Latin America, the market for new installations is expected to grow significantly at a high rate. The growing high-rise buildings and economy modernization initiatives of government, and favorable business environment are the key factors supporting the growth of new installations.

• Ask for Sample Pages :- https://www.marketsandmarkets.com/requestsampleNew.asp?id=1004

North America dominated the smart elevator market; APAC is expected to grow at the highest rate during the forecast period

The growth of this market in North America can largely be attributed to the increasing demand for energy-efficient systems. The stringent mandates of governing bodies propelled adoption of smart elevators. The North American region is the major market for smart elevators as this region has very high penetration of ICT technologies compared to other regions. The economy modernization initiatives in emerging countries and government support are the major factors contributing to the growth in APAC. The presence of most populous countries such as India and China make APAC a lucrative market as rapid urbanization and infrastructure in this region is likely to pave new growth avenues for companies.

The major companies in the smart elevator ecosystem profiled in this report are as follows:

1. ThyssenKrupp AG (Germany)
2. Otis Elevator Company (U.S.)
3. KONE Corporation (Finland)
4. Schindler Group (Switzerland)
5. Hitachi Ltd. (Japan)
6. Hyundai Elevator Company Ltd. (South Korea)
7. Toshiba Elevators and Building Systems Corporation (Japan)
8. Mitsubishi Electric Corporation (Japan)
9. Fujitec Co. Ltd. (Japan)
10. Motion Control Engineering, Inc. (U.S.)

This research report categorizes the smart elevator market on the basis of component, application, service, and geography. The report describes the drivers, restraints, opportunities, and challenges for this 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 the market.

About MarketsandMarkets

MarketsandMarkets is the world’s No. 2 firm in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.

M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.

We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.

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