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.

RF Power Semiconductor Market worth 31.26 Billion USD by 2022

The report "RF Power Semiconductor Market by Product (Power Amplifiers, Passives, Switches, and Duplexers), Material (Silicon, Gallium Nitride, and Gallium Arsenide), Frequency, Application (Consumer, and Aerospace & Defense), and Geography - Global Forecast to 2022", The RF power semiconductor market is expected to grow from USD 10.57 Billion in 2015 to USD 31.26 Billion by 2022, at a CAGR of 15.4% between 2016 and 2022.

  

Browse 70 market data tables with 57 figures spread through 155 pages and in-depth TOC on "RF Power Semiconductor Market - Global Forecast to 2022"
 

The use of power amplifiers for long-term evolution (LTE) has increased with the growing demand for LTE. The transition to LTE would require a significant investment in the market as the core networks would also need to change for the upgradation of the wireless standard. This would also drive the demand for RF power devices, which would boost the growth of the RF power semiconductor market. The increased use of smartphones is another major factor driving the growth of the RF power semiconductor market.

RF power amplifiers to play a key role in the RF power semiconductor market

The RF power amplifiers are expected to hold the largest market share and dominate the RF power semiconductor market between 2016 and 2022 owing to the increasing adoption of power amplifiers across the globe. The growing preference for wireless connectivity has driven the use of RF power devices in wireless connectivity. The RF power amplifiers have applications in sectors such as aerospace & defense, automotive, medical, telecommunication and data communication, and consumer among others.

Consumer application held the largest market share in 2015

The consumer application is expected to hold the largest market share and dominate the RF power semiconductor market between 2016 and 2022. The growing use of smartphones and demand for faster data rates are the major drivers for the RF power semiconductor market in the consumer sector. The growth of LTE is also one of the major drivers for the growth of the RF power semiconductor market.

APAC expected to hold the largest market share and  grow at the highest rate

APAC is expected to hold the largest market share and dominate the RF power semiconductor market between 2016 and 2022. The established electronics industry and adoption of innovative technologies are the reasons for the high growth rate in the region. The RF power semiconductor market in Asia-Pacific is expected to grow at a high rate in consumer, telecommunication and data communication, and medical sectors among others. The increasing number of players in the region is further expected to drive the growth of the APAC RF power semiconductor market.

The key players in RF power semiconductor market include Infineon Technologies AG (Germany), M/A-COM Technology Solutions Holdings, Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), Qorvo, Inc. (U.S.), Broadcom Limited (U.S.), Toshiba Corporation (Japan), Qualcomm Inc. (U.S.), Skyworks Solutions, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), and Murata Manufacturing (Japan).

Digital Signage Market is expected to reach 27.34 Billion USD by 2022

The demand for emerging technologies used in ultra-high definition (UHD), LED-LCD, OLED displays is likely to accelerate the growth of the Digital Signage Market during the forecast period. With the increasing demand for digital signage, improvements in technology offerings, and infrastructure expansion is likely to fuel the digital signage market to continue the positive outlook during the forecast period. In addition, the integration of real-time data management tools, big data analytics, and smart content with multiple presentations and dynamic interfaces would further drive the market for public commercial displays.

Digital signage market for software offerings expected to grow at the highest CAGR during the forecast period

The market for software offerings is expected to grow at the highest rate during the forecast period. The expected growth of the digital signage market for software offerings is higher than that for hardware offerings as  hardware devices such as displays, media players, projectors, and mounts & other accessories do not require frequent purchases or replacements. The high growth of the market for software offerings is because software licenses need to be regularly updated.

Kiosks held the largest market share of the digital signage market for products in 2015

Kiosks held the largest market share of the global digital signage market for products in 2015 and are expected to dominate the market till 2022. Kiosks plays a significant role in the digital signage market for providing access to information and communication, commerce, entertainment, education, and other applications. Kiosks are quick and effective solutions which can be used virtually in all locations.

North America expected to hold the largest market share,while APAC expected to witness the highest growth rate

North America is expected to hold the largest market share and dominate the digital signage market between 2016 and 2022, owing to the large number of suppliers of digital signage technologies and services in the region. The digital signage market in APAC and Europe is expected to have a promising future with tremendous opportunities, especially in commercial and infrastructural sectors.

The major players in the digital signage market include Samsung Electronics Co., Ltd. (South Korea), LG Display Co., Ltd. (South Korea), Sharp Corporation (Japan), Sony Corporation (Japan), and Panasonic Corporation (Japan) among others.

Speech & Voice Recognition Market is expected to reach 11.96 Billion USD by 2022

The Speech Recognition Market is expected to grow from USD 3.73 Billion in 2015 to USD 9.97 Billion by 2022, at a CAGR of 15.78% during the forecast period, while the voice recognition market is expected to grow from USD 440.3 Million in 2015 to USD 1.99 Billion by 2022, at a CAGR of 23.66% between 2016 and 2022. 

 

The factors driving the speech & voice recognition market are the growing instances of fraud in several end-user industry segments such as enterprise, healthcare, and so on and the adoption of mobile banking by several national and international banks and e-commerce retailers.

 

Speech Recognition to hold the largest share of the speech & voice recognition market

The speech recognition technology is being used in an ever-increasing array of applications as a result of the continuing advancement of computing power and widespread adoption of mobile and cloud-based computer technology. The growth has been particularly noticeable in the healthcare sector where speech recognition is used to produce health data records. PDAs and other handheld devices are becoming increasingly powerful and affordable and it has become possible to run multimedia on these devices. Speech recognition systems emerge as efficient alternatives for such devices where typing is difficult due to their small screen.

Consumer vertical to drive the growth of the speech & voice recognition market

The large market size of the consumer vertical is attributed to the higher penetration rate of speech & voice recognition technologies in consumer products such as smartphone, laptops, and tablets.  Major companies such as Google, Apple, and Microsoft are leveraging their large customer base and neural networks to process, understand, and take decisive actions based on real-time voice inputs from the user. In the long term, speech & voice recognition abilities are expected to be integrated with other consumer devices such as refrigerators, ovens, mixers, thermostats, and so on with the growth of IoT. This growth in other consumer devices is expected to be fueled by the trend among OEMs of integrating speech & voice recognition technology in their devices.

North America to hold the major market share for both speech & voice recognition market during the forecast period

North America dominated the global speech & voice recognition market owing to the large-scale deployment of biometric systems compared to other regions. The demand for a high level of security leads to high adoption of biometric systems. The initiatives taken by the governments in the Americas to deploy biometric systems across various agencies are driving the biometrics market for government applications in North America. Moreover, the strong economy of the U.S. is the major driving factor for the growth of the speech & voice recognition market in the region.

The major players in the speech & voice recognition market are Nuance Communications (U.S.), Microsoft Inc. (U.S), Agnitio SL (Spain), Biotrust (Netherland), VoiceVault (U.S.), VoiceBox Technologies Corp. (U.S.), LumenVox LLC. (U.S.), M2Sys LLC (U.S.), Raytheon BBN Technologies (U.S.), M2SyS LLC (U.S.) ValidSoft UK Limited (U.K.), Advanced Voice Recognition Systems (U.S.), Sensory Inc. (U.S.), and MMODAL Inc. (U.S.).

Electronic Toll Collection System Market - Global Forecast to 2020

ETC technology enables collection of tolls on roadways using electronic equipment. This technology plays a vital role in allowing capital investment savings, fraud elimination, faster journey time and lesser congestion. 

ETC systems are therefore widely installed on various highways, bridges as well as tunnels across various countries of the world. ETC systems prove to be a technically & financially feasible substitute to traditional toll systems. 

An ETC system records financial details related to the maintenance of highways and urban construction projects along with their ongoing maintenance operations. Since an ETC system provides an improved patron experience in form of mobility, safety, and convenience, it has been considered as a necessity and is being adopted by most of the governments and transport departments across the globe. 

One of the fastest growing ETC types is Open Road Tolling (ORT) which is also termed as All Electronic Tolling (AET). This method plays a major role in replacing cash collections and improving accountability, and thereby speeds up the toll collection. AET is the collection of tolls on road networks without using toll booths. It enables vehicle drivers to simply drive through the toll plaza at high speeds and the toll charges are deducted electronically. 

This method therefore aids in reducing the congestion at toll plazas thereby increasing the vehicle movement per hour/ per lane. AET discards the necessity for a vehicle to repeatedly stop at toll road exits and entrances, which ultimately reduces the traffic jam around the toll gates and saves time and fuel of the travellers. An AET system can be operated using two methods such as through Automatic Number Plate Recognition (ANPR) and through transponders. 

The transponder method has been dominating the overall AET market. Transponders are receiver-transmitter devices which produce a response signal upon electronic interrogation. Presently, most Automatic Vehicle Identification (AVI) systems depend on radio-frequency identification in which the antenna at the toll gate connects with the transponder on the vehicle via the Dedicated Short-Range Communication (DSRC) technology.