Smart Elevator Market Analysis, Size, Growth, Share & Forecast to 2022 | Grand View Research Inc.
“Smart Elevator Market To Grow At A CAGR Of 14.8% From 2015 To 2022�
Global smart elevator market was estimated to be USD 10.50 billion in 2014 and is expected to witness significant growth on account of its increasing adoption in emerging economies of Asia Pacific, Middle East and Latin America. Safety, reliability and longer durability is expected to drive growth. Increasing requirement for faster vertical mode of transportation owing to the increasing number of skyscrapers along with growing purchasing power of consumers in Brazil, China, and India is expected to fuel growth. Rising need for energy efficient systems along with controlled transportation traffic are other key parameters fueling demand. Favorable government regulations along with expeditious infrastructure development in emerging countries are also expected to result in development of the industry in the near future. The market is anticipated to reach USD 30.55 billion by 2022.
Technological innovations resulting in several benefits including digital control security are also likely to contribute to growth. Better traffic management, cost efficient power consumption, and reduced waiting time for passengers are also expected to boost the market at a significant rate. Demand for smart elevators in new deployment solutions accounted for over 40% of the global market revenue in 2014. Increasing government spending on infrastructure development, particularly in Asia Pacific, is expected to augment growth over the forecast period. Elevator automation including efficient transportation and time-energy saving deployment, is expected to witness significant gains over the forecast period at a CAGR of 15.6%. Elevator access security & control contributed to account for more than 35% of the total share in 2014 and is expected to lose share to the automation segment over the forecast period.
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Maintenance accounted for less than 6% of the market share in 2014. However, it is anticipated to witness significant growth in coming years, particularly in North America and Europe owing to the existence of installed systems and high prevalence of MRO activities in the region. Stagnant economic growth of these regions is anticipated to fuel maintenance activities of smart elevators. Smart elevators industry for residential applications was valued at USD 2.29 billion in 2014 and is estimated to increase in the near future on account of rising disposable income and increasing demand for energy efficient alternatives. Consumer preference towards energy-efficient solutions for industrial applications is expected to propel growth in the near future at a CAGR of 15.6% over the forecast period. Rapid industrialization, particularly in Asia Pacific and Latin America, coupled with growing inclination of manufacturers towards automation is expected to result is high demand for the technology. Table of Contents Chapter 1. Methodology and Scope 1.1. Research Methodology 1.2. Research Scope & Assumptions 1.3. List of Data Sources Chapter 2. Executive Summary 2.1. Smart elevator - Industry snapshot & key buying criteria, 2012 - 2022 Chapter 3. Smart Elevator Industry Outlook 3.1. Market segmentation 3.2. Market size and growth prospects 3.3. Smart elevator value chain analysis 3.4. Smart elevator market dynamics 3.4.1. Market driver analysis 3.4.1.1. Growing demand for energy efficient solutions 3.4.1.2. Growing security needs 3.4.1.3. Rise in number of construction activities 3.4.2. Market restraint analysis 3.4.2.1. High investment requirements 3.5. Smart elevator key company analysis, 2014 3.6. Key opportunities prioritized 3.7. Industry analysis - Porter's 3.8. Smart elevator market PESTEL analysis, 2014 Chapter 4. Smart Elevator Solution Outlook 4.1. New Deployment
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4.1.1. Market estimates and forecasts by region, 2012 - 2022 (USD Million) 4.1.2. Elevator access control & security 4.1.2.1. Market estimates and forecasts by region, 2012 - 2022 (USD Million) 4.1.3. Elevator automation 4.1.3.1. Market estimates and forecasts by region, 2012 - 2022 (USD Million) 4.2. Modernization 4.2.1. Market estimates and forecasts by region, 2012 - 2022 (USD Million) 4.3. Maintenance 4.3.1. Market estimates and forecasts by region, 2012 - 2022 (USD Million) Continue…………………. About Grand View Research, Inc.: Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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