Rising skyscrapers creating a demand for Smart Elevators

14 Nov
2014

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Allied Market Research published a report titled “Global Smart Elevator Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 – 2020." The global smart elevator market would reach a mark of $23.16 billion by 2020 with CAGR of 13.8% during 2014 – 2020. At present, the market revenue is driven by the modernization of the existing elevators; however, by the year 2020, revenue from new deployments would surpass the revenue from modernization of the elevators.

Growth of skyscrapers has pushed the need for smart and safe vertical transportation, which in turn would help the global smart elevator market to grow. Also, statutory requirements and stricter government policies are compelling to install smart elevators.

The modernization of conventional elevator systems in developed countries such as U.S., UK, Canada, and France has been major contributor to smart elevator market revenue so far. However, over the period, upcoming high-rise buildings would adopt fresh deployment of smart elevator systems," noted AMR analyst Bryan Olson. "As a result, new deployment of smart elevators would surpass the modernization segment revenue and contribute more than 52% of the overall smart elevators market revenue," adds analyst.

Smart elevators efficiently meets the need of the customer through its advanced technology, security features and smart communication systems. In the year 2014, the global urban population constituted about 54% that would increase exponentially by 2020. Thus, there is a huge scope for smart elevators market in the future. The industrial application of the smart elevator is expected to register a CAGR of 16.6% during the forecast period. Smart elevator maintenance would also register an impressive CAGR of 49.4% during the estimated period. In terms of geographies, Asia Pacific would grow significantly and attain a market size of $5.1 billion by the year 2020 with 19.8% CAGR during 2014-2020.

The report offers comprehensive information on important market players such as Schindler Holding AG, ThyssenKrupp, Fujitec, Honeywell International, Fujitec, Bosch Security Systems, Otis Elevator Corporation., Mitsubishi Electric Co. Ltd., Hyundai Elevator Co. Ltd and Hitachi Ltd.

Akhilesh Prabhugaonkar

Author's Bio- Akhilesh Prabhugaonkar holds a bachelor’s degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.

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