The global smart elevator market size is expected to gain momentum by exhibiting a CAGR of 9.1% between 2020 and 2027. This is attributable to the increasing focus on introducing autonomous technology and the surging demand for efficient elevators across construction sector that reduce operational costs across the globe. Fortune Business Insights, in its latest report, titled, “Smart Elevator Market Size, Share & COVID-19 Impact Analysis, By Setup (New Deployment, Modernization and Maintenance), By Installation (Low & Mid Rise and High Rise), By Carriage (Passenger and Freight), By Application (Residential, Commercial and Industrial) and Regional Forecast, 2020-2027.”, mentions that the market stood at USD 18.75 billion in 2019 and is projected to reach USD 38.27 billion by 2027.
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COVID-19 Effect: Halting of Several On-going Construction Projects to Hinder Growth
The global economy is facing turbulent time as the COVID-19 pandemic has resulted in a complete halt of services and operations across several industries. The construction sector is among the worst hit. Owing to the stringent measures undertaken by the government agencies globally to curb the spread of the disease, the workers are under quarantine leading to the halt of the constructional activities. This is expected to restrain market growth to some extent. However, adhering to the government advisory and practicing strict safety regulations, the industry is witnessing resumption of work with a limited workforce that will lead to the market gaining traction in the near future.
Some of the leading companies that are operating in the global smart elevators market are:
- KONE CORPORATION (Espoo, Finland)
- Otis Elevator Company (Connecticut, USA)
- Schindler (Ebikon, Switzerland)
- thyssenkrupp Elevator Technology (Essen, Germany)
- Hitachi Ltd. (Ibaraki, Japan)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Bosch Security Systems (Grasbrunn, Germany)
- Fujitec Co. Ltd. (Hikone, Japan)
- Toshiba Elevator and Building Systems Corporation (Tokyo, Japan)
- HYUNDAI ELEVATOR CO., LTD. (Gyeonggi-do, South Korea)
- Johnson Controls Inc. (Cork, Ireland)
- Motion Control Engineering (Alaska, United States)
Increasing Autonomy in Elevator Systems to Favor Growth
Today, the emergence of advanced technologies such as machine learning, internet of things (IoT), and artificial intelligence (AI) is propelling the manufacturers to phase out old conventional elevators and introduce advanced smart elevators. The conventional elevators consume a high amount of energy, along with high operational costs. However, the introduction of autonomous technology such as destination selection control (DSC) allows the users to reach their destination in minimal time and further save huge operational costs. Additionally, it improves the passenger handling capacity by about 30% while consuming less energy.
Therefore, the increasing demand for autonomy across the construction sector to reduce operational costs and improve productivity is expected to boost the global smart elevators market growth during the forecast period.
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North America to Remain Dominant; Increasing Focus on Developing Advanced Infrastructure to Surge Demand
Among all the regions, North America stood at USD 6.33 billion in 2019 and is expected to hold the highest position in the global smart elevator market in the forthcoming years. This is ascribable to factors such as increasing focus on developing advanced infrastructure by the manufacturers that is propelling the demand for these elevators in the region.
The market in Asia-Pacific is expected to experience an exponential growth owing to the increasing focus on restructuring old elevators with innovative and advanced smart elevators in countries such as China, India, and Japan between 2020 and 2027.
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