The global smart elevator market share is projected to gain remarkable traction in years to come, on account of the significant rise in consumer spending capacity towards sustainable and smart elevator solutions worldwide. Consumers are rapidly making investments in intelligent & technically advanced structures that can ensure high safety and comfort. As per Global Market Insights, Inc. estimates, the global smart elevator market size is expected to register revenue of over $23.5 billion by 2027.
Likewise, the growing prominence of smart cities, coupled with the mounting need for residential and commercial infrastructural developments across the globe, will push the product penetration over the foreseeable future. The deployment of infrastructure management systems like smart elevators as well as other sustainable services is considered highly crucial in the establishment of smart buildings and smart cities. This is due to the fact that this intelligent system can facilitate easy and efficient management and operation of residential and workplace areas.
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In terms of segmentation by solution, the control systems segment is set to witness a substantial growth rate in the coming years, which can be credited to the capability of this smart elevator system to deliver enhanced security and management in the crowded buildings.
On the other hand, the lift maintenance systems segment will account for a considerable share of the smart elevator market, owing to the myriad benefits including reduced malfunctioning, intelligent features, and passenger security. These systems can recognize issues regarding the speed and unwanted stops of the lifts as well as help restart its operation in less time during power cuts and breakdowns. Moreover, it can directly inform the building authorities when the issues arise and subsequently reduce the waiting time and stress of the passengers. The segmental growth is further driven by the deployment of a mobile solution in several maintenance systems to aid the commuters in tracking the lifts through their smartphones.
With regards to the end-use spectrum, the global smart elevator market from the commercial segment is anticipated to witness a major upsurge over the forecast spell, due to the accelerating demand for commercial spaces and the construction of high-rise buildings globally.
The smart elevator industry, however, witnessed numerous challenges in its steady growth during the 1st half of 2020, as a result of the rapid spread of the COVID-19 disease. Key market participants were facing major issues due to the financial distress and economic slowdown caused by the decline in the adoption of sustainable and smart elevator technology, alongside the halt in construction activities worldwide.
From a regional perspective, the Middle East and Africa smart elevator market will register significant revenue in years ahead, which is attributable to the proliferation of the smart cities initiatives across the region. For example, the Saudi vision project that was incorporated by domestic authorities will lead to the high adoption of smart elevators, as the project envisioned its execution in 10 cities including Jeddah, Riyadh, Al-Ahsa, Makkah, and Al-Madinah.
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Major smart elevator industry players include Schindler Group, Mitsubishi Elevator, Hitachi Ltd., Fujitec, Kone Oyj, Bosch Security Systems, Thyssenkrupp AG, and Otis Elevator Company, among others. These firms are majorly focusing on strategies such as M&A, innovative product launches, and business expansions to enhance their market position.
To illustrate, in April 2020, Schindler announced plans to commence the production of energy-efficient and environment-compatible smart elevators and other digital products and services via its previous launch of Schindler Ahead, a fully-digital maintenance, emergency service, & information system.
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