The global smart elevators market size is projected to reach USD 39.78 billion by 2026. The increasing use of concepts such as the IoT and AI will have a positive impact on the growth of the market in the coming years. According to a published report, titled “Smart Elevator Market Size, Share & Industry 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, 2019-2026,” the market was worth USD 16.23 billion in 2018 and will exhibit a CAGR of 12.0% during the forecast period, 2019-2026.
Smart elevators possess the ability to operate in an efficient manner, with regard to the total energy as well as costs associated with them. The properties of smart elevators such as low energy consumption and faster operations will have a positive impact on the growth of the market in the coming years. The presence of several large scale companies, coupled with their efforts to develop newer products, will contribute to the growing demand for the product across the world. The increasing use of concepts such as the IoT and AI have opened up a huge potential for the companies operating in this market.
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The report provides an in-depth analysis of the global smart elevators market. It highlights the latest product launches and labels major innovations in the market. In addition to this, it states the impact of these products on the growth of the market. The competitive landscape has been discussed in detail and predictions are made with respect to leading companies and products in the coming years. Forecast values have been provided for the market for the period of 2019-2026. The factual figures have been obtained through trusted sources. Moreover, these predictions are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals.
Increasing Number of Company Mergers and Acquisitions Will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and acquisitions has made the highest impact on the growth of the market. In May 2019, Prescient announced a collaboration with KONE to develop a flly automated smart building. The company plans to launch this product in North America. Prescient’s collaboration with Kone will not only help the company grow but will also have a positive impact on the growth of the overall market in the coming years.
North America Holds Highest Smart Elevators Market Share; Presence of Several Large Scale Companies Will Aid Growth
The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America currently holds a dominant market share, owing to the presence of several large scale companies in several countries across this region. As of 2018, the market in North America was worth USD 5.76 billion and this value is projected to increase further in the coming years. besides North America, the market in Europe and Asia Pacific will witness considerable growth driven by the increasing efforts to produce cost-effective products.
Some of the leading companies that are operating in the global smart elevators market are:
• KONE CORPORATION (Headquarter: Finland)
• Otis Elevator Company (Headquarter: USA)
• Schindler (Headquarter: Switzerland)
• thyssenkrupp Elevator Technology (Headquarter: - Germany)
• Hitachi Ltd. (Headquarter: - Japan)
• Mitsubishi Electric Corporation (Headquarter: - Japan)
• Bosch Security Systems (Headquarter: - United States)
• Fujitec Co. Ltd. (Headquarter: - Hikone)
• Toshiba Elevator and Building Systems Corporation (Headquarter: - Japan)