Smart Elevator Market: A USD 12.6 Billion Opportunity by 2026

 Smart Elevator Market with COVID-19 Impact by Component (Control System, Maintenance System, Communication System), Application (Residential, Commercial, Institutional), Services, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Smart Elevator Market size was valued at USD 9.7 billion in 2021 and is projected to reach USD 12.6 billion by 2026; it is expected to grow at a CAGR of 5.4% from 2021 to 2026. The key factors fueling the growth of this market comprise of reducing energy consumption within the buildings, development of smart cities, and growth in urbanization.

Control Systems is expected to hold the largest size of the Smart Elevator market in 2021.

The elevator control segment accounted for the largest segment of the overall revenue of the smart elevator control systems market. The growing demand for smarter buildings with seamless passenger flow and easy-to-use elevators is driving the demand for destination control technology. Improving living standards in emerging economies has led to the demand for more high-tech buildings, coupled with the adoption of less energy.

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The commercial sector is expected to remain the dominant application of the smart elevator market from 2021 to 2026

The commercial segment held the largest size of the market in 2020 and is likely to exhibit a similar growth pattern during the forecast period on account of the increasing deployment of solutions in the commercial sector.

Furthermore, the consolidating trend of developing energy-saving infrastructure in airports, malls, and other commercial facilities will push the growth of the segment.

On the other hand, the construction of high-rise buildings to accommodate the increasing urban population will lead the residential segment to register the highest growth rate during the forecast period. For Instance, in March 2020, the Government of India approved proposals from TCS and DLF to set up a Special Economic Zone (SEZ) for the IT sector in Haryana and Uttar Pradesh. Additionally, reducing energy consumption has become a major objective for building owners, governments, and utilities. Replacing existing elevator systems with more energy-efficient systems (such as smart elevators) is one of the ways to reduce this massive pool of energy use; however, it is just a solution at a small level. These factors will drive the demand for smart elevators in the commercial sector.

New Installations are expected to remain dominant over the forecast period 2021 to 2026

New installations are done in ongoing construction activities across the world. Therefore, emerging economies, such as India, China, Indonesia, and Africa, are expected to lead the market for new installation services. Additionally, emerging economies and untapped markets in India and other Asian countries are responsible for the high growth of new installations in the APAC market. Urban cities are now growing into megacities, with the population rising to millions. A few examples are Tokyo, Mexico City, Seoul, and Lagos. This results in the construction of skyscrapers, futuristic transportation hubs, and many more such developments to cater to the huge population. Hence, a new installation is expected to grow in the coming years.

Browse in-depth TOC on "Smart Elevator Market"

182 – Tables
58 – Figures
194 – Pages

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APAC is projected to grow at the highest CAGR of the smart elevator market from 2021 to 2026.

APAC is a mix of developing and mature markets for smart elevators. The residential market is the fastest due to the high middle-class population base seeking better residential properties and consequently moving to cities. The region is predicted to witness an increase in new equipment sales in the coming years, where China is the largest new equipment market globally and India is the second-largest market.

APAC is expected to lead the smart elevator market in 2021 owing to the rising urban population in China and India. To that end, China is expected to continue to remain a dominant market for smart elevators in APAC throughout the forecast period. The renovation initiatives in this region backed by government support are the major factor contributing to the growth of the smart elevator market in APAC.

OTIS Elevator, Kone Corporation, Schindler Group, Thyssenkrupp AG, Hitachi Ltd., Hyundai Elevators Co., Ltd, and Mitsubishi Electric, among others, are some of the key players offering Smart Elevators.

1 INTRODUCTION (Page No. - 27)
    1.1 STUDY OBJECTIVES
    1.2 MARKET DEFINITION
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 STUDY SCOPE
           1.3.1 MARKETS COVERED
                    FIGURE 1 SMART ELEVATOR MARKET SEGMENTATION
           1.3.2 GEOGRAPHIC SCOPE
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY
    1.5 LIMITATIONS
    1.6 MARKET VOLUME
    1.7 STAKEHOLDERS
    1.8 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 31)
    2.1 RESEARCH DATA
           FIGURE 2 RESEARCH FLOW
           FIGURE 3 SMART ELEVATOR MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Major Secondary Sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Primary interviews with experts
                    2.1.2.2 Primary sources
                    2.1.2.3 Key Industry Insights
                    2.1.2.4 Breakdown of Primary Interviews
           2.1.3 SECONDARY AND PRIMARY RESEARCH
    2.2 MARKET SIZE ESTIMATION
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach for capturing market share by bottom-up analysis
                               FIGURE 4 SMART ELEVATOR MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1—BOTTOM-UP (SUPPLY SIDE - PART I)
                               FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1—BOTTOM-UP (SUPPLY SIDE – PART II)
                               FIGURE 6 BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach for capturing market share by top-down analysis
                               FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: (DEMAND SIDE)
                               FIGURE 8 TOP-DOWN APPROACH
    2.3 DATA TRIANGULATION
           FIGURE 9 DATA TRIANGULATION
    2.4 ASSUMPTIONS
    2.5 RISK ASSESSMENT
           TABLE 1 LIMITATIONS AND ASSOCIATED RISKS

3 EXECUTIVE SUMMARY (Page No. - 44)
    FIGURE 10 COVID-19 IMPACT ON SMART ELEVATOR MARKET
    3.1 REALISTIC SCENARIO
    3.2 PESSIMISTIC SCENARIO
    3.3 OPTIMISTIC SCENARIO
    3.4 INITIATIVES BY KEY ELEVATOR PLAYERS DURING PANDEMIC
           3.4.1 PURIFICATION SYSTEMS
                    TABLE 2 INITIATIVES IN PURIFICATION SYSTEMS
           3.4.2 TOUCHLESS SOLUTIONS
                    TABLE 3 INITIATIVES IN TOUCHLESS SOLUTIONS
           3.4.3 PASSENGER COMMUNICATIONS
                    TABLE 4 INITIATIVES IN PASSENGER COMMUNICATIONS
           3.4.4 SOCIAL DISTANCING
                    TABLE 5 INITIATIVES IN SOCIAL DISTANCING
                    FIGURE 11 SMART ELEVATOR MARKET, BY COMPONENT, 2021–2026 (USD MILLION)
                    FIGURE 12 MARKET, BY APPLICATION, 2021–2026 (USD MILLION)
                    FIGURE 13 MARKET, BY SERVICE, 2021–2026 (USD MILLION)
                    FIGURE 14 MARKET IN APAC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD

4 PREMIUM INSIGHTS (Page No. - 51)
    4.1 ATTRACTIVE OPPORTUNITIES IN MARKET
           FIGURE 15 URBANIZATION COUPLED WITH EVOLUTION OF SMART BUILDINGS DRIVING MARKET
    4.2 MARKET, BY COMPONENT
           FIGURE 16 CONTROL SYSTEM TO GROW AT HIGHEST CAGR IN FORECAST PERIOD
    4.3 MARKET, BY APPLICATION
           FIGURE 17 COMMERCIAL SEGMENT TO BE DOMINANT APPLICATION FOR SMART ELEVATORS
    4.4 MARKET, BY SERVICE
           FIGURE 18 NEW INSTALLATION TO HOLD LARGEST SHARE IN MARKET DURING FORECASTED PERIOD
    4.5 MARKET FOR APAC, BY SERVICE AND COUNTRY (2021)
           FIGURE 19 CHINA TO ACCOUNT FOR LARGEST SHARE OF MARKET
    4.6 MARKET, BY REGION
           FIGURE 20 APAC TO GROW AT HIGHEST CAGR IN MARKET DURING FORECAST PERIOD