Smart Elevators Market Will Reach $23.16 Billion, Globally, by 2020

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smart-elevator-marketAllied Market Research recently published a report titled, “Smart Elevators Market”. The report forecasts that the global market is estimated to garner around $23.16 billion by 2020, at a CAGR of 13.8% throughout the forecast period 2014 – 2020. The market would experience a radical shift by 2020 mainly due to the modernization of the current elevator systems. With large volume of new deployment predicted in the developing Asian countries, deployment of new smart elevators would take over the modernization revenue by 2020. China accounts for around 53% of the upcoming high-rise projects worldwide.

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In the global scenario, the increasing number of high-rise buildings has led to the growing demand for, comfortable, efficient, quick, and a secure vertical transportation system. In addition, the global green infrastructure standards and statutory requirements play a crucial role in deploying smart elevators in new structures as well as the current infrastructure. “The modernization of traditional elevator systems in the developed countries such as the U.S., UK, Canada, and France is the major contributor to smart elevator market revenue. However, throughout the period of study, new upcoming high-rise buildings is likely to 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. Features that are advanced technologically and the integration of smart communication, access control and security technology enables smart elevators to cater to the custom needs of various end use segments such as, commercial, residential, healthcare, industrial and hospitality. Smart elevators can fit into unique requirements of each of these end-user segments and can offer hygiene, aesthetics, reliability, ride and destination control, space, and comfort as required by the different end-user.

There is a significant change in the number of people residing in cities according to the WHO data. The urban population accounted for 54% of the total world population in 2014 compared to 34% in 1960. The estimates suggest that the shift is likely to happen during 2015 – 2020 and the cities worldwide would see a population growth of 1.8% every year. Limitation of geographical expansion of cities would result in vertical growth and more number of high-rise projects shall be commissioned, eventually triggering the demand for time, space and energy saving smart elevators.

To remain competitive, global vendors of vertical transportation systems are quickly shifting their focus to smart elevators. ThyssenKrupp, maintains and manages more than 1.1 million elevators, has now integrated cloud to its elevator systems to gather valuable data about systems and sensors to enhance its maintenance service. In 2014, Schindler Elevator Corporation completed the installation and modernization of its PORT elevator technology successfully at the Union Plaza office building, Puerto Rico. In addition, buildings such as the Hearst Tower and the Bank of America in Manhattan, the Humana headquarters in Louisville and the Crescent in Dallas are a few projects in which Schindler Corporation has installed its smart elevator destination dispatch technology system.

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The report profiles major players in the smart elevator market, namely Fujitec, Schindler Holding AG, ThyssenKrupp, Fujitec, Otis Elevator Corporation., Honeywell International, Hitachi Ltd., Bosch Security Systems, Mitsubishi Electric Co. Ltd. and Hyundai Elevator Co. Ltd.

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