Smart elevators are designed to travel between floors. They are faster, easier, and more energy efficient as compared to conventional elevators. It uses destination dispatch technology wherein passengers enter their destination floor via a touch screen panel and are assigned to a lettered elevator along with other people going to the same floor. This offers minimum number of stops between intermediate floors by skipping stops at lower levels and hence, elevator travels quickly to the desired floor. It is a fast way of travelling between the floors and is preferred to be used in tall buildings or commercial complexes. Increasing government investment for development of smart city is one of the major driving factors leading to demand for smart elevators. For instance, according to the Indian government Union Budget 2018-19, the government has selected 99 cities under the smart city mission and will provide a fund of US$ 3.1 billion for the development of these cities. Moreover, the high initial investment for installation of smart elevator become one of the major challenging factors, which hinders the market growth.
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Increasing urbanization is a major factor driving growth of the smart elevators market
Smart elevator is suitable for applications in infrastructure in the urban areas (such as New York City, Chicago, and San Francisco) where high multi-storey buildings and mall construction is gaining significant traction. Therefore, development in infrastructure is expected to propel demand for smart elevators. Increasing urbanization activities worldwide is further fuelling market growth. For instance, according to the World’s Cities by the United Nations report, in 2016, an estimated 54.5% of the world’s population lives in urban areas and is expected to grow to a 60% by 2030. Increasing sift of population towards urban regions is compelling engineers to develop better infrastructures (e.g. tall buildings) with a perspective to accommodate the growing urban population. Moreover, increasing investment in infrastructure sector worldwide is driving the market growth. For instance, according to Coherent Market Insights, worldwide infrastructure spending is expected to be over US$ 9 Trillion per year by 2025, up from US$ 4 Trillion per year in 2012. Overall, close to US$ 78 trillion is expected to be spent worldwide between 2014 and 2025. Therefore, increasing urbanization is propelling demand for construction of urban infrastructure, which in turn is driving growth of the smart elevators market.
Smart Elevators Market: Regional Insight
On the basis of region, the smart elevators market is segmented in to North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
North America held the dominant position in smart elevators market in 2017, owing to increasing expenditure on infrastructure. The region of North America comprises some prominent and developed economies such as the U.S. and Canada. The rate of urbanization in these economies is considerably high. For instance, according to the United Nations report, in 2016, over half of the North American population resided in the urban regions and one in every five people lived in a city of 5 Million habitants or more. Increasing urbanisation in these regions is propelling demand for construction of tall buildings for residential and commercial purposes, which in turn is fuelling growth of the smart elevators market.
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Furthermore, Asia Pacific is the fastest growing region in the global market. The region has high percentage of urban population. For instance, according to a March 2017 report by United Nation’s Economic and Social Council, Asia Pacific was home to 60% of world’s urban population in 2017. Furthermore, according to World Population data sheet by Population Reference Bureau, in 2017, the total population of Asia Pacific region was around 4,494 Million out of which 49% accounted for urban population. Also, funding for development of urban infrastructure sector has increased in Asia Pacific. For instance, according to September 2017, report by India Brand Equity Foundation (IBEF), in India, Foreign Direct Investment inflows for construction development sector and infrastructure activities sector accounted for US$ 24.54 billion and US$ 9.82 billion, respectively from April 2000 to June 2017. Smart elevators offers several advantages in urban infrastructures, growth of urbanization and infrastructure development in this region are expected to increase demand for smart elevators throughout the forecast period.
Smart Elevators Market: Competitive Landscape
Key players operating in the smart elevators market include Hitachi, KONE CORPORATION, Mitsubishi Electric, Otis Elevator Company (UNITED TECHNOLOGIES), Schindler, Thyssenkrupp, Hyundai Elevator Company Ltd., Toshiba Elevators and Building Systems Corporation, Fujitec Co. Ltd., and Motion Control Engineering, Inc.
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