Most part of the last century has been a prosperous timespan for the humanity and infrastructure development has happened at an exponentially progressive rate. These infrastructures are invariably in multiple stories, which had given birth to the invention of elevators, and now a demand for them to improve consistently to attain greater velocities and efficiencies. Escalators are a sister segment of the larger elevators market, enabling people to tirelessly travel between floors via moving stairways, and have gained demand in the recent times as a result of mushrooming of shopping malls and airports.
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In the recent past, energy efficiency has turned into a trend that is engulfing a number of industries, including the market for elevators and escalators, as a strong demand is emerging for them to be smarter. According to the findings of this business intelligence report, the vendors operating in the global smart elevators and escalators market stand to gain incrementing opportunities at a CAGR of 6.8% during the forecast period of 2017 to 2023. In terms of revenue, by the end of 2023, the market for smart elevators is estimated to be worth US$150.03 billion, whereas the smart escalators market will constitute for a valuation of US$12.53 billion.
Apart from radical manner with which infrastructural construction is underway across emerging economies, the market for smart elevators and escalators is gaining traction from government emphasis on conserving energy and promoting methods that do that. On the other hand, high cost of these products and substantial maintenance cost, need to comply with standards and regulations, and uncertainty regarding economic excellence of a number of underdeveloped countries are a few restraints holding back the market from flourishing. It has also been detected that most of the demand is from new construction sites, leaving a challenge for the vendors to entice replacement of traditional elevators. That being said, upcoming smart cities across the world, particularly in the BRICS nations, is expected to open vast new opportunities in the near future.
Transportation and Residential Key Application Segments
Application-wise, this report gauges the potential of demand that can be expected out of the end users: retails, hotels, commercial, transportation, residential, parking building, hospital, and others. As of 2017, the transportation sector, followed by the residential applications, were the two segments which generated the most prominent chunks of demand, valued at US$26.94 billion and 23.23 billion respectively.
While the transportation applications are gaining traction from increased expenditure on airport development and rail transport, the residential segment is driven by rapid rate of urbanization in a number of emerging economies. Smart elevators can use the cloud to improve travel speed and comfort and also to analyze performance and alert staff when maintenance is needed. By the end of 2023, these two segments are expected to hold on to their demand share.
Based on type, the global market has been segmented into elevator and escalators. The smart escalators and elevators market is dominated by the elevators segment. The elevators market is further sub divided into elevator capacity types 450 – 1,150 kg, 1,150kg-1,500kg, 1,500kg-2,000kg and others. The escalators market is further classified into moving walkway escalators and moving stairs. Smart elevator is mainly driven by the increasing number of super tall and high rise building that demand energy efficient, secure and faster vertical transportation systems.
The global market by application is segmented into eight types: commercial, hotels, retail, residential, transportation, hospital, parking building and others. The smart escalators and elevators market is dominated by the transportation segment, followed by residential application. This increasing demand of smart escalators and elevators in the transportation segment is driven by large expenditure on airport development, ports and rail transport.
Global Smart Elevators and Escalators Market: Key Research Aspects
A comprehensive analysis of market dynamics that include the market drivers, restraints and opportunities is included under the purview of the study. Market dynamics are the distinct factors which exert an influence on the growth of a particular market and therefore help in studying the current trends of the global market. Thus, this report offers an inclusive study of the global smart elevators and escalators market, along with providing the forecast of the market for the period from 2017 to 2023.