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.
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 2024. In terms of revenue, by the end of 2024, 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 2024, these two segments are expected to hold on to their demand share.
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The report has also bifurcated elevators based on weight capacity, into 1,500 kg to 2,000 kg, 1,150 kg to 1,500 kg, 450 kg to 1,150 kg, and others. As of 2017, 1,500 kg to 2,000 kg segment held the leading position and is primed to stay in highest demand throughout the aforementioned forecast period, attaining a valuation of US$49.05 billion by 2024. However, the smaller sized 450 kg to 1,150 kg as well as the others segments are projected to experience incrementing demand at a stronger growth rate. The smart escalators market has been classified into moving walkway escalators and moving stairs. Smart escalators make for a niche market wherein the demand is projected to expand at a much stronger CAGR of 8.0% during the forecast period of 2017 to 2024 than elevators.
Asia Pacific Most Lucrative Region in Smart Elevators Market
Region-wise, the analyst of the report has identified Asia Pacific are the one with maximum potential. By 2024, the Asia Pacific smart elevators and escalators market is estimated to be worth US$68.89 billion, which will represent more than 42.4% of the global demand. The rapid expansion of the real estate industry as a result of economic prosperity of emerging economies such as China and India and governmental protocols to attain greater energy efficiencies are some of the factors driving the APAC smart elevators market. The report also evaluates the potential of demand that can be expected out of the regions of North America, Europe, and Rest of the World (RoW) during the forecast period of 2017 to 2024.
Otis Elevator Company, Schindler Holding Ltd., ThyssenKrupp AG, and Kone Corporation have been identified as some of the most prominent companies in the global market for smart elevators and escalators, while Toshiba Elevator, Hyundai Elevator, Mitsubishi Electric Corporation, Siemens Building Technologies AG, and Hitachi Ltd. are some of the other players profiled in this report.
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