Solar Powered Elevator Market Growth and Forecast Illuminated By New Report

  • An elevator or lift is used to transport people or goods vertically between floors of a building. Generally, elevators are powered by electric motor with the help of cables and counterweight. As per advancement in technology, more & more elevator manufacturing companies are working on obtaining maximum output by applying minimum input to save energy.
  • Solar energy is free and a renewable source, readily available, and causes no pollution; hence, it can be used to generate electricity for elevators.
  • With the help of solar cell or photovoltaic cell, solar energy is converted into electrical energy, which is used by solar powered elevators. Solar panels are placed on the rooftop of buildings to generate power for solar elevators.
  • The solar energy captured by the solar panels can be stored in batteries or used immediately for operating an elevator.

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Rise in Demand for Solar Powered Elevators in Construction Industry

  • Solar powered elevators consume very less energy for their operation compared to common elevators. This factor drives the growth of the global solar powered elevator market.
  • In case of power failure, the danger of being trapped inside the solar powered elevator is eliminated as it works on battery energy. Considering these factors, demand for solar powered elevators is expected to rise in the near future.
  • Furthermore, solar powered elevators are 100% environment friendly as they work on solar energy which is pollution free, easily available, and a renewable energy. This is expected to offer significant growth opportunity to the global solar powered elevator market during the forecast period.

North America to Lead the Global Solar Powered Elevator Market

  • In terms of region, the global solar powered elevator market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
  • North America has largest share in the solar powered elevator market owing to high dependence on renewable sources of energy. Huge investment in solar power plants and installation of solar systems on roof tops drives growth of the solar powered elevator market in this region.
  • The market in the Asia Pacific region is likely to see significant growth during the forecast period due to rise in temperature and high scope for absorption of solar power in the region.
  • Furthermore, demand for solar powered elevators may increase in Middle East & Africa due to increasing use of renewable energy in the construction industry.

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Key Players in the Global Solar Powered Elevator Market:

  • Schindler
  • Otis Elevator Company
  • Mitsubishi Electric Corporation
  • KONE Corporation
  • Hitachi, Ltd.
  • Hyundai Elevator Co. Ltd.
  • Toshiba Elevator and Building Systems Corporation
  • CANNY ELEVATOR co ltd.
  • Fujitec Co. Ltd.
  • Kleemann

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