Smart Elevators Market

Smart Elevator Automation System Market to be Driven by Emphasis on Green Infrastructure and Rising number of High-rise Buildings: Global Industry Analysis and Opportunity Assessment 2015 - 2025

Introduction

A “smart elevator automation system” refers to the use of advanced technology to enhance energy efficiency and proper traffic management of vertical moment of elevators in high-rise buildings. Smart elevator automation system has become a buzz word with increasing deployment of high-speed, energy efficient and advanced destination dispatch solutions, for providing users with enhanced vertical transportation services. Smart elevator system is termed as ‘smart’ because, apart from ordinary use of vertical transportation, this system is also used as a security system with the latest digital security controls, such as biometrics and access control systems, destination dispatching and touch screen. Energy efficiency and automated features of these smart elevators make them more advanced than traditional lifts.

Smart Elevator Automation System Market

Market Value and Forecast

The global smart elevator automation system market is anticipated to expand at a double-digit CAGR during the forecast period. Growth of the global smart elevator automation system market is mainly driven by increasing demand for energy efficient and high speed elevators, rising investment on infrastructure development projects, growing population and increasing urbanization in big cities of the world. Additionally, smart elevator automation system providers are focused on carrying out various R&D activities to add innovative features in their elevators, in order to attain a sustainable advantage over competitors and enhance their customer base. The major players in the smart elevator automation system market are working towards introducing advanced destination dispatch solutions and cloud based connectivity utilizing Internet of Things (IoT). Besides, major trends witnessed in the smart elevator automation system market include introduction of ecofriendly or green elevators and advanced destination dispatch solutions, introduction of advanced technologies in the elevator, surge in acquisitions and mergers, partnerships & collaborations and growing outsourcing of operations.

Segmentation, by Service

The smart elevator automation system market can be segmented into equipment installation services, repair & maintenance services and modernisation services. Of all these segments, the equipment installation service dominated the global smart elevator automation system segment in 2014 and is expected to continue to dominate the market till 2025. 

Segmentation, by Component

The smart elevator automation system consists of different components. These include card reader, biometric, touch screen and keypad, security and control system, sensors, motors and automation system and building management system. Among the aforementioned segments, in 2014, the sensors, motors and automation system segment dominated the market and is expected to remain dominant over the forecast period.

Segmentation, by End User

The end-users segments in the market include residential sector, commercial sector, hotels and others. In 2014, the residential sector was the second-largest contributor to the global smart elevator automation system market. Additionally, in terms of revenue contribution, the residential sector is expected to outpace the commercial sector by the end of 2025.

Smart Elevator Automation System Market Share

Key Regions

The global smart elevator automation system market includes seven major regions – North America, Western Europe, Asia-Pacific Excluding Japan (APEJ), Japan, Eastern Europe, Latin America and the Middle East & Africa. Of all the regions, Asia Pacific Excluding Japan (APEJ) dominated the market, accounting for 32.3% share of the overall smart elevator automation system market, in 2014. Western Europe ranked second, accounting for 31.8% share of the market in the same year, followed by Western Europe. In addition, Asia-Pacific is anticipated to become the fastest growing region in the smart elevator automation system market in the coming years.

Key Players

Some of the key players identified in the global smart elevator automation system market are Kone Corporation, Otis Elevator Company, Schindler Group, ThyssenKrupp Elevator AG, Mitsubishi Electric Corporation, Fujitec Co., Ltd., Tyco International Limited, Hitachi Ltd. and Honeywell International Inc. Major players in the market follow the strategy of introducing innovative and cost effective solutions to buy out competition. In addition, strategic partnership, collaborations and joint ventures are the other major strategies followed by various providers in the smart elevator automation system market to outperform competitors.

Report Synopsis

FMI study offers a 10-year forecast of the global smart elevator automation system market between 2015 and 2025. The market is expected to expand at a CAGR of 16.2% during the projected period. The study demonstrates the market dynamics and trends in all the seven regions, which are anticipated to influence the current nature and future status of the smart elevator automation system market over the forecast period.

Report Description

This Future Market Insights report examines the global smart elevator automation system market for the period 2015–2025. The primary objective of the report is to offer updates on the advancements in ICT and semiconductor systems that have given rise to a futuristic technology: the smart elevator automation system market, which is significantly transforming and improving vertical transportation service in high-rise buildings.

The “Smart Elevator Automation System” refers to the use of advanced technology to ensure energy efficient and proper traffic management of vertical moment in high-rise buildings. The smart elevator automation system has become a buzz word with increasing deployment of high-speed, energy efficient and advanced destination dispatch solutions, for providing users with enhanced vertical transportation services. Smart elevator system is termed as ‘smart’ because, apart from its routine use of vertical transportation, this system is also used as a security system with the latest digital security controls, such as biometrics and access control systems, destination dispatching and touch screen. Energy efficiency and automated features of these smart elevators make them more advanced than normal lifts. 

In the next section, FMI covers the smart elevator automation system market performance in terms of the global smart elevator automation system market revenue split, since this is detrimental to the growth of the smart elevator automation system market. This section additionally includes FMI’s analyses of the key trends, drivers and restraints from the supply, economic and demand side, which are influencing the smart elevator automation system market. Impact analysis of the key growth drivers and restraints, based on the weighted average model, is also included in the smart elevator automation system market report to better equip and arm clients with crystal clear decision-making insights.

As highlighted earlier, the smart elevator automation system market is an aggregation of services (includes equipment installation services, repair & maintenance services and modernisation services), components (includes card readers, biometrics, touch screens and keypads, security and control systems, sensors, motors and automation systems and building management systems) and end-users (includes residential sector, commercial sector, hotels and others). All these segments are included in this section to make the study more comprehensive.

The next section of the report highlights the smart elevator automation system market adoption, by region. It provides a market outlook for 2015–2025 and sets the forecast within the context of the smart elevator automation system market ecosystem. This study discusses the key regional trends contributing to growth of the smart elevator automation system market on a worldwide basis, as well as analyses the degree at which the global drivers are influencing this market in each region. Key regions assessed in this report include North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan as a separate region and the Middle East and Africa.

All the above sections, by service, by end user, by component and by region, evaluate the present scenario and the growth prospects in the smart elevator automation system market for the period 2015 –2025. We have considered 2014 as the base year and provided data for the trailing 12 months.  

To calculate the smart elevator automation system market size, we have considered revenue generated from the sale and adoption of smart elevator automation system solutions and services. The forecast presented here assesses the total revenue, by value, across the smart elevator automation system market. In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the smart elevator automation system market would develop in the future. Given the characteristics of the market, we triangulated the outcome of three different types of analyses, based on supply side, consumer spending and economic envelope. However, forecasting the market in terms of various smart elevator automation system segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalising them after the forecast has been completed.

In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse on the basis of key parameters, such as Year-on-Year (Y-o-Y) growth, to understand the predictability of the market and to identify the right opportunities in the smart elevator automation system market. 

As previously highlighted, the smart elevator automation system market is split into a number of segments. All the smart elevator automation system market segments in terms of services, components, end users and regions are analysed on the basis of the Basis Point Share (BPS), in order to understand the individual segments’ relative contribution to market growth. This detailed level of information is important for the identification of various key trends witnessed in the smart elevator automation system market.   

Also, another key feature of this report is the analysis of all key smart elevator automation system market segments and sub-segments, and regional adoption and revenue forecast in terms of absolute dollar. This is traditionally overlooked while forecasting the market. However, the absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify the existing potential resources from a sales and delivery perspective, in the smart elevator automation system market.  

Furthermore, to understand the key growth segments in terms of growth & adoption of smart elevator automation system solutions and services across regions, Future Market Insights developed the smart elevator automation system market attractiveness index. The resulting index should help providers identify the real market opportunities. 

In the final section of the report, the competitive landscape of the smart elevator automation system market is included to provide report audiences with a dashboard view, based on categories of providers in the value chain, their presence in the smart elevator automation system’s product portfolio and key differentiators. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to the concerned market segment in the smart elevator automation system market’s value chain. The report audiences can gain segment-specific vendor insights to identify and evaluate key competitors based on in-depth assessment of their capabilities and success in the smart elevator automation system marketplace. Detailed profiles of the providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the smart elevator automation system space. Key competitors covered in the report are KONE Corporation, United Technologies Corporation, ThyssenKrupp Elevator AG, Tyco International Limited, Fujitec Co. Ltd., Mitsubishi Electric Corporation, Hitachi, Ltd., Schindler Group and Honeywell International Inc.        

Key Segments Covered

  • By Smart Elevator Automation System Market
    • Installation Service
    • Repair & Maintenance Service
    • Modernisation Service
  • End Users
    • Residential Sector
    • Commercial Sector
    • Hotels
    • Others
  • Components
    • Card Reader
    • Biometric
    • Touch Screen and Keypad
    • Security and Control System
    • Sensors, Motors and Automation System
    • Building Management System

Key Regions/Countries Covered

  • North America
    • U.S.
    • Canada
  • Latin America
    • Argentina
    • Brazil
    • Mexico
    • Other
  • Western Europe
    • Germany
    • Italy
    • France
    • U.K.
    • Others
  • Eastern Europe
    • Poland
    • Russia
  • Asia-Pacific Excluding Japan (APEJ
    • China
    • India
    • ASEAN
    • Australia & New Zealand
    • Others
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Others

Key Companies

  • Kone Corporation
  • Otis Elevator Company
  • Schindler Group
  • ThyssenKrupp Elevator AG    
  • Mitsubishi Electric Corporation
  • Fujitec Co. Ltd.
  • Tyco International Limited
  • Hitachi Ltd.
  • Honeywell International Inc.