Smart Elevator Market Analysis by Trends, Forecasts and Regions

The smart elevator market is estimated to record substantial gains over the forthcoming time period due to increasing number of skyscrapers, Increasing focus towards energy efficiency, and rapid industrial expansion across the globe. High product demand across numerous end-use sectors including institutional, industrial, residential, and commercial will further stimulate the business outlook.
Over the past few decades, advances in IoT and AI have changed elevators much beyond their mechanical function of moving people to travel high-rises with rapid speed as well as comfort. In fact, today, these have become smarter, connecting to the cloud wherein the information they gather is stored and analyzed.
In general, smart elevators are known as advanced systems allowing automated vertical transportation of passengers or goods. Since this system uses automation, it decreases the long waiting time, thus increasing traffic management efficiency in industrial, commercial, residential, and other buildings.
Smart elevators also adds to the comfort of passengers in each possible way. Like for instance, these types of elevators could store the data of the travelling habits of individuals and would repeat them. Smart elevators could also identify elderly or disabled people from their keycards. In this function, the elevator doors are held for a much longer time for these people.
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In comparison to traditional elevators, smart elevators are much more energy efficient. Various new technologies incorporated in these parts include touch screen control, digital security control system, dispatching control systems, destination access, and biometrics.
The smart elevator market is segmented in terms of solution, end-use, and regional landscape.
With respect to solution, the smart elevators market is classified into services, communication systems, maintenance systems, and control systems. The communications systems segment held around 2% of the overall market share in 2020. The segment is slated to grow at a CAGR of more than 2.5% over the projected time period.
In terms of end-use, the overall market for smart elevators is categorized into industrial, institutional, commercial, and residential. Among these, the industrial segment is expected to witness around 4% CAGR through the analysis time period. The segmental growth is accredited to the increasing number of industries across the globe.
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From a regional frame of reference, in 2020, Europe recorded the highest market share of around 30% and will continue to exhibit similar growth patterns in coming times. The growth is majorly ascribed to the increasing number of skyscrapers across continental Europe.
In addition, various energy efficiency policies taken up by the European commission is expected to contribute momentously to the regional market growth.
Table Of Content
Chapter 1   Methodology and Scope
1.1    Definitions & forecast parameters
1.1.1    Definitions
1.1.2    Methodology and forecast parameters
1.2    Data Sources
1.2.1    Secondary
1.2.2    Primary
Chapter 2   Executive Summary
2.1    Smart Elevator industry 360° synopsis, 2017 – 2027
2.1.1    Business trends
2.1.2    Solution trends
2.1.3    End-use trends
2.1.4    Regional trends
Chapter 3   Industry Insights
3.1    Industry segmentation
3.2    Impact of COVID-19 on smart elevator industry landscape
3.2.1    Global outlook
3.2.2    Regional impact
3.2.2.1    North America
3.2.2.2    Europe
3.2.2.3    Asia Pacific
3.2.2.4    Latin America
3.2.2.5    MEA
3.2.3    Industry value chain
3.2.3.1    Research & development
3.2.3.2    Manufacturing
3.2.3.3    Marketing
3.2.3.4    Supply
3.2.4    Competitive landscape
3.2.4.1    Strategy
3.2.4.2    Distribution network
3.2.4.3    Business growth
3.3    Industry ecosystem analysis
3.3.1    Suppliers
3.3.2    Manufacturers
3.3.3    Software & technology providers
3.3.4    Service providers
3.3.5    System integrators
3.3.6    Distribution channel analysis
3.3.7    End-use landscape
3.3.8    Vendor matrix
3.4    Technology & innovation landscape
3.5    Regulatory landscape
3.5.1    North America
3.5.2    Europe
3.5.3    Asia Pacific
3.5.4    Latin America
3.5.5    MEA
3.6    Industry impact forces
3.6.1    Growth drivers
3.6.1.1    Rapidly increasing construction & infrastructure industry across the globe
3.6.1.2    Growing urbanization in China and India
3.6.1.3    Initiatives taken by European Union towards energy efficiency
3.6.1.4    Implementation of several smart city projects in MEA and Singapore
3.6.1.5    Rapidly developing commercial sector in Brazil and Mexico
3.6.1.6    Increasing trend of energy efficient & intelligent buildings in North America
3.6.2    Industry pitfalls & challenges
3.6.2.1    High initial investments associated with smart elevators
3.6.2.2    High operational costs
3.7    Growth potential analysis
3.8    Porter's analysis
3.8.1    Supplier power
3.8.2    Buyer power
3.8.3    Threat of new entrants
3.8.4    Threat of substitutes
3.8.5    Internal rivalry
3.9    PESTEL analysis