Smart Elevator Market Growth Propelled by Increasing Need for Energy Efficiency | Technavio

LONDON–(BUSINESS WIRE)–#Construction–The global
smart elevator market is expected to grow at a CAGR of close to 15%
during the period 2017-2021, according to a new market research study by Technavio.

The report categorizes the global smart elevator market by services that
include modernization, new deployment, and maintenance. The report also
determines the geographic breakdown of the market in terms of detailed
analysis and impact, which includes key geographies such as APAC, the
Americas, and EMEA.

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Market driver: growing need for certifications enables energy savings

The need to reduce energy consumption has led the governments in various
countries to introduce energy certifications and initiatives that
promote lower energy consumption. For instance, the US government has
introduced energy certification programs such as Energy Star for various
products that aid in reducing energy consumption.

According to Gaurav Mohindru, a lead analyst at Technavio for construction
research, “Energy Star is a voluntary public-private partnership
program that was established in 1992 by the US Environmental Protection
Agency. The program assists industries and other organizations to
monitor, estimate, and lower their energy consumption as well as to
evaluate the financial implications of the enhancements in energy
performance.”

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Market trend: increasing need for energy efficiency

Global economic growth has led to an increase in energy demand and
global demand for energy is expected to increase by 75% by 2030. Energy
shortages are a challenge for organizations. Therefore, they are
striving to solve the energy shortage crisis. Energy efficiency is the
most effective way of reducing energy consumption because it is much
more economical than buying additional power from reserve plants. Thus,
enhancing energy efficiency is cheaper and cleaner. As of 2015, there
were more than 120 countries that had energy efficiency targets in place
and more than 140 countries that had energy efficient systems in place.

Market challenge: capital-intensive nature of the market

The installation of smart
elevators is highly expensive because they have many components such
as automated access control systems and security systems, which are
integrated with smart elevators and increase the total cost of smart
elevators when compared to conventional elevators. Moreover, smart
elevator manufacturers spend huge sums of money on acquiring the
necessary certifications. For instance, for the licensing of elevators,
the contractor must pay registration charges, insurance charges, and
inspection fees.

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Key vendors in the market

• Fujitec
• KONE
• Otis Elevator
• Schindler Group
• thyssenKrupp

The global
smart elevator market is concentrated due to the presence of many
well-known manufacturers accounting for a significant share of the
market revenue. The key vendors identified in the report are
thyssenKrupp, Otis Elevator, KONE, Schindler Group, and Fujitec. These
vendors compete based on providing smart elevator installation,
modernization services, and maintenance. Additionally, the ability of
these vendors to cater to large-scale public infrastructure,
residential, and commercial construction projects will help in
increasing their market shares during the forecast period.

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