April 15, 2020 – A recent market intelligence report that is published by Data Insights Partner on the global SMART Elevator Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international SMART Elevator Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global SMART Elevator Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global SMART Elevator Market is offered. In accordance with the report, the global SMART Elevator Market is projected to expand at a CAGR of 11.6 % over the period of forecast.
Market Insight, Drivers, Restraints& Opportunity of the Market:
SMART Elevator is an advanced technology that transforms the act of travelling between floors with integration of automated access control and security systems as against the conventional elevators.
SMART Elevators are faster, easier and even more efficient as compared to the older versions. There is always a huge waiting time in front of elevators in commercial and residential building which is the biggest concern amongst passengers. With the technological innovation and introduction of SMART elevators , the waiting time has considerably reduced. This is one the major factor that drives the global SMART Elevator market. The enhanced spending capacity of construction industry with a focus on IT integrated urban infrastructure for buildings which boost the market growth in the forecast period. With the introduction of advanced incorporation of automated security systems, like iris recognition, biometrics etc., security risk associated with elevators has been fairly reduced.
High initial investment is required for the installation of SMART elevators due to its integration of automated access control and security systems which increases the cost of SMART Elevators as compared to the conservative elevators.
With the rising construction of high rise commercial and residential buildings, North America holds major share in the global SMART Elevator market in recent years, which is followed by APAC region and EMEA region respectively.
The number of company mergers and acquisitions in this industry has had the highest impact on the growth of global SMART Elevator market. In May 2019, Prescient, a multi-unit housing construction collaborated with KONE, global leaders for elevators to develop a fully automated SMART building for North America. Through this new collaboration, this process streamlines how the elevator integrates with other building system making the construction more efficient. KONE also uses the 24/7 connected services, which brings real-time monitoring and predictive maintenance of the elevators.
The recent pandemics of Coronovirus (Covid-19) has affected most of the industries in various ways. Government has taken significant steps to contain the COVID-19 outbreak by restricting movement of people and encouraging social distancing. Many places have closed down constructions which is limiting the manufacturing operations and limiting activities for maintenance. Many manufacturing units for elevators were badly hit in Q1, especially with the restrictions in China. However, there has been significant recovery after the restrictions have been loosened. However, manufacturers catering to other countries are now getting affected with lockdowns and strict policy of the government with regards to social distancing thereby impacting business operations considerably.
Segment Covered:
This market intelligence report on the global SMART Elevator Market encompasses market segments based on product type, setup, installation, carriage, application and country/regions.
In terms of type, the global SMART Elevator Market is segregated into
- Card Based Elevators
- Biometric Based Elevator
- Touchscreens & Keypads Based Elevators
- Security Controls Based Elevator
In terms of setup, the global SMART Elevator Market is segregated into
- Elevator Access Control & Security
- Elevator Automation
- Elevator Modernization
- Maintenance
In terms of Installation , the global SMART Elevator Market is segregated into
- Low Rise
- Mid Rise
- High Rise
In terms of carriage, the global SMART Elevator Market is segregated into
- Passenger
- Freight
- Others
By application, the global SMART Elevator Market is also classified into,
- Residential
- Commercial
- Industrial
- Institutional
- Infrastructure
- Others
By country/region, the global SMART Elevator Market has been divided into
- North America (the U.S., Canada),
- Latin America (Brazil, Mexico, Argentina and other countries),
- Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
- Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
- Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as
- Bosch Security Systems
- Schindler Group
- Schneider Electric
- Honeywell International Inc.
- Toshiba Elevator & Building Systems Corporation
- Mitsubishi Electric Corporation
- Kone Corporation
- Otis Elevator Company
- Hyundai Elevator Co. Ltd
- Fujitec Co. Ltd
- Motion Control Engineering
- Thyssenkrupp Elevator Technology
- Hitachi Ltd and many more.
Others players have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as SMART Elevator related investment & spending and developments by major players of the market are tracked in this global report.
Report Highlights:
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Salient Features:
- This study offers comprehensive yet detailed analysis of the SMART ElevatorMarket, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020 – 2028, taking into account 2019 as the base year
- It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
- This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, launch of new products, competitive market strategies of leading market players, emerging market trends, and regional outlook
- Profiling of key market players in the world SMART Elevator Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
- Leading market players covered this report comprise names such as Bosch Security System, Schindler, Schneider Electric, Honeywell International Inc., Toshiba Elevator & Building Systems Corporation, Mitsubishi Electric Corporation, KONE Corporation, Otis Elevator Company, Hyundai Elevator Co. Ltd, Fujitec Co. Ltd., Motion Control Engineering, ThyssenKrupp Elevator Technology, Hitachi Ltd. and many more.
- The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of products, government initiatives, marketing tactics and expansion, and technical up gradation
- The world market for SMART Elevator Market caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for SMART Elevator Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
- Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
- Reports have been made based on the guidelines as mandated by General Data Protection Regulation
- Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
- Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the SMART Elevator Market
- Identification of key factors driving investment opportunities in the SMART Elevator Market
- Facilitate decision-making based on strong historic and forecast data
- Position yourself to gain the maximum advantage of the industry’s growth potential
- Develop strategies based on the latest regulatory events
- Identify key partners and business development avenues
- Respond to your competitors’ business structure, strategy and prospects
- Identify key strengths and weaknesses of important market participants
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