Northbrook, IL 60062 -- (SBWIRE) -- 07/29/2022 -- The global Smart Elevator Market size is expected to grow from USD 9.7 billion in 2021 to USD 12.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 5.4% from 2021 to 2026. The growth of the smart elevator market is majorly driven by the enhanced spending capabilities of customers in emerging markets.
The major players are OTIS Elevator (US), Kone Corporation (Finland), Schindler Group (Switzerland), Thyssenkrupp AG (Germany), Hitachi Ltd. (Japan), Hyundai Elevators Co., Ltd. (South Korea), Mitsubishi Electric (Japan), Fujitec Co., Ltd. (Japan), Toshiba Elevators and Building Systems Corporation (Japan), and Honeywell (US).
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Smart Elevator market in APAC is expected to maintain the highest share during 2022–2027
APAC is anticipated to remain dominant throughout the forecast period as emerging countries such as Indonesia, Vietnam, and Bangladesh are steadily improving living standards that will lead to more urbanization and construction of building with smart technologies. Further, the presence of the most populous countries such as India and China make APAC a prominent region for smart elevators as rapid urbanization and infrastructure in this region would pave new growth avenues for companies. In addition, the renovation initiatives in APAC region backed by government support are the major factor contributing to the growth of the smart elevator market in the region.
Commercial application for renovation services to dominate the smart elevator market during forecast period
Commercil application for renovation services is expected to hold the largest size of smart elevator market during forecast period. It is further expected to grow at significant CAGR between 2021 and 2026. The implementation of safety regulations for elevators and escalators generally triggers the demand for modernization services in commercial buildings. Renovation refers to the upgrading or replacing of elevator control systems and cabins with new products and technologies. It enhances the elevator life, saves energy, ensures a comfortable and safe ride for commuters, and improves usability for people.
New installation services for commercial application to dominate the smart elevator market during forecast period
New installation services for commercial application is expected to hold the largest size of smart elevator market during forecast period. It is further expected to grow at highest CAGR between 2021 and 2026. The commercial sector includes offices, retail establishments, airports, hotels, and leisure parks. The construction of hotels, retail outlets, and entertainment units is anticipated to rise after the COVID-19 pandemic. Achieving energy efficiency in buildings and optimizing the traffic flow in elevators are major objectives of building owners in the commercial space. Thus, the new installation smart elevators are becoming increasingly popular in such new commercial spaces. For instance, in Europe, several new airport projects are in the pipeline, especially in the Nordic countries. Likewise, various African countries are also planning to build new airports to cater to the growing needs of the developing countries.