Global Smart Elevator Market Overview:
Smart Elevator, an advanced technology system that helps to schedule the maintenance on time and provide comfort to the passengers. The smart elevator provides high speed, minimum space, and lesser time. Of late, the Otis company is adopting advanced technology where they can summon elevators through a touch of users phone. The smart elevator waits until passenger will board after the lift call in the parking lot of residential and commercial building.
- Surging Number of Smart Buildings and Smart Cities in both Developed and Developing Economies
- Growth in the Construction Sector Globally
- The Growth in Number of Smart Elevators connected with Internet
- Adoption of Cloud-based Technology to Store data/information related to Smart Elevator
- Installation of Interactive Touch Panel to Increase the Passenger Comfort
- Higher Initial Investments in Installing Smart Elevator
- Growing Construction Infrastructure and Increasing Number of Skyrappers in Asian and Middle East Countries
- Government Initiatives towards Energy Saving in the Construction Industry
- Lack of Infrastructure in both Developing and Underdeveloped Nations
- Availability of Substitutes includes Conventional Elevator and Escalator Systems
To support the market, the entry of international players together with the local vendors is expected to expand market competition. Asian and Middle East countries' markets uphold huge growth potential. These government countries have been promoting energy-efficient solutions to achieve energy self-sufficiency. For instance, China has introduced plans for developing smart infrastructure to manage energy consumption. All these factors are collectively expected to drive market demand in both Asian and Middle East Countries.
Some of the key players profiled in the report are Schindler Holding AG (Switzerland), Honeywell International Inc. (United States), Otis Elevator Corporation (United States), ThyssenKrupp (Germany), Hyundai Elevator Co. Ltd. (South Korea), Fujitec (Japan), Robert Bosch GmbH (Germany), Hitachi Ltd (Japan), KONE (Finland), Mitsubishi Electric Corporation (Japan) and Toshiba Elevators and Building Systems Corporation (Japan). Analyst at AdvanceMarketAnalytics see Japanese Manufacturers to retain maximum share of Global Smart Elevator market by 2024. Considering Market by Based on Technology, the sub-segment i.e. Card-Based Elevators will boost the Smart Elevator market.
In May 2019, Schindler and Telefónica have a partnership to offer digital connectivity in smart elevator and escalator. Under this agreement, Telefónica will be the IoT and network connectivity for Schindler’s digital offering for smart elevators and escalators.
"In the United States and Canada, the relied-upon safety Code for elevators, escalators, and associated equipment and parts is ASME A17.1-2016: Safety Code for Elevators and Escalators (developed as CSA B44-2016 in Canada). The Code is intended to serve as the basis for the design construction, installation, operation, testing, inspection, maintenance, alteration, and repair of elevators, dumbwaiters, escalators, moving walks, and material lifts. Safety codes and standards are intended to enhance public health and safety. "
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Smart Elevator market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Smart Elevator market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Smart Elevator Manufacturers, Technology Providers, System Installation teams, Component Distributors/Suppliers, Government Regulatory Bodies, End Users and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.