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Elevator Automation Market: Forecast 2013-2018

Global smart elevator market: $16.5 billion industry by 2018

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2014-02-14 21:39:04 - Elevator Automation Market: Forecast 2013-2018 - a new market research report on

The global smart elevator market is forecast to grow to a value of around $16.45 billion by the end of 2018, growing at a CAGR growth rate of 10.5% between 2013 and 2018.The increasing trend of high rise building is leading to the growth in elevators market, as the best means of vertical transport is an elevator. Integration of access controls in elevators to address the security allows the administrator to not only take control over the access of unauthorized person but also to manage the efficient flow of people in elevator car. It also helps individuals to reach their respective floors safely and take preventive step in case of any breach.Demand for energy efficient solutions, enhanced security, and demand



for improving the standards of the individuals have resulted in the development of the elevator automation and modernization market. Energy efficiency and centralized controls are the driving factors in elevator automation. Better controls, higher speed, and reduction in operating cost need special attention with respect to the various components in elevators such as sensors, motors, lighting, door access, operating panels, and mechanical system. Utmost consideration needs to be given while integrating with the other security measures such as fire, alarm, and surveillance as the safety of the individual is on stake.The scope of new installation in regions like Americas and Europe is low as they are already equipped with the latest technology. However, regions like APAC where construction is increasing exponentially have opened new avenues for the elevator industry.Modernization is upgrading or replacing elevator control system, panel, relay, motor and drive, cabin with new technologies. It will enhance the elevator-life, save energy, ensuring the comfortable and safe ride for commuters and improved usability for people. The system is integrated with control system; ensuring optimum data flow amongst the other components. As such, direct response helps in shorter waits and longer handling capacity. Modernization market is currently at high growth stage of the industry life cycle and is expected to continue with this growth till 2018. The major players in this industry include Kone Corporation (Finland), Otis Elevator (U.S.), Schindler (Switzerland), ThyssenKrupp (Germany), and others.Key Highlights- The smart elevators market is estimated to grow at a healthy CAGR from 2013 till 2018 and reach close to $16.4 billion by the end of these five years.
- Currently, modernization contributes to 60% of the smart elevator market. However, the elevator automation is estimated to grow at the highest CAGR during 2013-2018.
- Porters analysis in detail, market dynamics of products and their respective markets has been explained.
- Detailed segmentation of smart elevators market by application with a focus on markets of high growth and emerging trends in industry
- Detailed market dynamics i.e. drivers, restraints, and opportunities for smart elevators market along with winning imperatives
- Detailed competitive landscape with identification of the key players and market share analysis with market rankings
- Complete value chain, allied industry segments & value chain analysis of the smart elevators market

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