Elevator Market Driven by Growing Smart City Initiative

Posted by niharika on July 10th, 2019

Global Elevator Market: Demand Analysis and Growth Forecast

Elevators are an integral part of commercial complexes, and energy efficiency in terms of operating them is turning into a decisive trend in emerging economies wherein the construction industry is booming. According to a recent business publication by IndustryARC, the global elevator market was valued between and billion in 2018, and the demand will be growing with a CAGR between 4% and 5% during the forecast period of 2019 to 2025. The report is titled “Elevator Market: By Type (Modernization, New installation & Services; By Subsystems (Controllers, Door Equipment, Cabin Enclosures, Signaling Fixtures)); By End Users (Residential, Commercial, industrial, Marine, Others) & By Country – Forecast (2019 - 2025).”

The elevator market is finding new opportunities across all territories, with Europe identified by the report as the most lucrative region, generating nearly 39% to 41% of the overall demand in 2018. Urbanization drives the elevator market more as it is expected that in a few years, the majority of the population will be living in urban areas, especially considering smart cities. Smart cities have given an opportunity to new small and medium size company to grow at a remarkable rate. This is quite evident in the fact that, according to the European Lift Association, 67% of the people used elevator service in 2018.

Global Elevator Market: Leading Segment

Over some time, there has been a tremendous increase in the purchase of residential elevators with the application CAGR between 4.5% and 5.2% during the forecast period of 2019 to 2025. In the context of technological development, the residences have started adopting high-quality technological-based elevators that are more convenient, comfortable, and advanced as compared to normal lifts. Additionally, the need to save energy is prompting innovators to device efficient products to lure newer customers.

View Full Table Of Content Of Elevator Market:

https://www.industryarc.com/Report/18097/elevator-market.html

Global Elevator Market: Disruptive Trends and Growth Drivers

Smart city initiative is a revolution in the countries across the globe which is stroking the elevator market. Artificial Intelligence, the Internet of Things, and Big data have the highest influence on the elevator market. With the help of artificial intelligence, elevators store the previous movements of the occupants and can eventually predict the movement of occupants. With the Internet of Things and RFID sensors, it is feasible to connect to the elevator system gate. By connecting the smartphones to the elevator system using IoT, the elevators understand where the person wants to go. Big Data and IoT can also function together in the elevator system to understand if the person at a particular time wants to exit the building.

The urban population is expected to grow at approximately 1.84% per year until 2020, which will lead to the installation of more elevators globally. Considering Rome, it is a smart city of Europe for millennia which has a rapid increase in the population for a few years, and this rising population will have a relevant and positive impact in the elevator market. 

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