As per the market outlook foreseen by an IndustryARC business intelligence report, titled “
Elevator Market: By Type (Modernization, New installation & services; By Subsystems (Controllers, Door Equipment, Cabin Enclosures, and Signaling Fixtures)); By End Users (Residential, Commercial, Industrial, Marine, Others) & By Country – Forecast (2018-2023)
,” the elevator market players are concentrating on enhancing technology so that their products save energy as well as offer reliability.
Global Elevator Market: Snapshot
Elevators are a necessity, especially for older folks. According to the U.S Census Bureau, senior citizens i.e., people who are above 60 years, were 8.5% of the total population globally in 2015, and is expected to rise to 12% by 2030. Consequently, the elevator market is finding new opportunities across all territories. Among emerging economies, India is a lucrative country. For instance, in terms of development in India, a new series of codes are being implemented to identify requirements of installation, inspections, and maintenance to ensure satisfactory performance in the Indian Metro elevators. On the other hand, according to European Lift Association (ELA), there are approximately 75,000 elevator units that are installed in the EU-27, out of which 60,000 units are used in commercial buildings and the remaining are used in public transportation facilities. Estimation is that 3,500 units of elevators are installed every year.
Browse 65 Market Tables, 177 Figures spread through 161 slides and an in-depth TOC on “
Elevator Market (2018 - 2023)”
Disruptions in the Elevator Market
- Artificial Intelligence along with smart city initiative is making revolution in the elevator market. With the help of artificial intelligence, elevators stores the previous movements 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 understands 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.
- Cable free elevators are being developed that can move parallel and perpendicularly.
- Manufacturers have made commuting much faster and better by developing Intuitive Elevator Technologies.
- Conveyors with drive drum motors have become a trend in the factories.
- Screw conveyors have banished the need of central shaft, and is more beneficial for end to end and side connections.
Elevator Market: New Technologies Being Launched
- KONE Corporation, Fujitec Co. Ltd, Mitsubishi Electric Corporation, Schindler Group, Otis Elevator Company, Hitachi Ltd, and Thyssenkrupp AG are a few leading market players.
- Mitsubishi Electric launched NEXIEX-LITE Elevators in India in 2014, with an estimated Annual sale of 1,000 unit by 2016.
- In 2018, Schindler had announced the launch of Robotics Installation System for Elevators (R.I.S.E) for automation and digitalization in the elevator industry.
- KONE Corporation has been ranked 43rd most sustainable company in the world by Corporate Knights. Kone was the only elevator company to make it to the Corporate Knights' 2019 Global 100 Most Sustainable Corporations in the World ranking.
- KONE Elevators has made a debut in North America with KONE UltraRope, a revolutionary elevator hoisting technology that sets a new benchmark for high rise buildings. These elevators can travel up to the height of 1 Kilometer (3,300 feet). KONE would provide elevators to a 54 story tower at 110 North Wacker Drive in the Chicago Loop business district.
The elevator market holds a strong position in the building and construction industry, and the shares are mostly consolidated among a handful of players. In the United States, 90% of the share is held by the major companies such as Thyssenkrupp, KONE, and Hitachi. It has been observed that the elevator market is doing tremendous progress, in terms of adoption of latest technologies like Artificial Intelligence, 3D modeling, and other technologies. Even from emerging economies, the demand in flowing in. The government in India has started taking initiatives in the infrastructural development since then they have started funding for the same. According to ELA, the elevator market is expected to grow around $100 billion by 2023 in context with the rise in the different sectors like infrastructure, construction etc.
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Elevators Modernization Market: By Type (Hydraulic, Traction, Pneumatic, Climbing); By Component type (Controllers, Door equipment, cabin enclosures, signaling fixtures, power units, oil & grease, full/complete preventive); By modernization type (full, partial); By End-user (Residential buildings, commercial, marine, industrial, institutional, construction) By Geography - (2018-2023)
Elevator & Elevator Control Market: By Type (New Equipment, Maintenance Services & Modernization), By Application (Residential & Commercial), By Elevator Controls (Sensors, Switches & Others), & By Region - Forecast(2018 - 2023)
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