Smart Elevator Market: Granular View of The Market from Various End-Use Segments

Industry Insights Technology

Smart elevator systems include modern digital controls systems such as access controls which include card based systems, biometric systems, touch screens & keypads and automation systems such as sensors & controllers, motors & drives and operating panels. As the requirement for higher safety, better controllability, ease of access and security has increased globally, it has given paramount market position to smart devices in industries and smart elevator system is one of them. Applications can be broadly classified into residential, institutional, commercial and industrial infrastructure. The smart elevator systems which have grown at the expense of conventional elevators have shown a considerable demand in recent past and this trend is expected to continue over coming years.

The rigorous directives being made obligatory by governments amplified by the need for saving cost of operation by building owners has improved the market for smart elevator access controls and security and automation. Increasing concerns related to safety and the developments towards the incorporation of access controls will be the driving force of the market in future. Other drivers include demand for more convenience, energy efficiency and enhanced security. There is global rise in construction industry due to intensification in urbanization and rise in demand for infrastructure for large sporting events is offering excellent opportunities for significant growth of smart elevator systems.

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North America and Europe have largest market currently. Asia Pacific which includes developing nations such as India and China where construction market is increasing have huge demand for smart elevator systems and comprise a fast growing market. Brazil, Russia and South Africa are also expected to register robust growth in the infrastructure segment and it is anticipated to drive the elevator industry.

Some of the key players in this market are Bosch Security Systems, Bio-Key International Inc, Cisco Systems Inc., Hitachi Ltd., Digitalpersona Inc., Honeywell International Inc., Identive Group Inc., Hyundai Elevator Co. Ltd., Ingersoll-Rand Plc, Keyscan Inc., Johnson Controls Inc., Kone Corporation, Mitsubishi Electric Corporation, Linear Llc., Otis Elevator Company, Schneider Electric SA, Progress Security and Safety Systems, Siemens Building Technologies AG and ThyssenKrupp Elevator.

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