Smart Elevators and Escalators Market: Giant Leaps by Infrastructure Developments in Emerging Economies bolster uptake
The global smart elevators and escalators market witnesses a consolidated landscape as a large portion of the global shares lie at the hands of few players, notes Transparency Market Research (TMR). Top players include thyssenKrupp AG, KONE Corporation, Otis Elevator Company, and Schindler Holding Ltd. These players have earned sizeable stakes in the market on account of their vast technological expertise and pervasive geographic presence, especially in developing countries.
TMR observes that leveraging on this potential has enabled these companies to stay ahead of several of their competitors that include Siemens Building Technologies AG, Toshiba Elevator, Hitachi Ltd., Hyundai Elevator, and Mitsubishi Electric Corporation. The leading players are also focusing on making product innovations and in acquiring domestic vendors to garner competitive gains over others.
The overall opportunities in the global smart elevators and escalators market is projected to be worth US$162.56 Bn, with smart elevators alone accounting for a revenue of US$150.03 Bn by the end of the forecast period of 2017–2023. During the period, the market is anticipated to expand at a promising CAGR of 6.8%.
The various application areas for smart elevators and escalators are hotels, commercials, retail, residential, transportation, hospital, and parking buildings. Of these, the transportation and residential sectors serves the major share of demand in the global market in 2017. The segments are expected to retain their prominent positions in the coming years as well.
The global smart elevators and escalators market is driven primarily by their substantial demand from the real estate industry. The rapid strides being experienced by infrastructural developments in emerging economies world over is a prominent trend propelling the growth of the market. The constant thrust on energy efficiency in high-rise buildings as well as low-rise and mid-rise building will bolster the demand for smart escalators and elevators.
Several players of the market are increasingly benefitting from the rapid emergence of shopping malls, hotels, luxury apartments, and high-rise apartments in various developing and developed regions. The rising number of shopping malls has spurred the demand for smart escalators. The sizeable investments being made to boost airport and rail transport infrastructures in several developing and developed nations is also boosting the market. This is supported by the swift pace of urbanization in emerging markets.
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