Global Elevators Market is expected to rise to US$330.45 bn by 2023; expanding at a 7.4% CAGR in terms of revenue from 2016 to 2023; Elevators market is driven by rising number of green construction projects, which utilize natural resources efficiently
Albany, NY -- (SBWIRE) -- 03/08/2017 -- Elevators and escalators, which have become an integral part of the urban landscape, are installed in various public and private places such as retail outlets, hotels, IT parks, mixed-used buildings, residential buildings, commercial buildings and restaurants for the movement of people and good within the premises. All these public and private places with long walking distances and multiple floors make use of elevators to improve customer experience. The elevators are also installed in airports and vehicle parking. The vendors in the global elevator market compete on the basis of the installation, maintenance and modernization services for gaining prominence in the market. The global elevators market has been segmented on the basis of its types, application areas and geography.
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Rapid urbanization and an increase in geriatric population globally coupled with the maintenance and modernization of the existing elevators are strongly driving the growth of the global elevators market. Furthermore, growing green building market facilitating the installation of "energy-efficient elevators" is steadily boosting the market growth. As buildings become more intelligent and rise higher, efficient elevator and escalator systems are having a significant impact by considerably driving down the costs of operating a building and allowing people to travel farther, more efficiently. New technologies adopted by the key players in the elevator market, such as coated steel belts which are helping to replace the conventional cable ropes in a few elevators are allowing for more efficient operation. The conjoint effect of all these drivers is thus set to bolster the growth of the global elevators market during the forecast period.
The continuing evolution of the Internet of Things (IoT) in the elevators market is offering a substantial growth opportunity to the growth of the global market. Internet of Things (IoT) is the interconnection of various devices and equipment which deliver a large amount of data over the internet. IoT makes it possible for a product to collect, exchange and analyse data with its operator, manufacturer and other devices, which is highly relevant to the elevator industry. IoT enables modern elevators to anticipate traffic and respond in real-time intelligently, communicate with service teams and allow passengers to summon the elevators via a mobile application. Further, by using a connected sensor in an elevator, the flow of passengers can be better managed by alleviating wait time. Dominant players in the elevator market such as ThyssenKruup Elevators, Otis Elevator Company and KONE Corporation are joining forces with Microsoft and IBM respectively for augmenting their operations and technological capabilities with IoT cloud services and advanced analytics technologies.
The competitive profiling of the key players in the global elevators which is inclusive of the different business strategies adopted by them and their recent developments, market across the geographic regions of North America, Europe, Asia Pacific and Rest of the World (including Latin America and Middle East and Africa) is covered under the scope of the study. The market attractive analysis of the major application areas has been included in the report, in order to provide a deep insight into the global elevators market.
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The global elevators market report is inclusive of the market dynamics, i.e. market drivers, restraints and opportunities which are the distinct that help to understand the trends of the global market. Thus, the report provides exhaustive study of the global elevators market and offers the forecast of the market for the period from 2016 to 2023.
Some of the major players in the global elevators market include, Toshiba Corporation, Mitsubishi Electric Corporation, Otis Elevator Company, Schindler Holding Ltd., Hitachi Ltd., ThyssenKrupp AG, Kone Corporation, Kleemann Hellas SA, Hyundai Elevator Co., Ltd and Fujitec Co., Ltd. among others.