Smart Elevators and Escalators Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Albany, NY -- (SBWIRE) -- 11/17/2017 -- The highly consolidated smart elevators and escalators market is dominated by few large companies operating amid intense competition in the race to increase their operational footprint across the globe. The four largest vendors in the market - Otis Elevator Company, Schindler Holdings Ltd., ThyssenKrupp AG, and Kone Corporation, accounted for a massive cumulative share of nearly 61% in 2015, and have bagged several major national and international projects in the past few years, states a recent TMR report. The largest of these four, Otis, accounted for a share of nearly 19% in the global smart elevator and escalator market.
Infrastructure Development Activities in Asia Pacific to Bolster Demand
Rapid rate of urbanization and strengthening economies, especially across developing regions such as Latin America, Asia Pacific, and parts of the Middle East, have facilitated the increased adoption of smart elevators and escalators in low-, mid-, and high-rise buildings and other construction projects in the past few years. Countries such as India, China, Egypt, and Brazil are projected to be the major propellers of the market over the period between 2015 and 2023.
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Accounting for over 30% of the overall new installations across Asia Pacific in 2015 and high domestic demand, China is expected to emerge as the largest service provider in the region and a prominent player in the global market. The upcoming Olympics games in Brazil have led to an increased number of infrastructure development projects in the past couple of years, driving the demand for cost and energy effective elevators and escalators. In India, the rapid expansion of metropolitan cities such as Mumbai, Chennai, and Bengaluru is favoring the construction of high- and super-high-rise buildings. Comprehensive vertical transportation requirements of such constructions will lead to the increased demand for reliable, high performance, and comfortable smart elevators and elevators.
Growth of Green Buildings to Scale up Adoption of Smart Elevators and Escalators
Concerns regarding the energy-intensive nature of construction activity, strict emission norms, and rising awareness regarding environmental responsible operations are pushing the construction industry to adopt green measures on a vast scale.
According to the U.S. Green Building Council, nearly 41% of all the non-residential building initiatives undertaken in the U.S. in 2012 were green. By 2015, a staggering 83% of construction firms in Brazil, 73% in the U.A.E., 69% in Singapore, and 65% in the U.K. were planning to make all their future projects green. This trend will significantly impact the demand for energy efficient escalators and elevators, boosting the global smart elevators and escalators market. "No doubt, energy efficient solutions will gain more focus in the elevators and escalators industry as well. To exploit this trend, companies should direct their research efforts towards development of solutions that enable low energy consumption and are environmentally responsible throughout their life-cycle from sourcing of raw materials to demolition," says a TMR analyst.
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The global market for smart elevators and escalators is expected to expand at a favorable 6.3% CAGR from 2015 through 2023. Expanding at this rate, the market, which was pegged at US$96.63 bn in 2014, will rise to US$162.56 billion by 2023.
The review is based on a recent market research published by Transparency Market Research, titled "Smart Elevators and Escalators Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023."