Elevators and escalators are now fundamental part of the urban landscape. These are installed in various public and private places such as hotels, IT parks, retail outlets, mixed-used buildings, commercial buildings, residential buildings, and restaurants for the movement of people and goods within the premises. These elevators and escalators are also installed at airports and in vehicle parking facilities. The long walking distances and multiple floors in public and private places make use of elevators to improve customer experience. However, not only do these moving walkways involve high initial costs, the often have significant energy and maintenance costs. New technologies such as variable frequency drive/speed control, power factor control, and regenerative braking can result in reduced energy consumption and cost savings. Further, recent code changes that allow for variation of speed in escalators and elevators have expanded the number of available options.
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A recent study by Transparency Market Research (TMR) estimated the opportunity in the global market for elevators at US$181.50 bn in 2015, and rising at a healthy CAGR of 6.3% during the forecast period of 2016–2024, the valuation is expected to reach US$330.45 by the end of 2024.
Energy-efficient Smart Elevators Gaining Popularity
Based on types, the global elevator market has been bifurcated into conventional elevators and smart elevators. The new equipment installation of the elevator market is being driven by urbanization, growth of the construction market, and GDP growth. The modernization and maintenance services that contribute to a significant share of the global elevator market are being boosted by the growth and aging of the installed elevators coupled with legislation and safety requirements.
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A key trend observed in the market is the inclination toward the adoption of smart elevators driven by the trend toward deploying energy-efficient systems. Smart elevators are the next phase of vertical transportation systems, which are controlled by advanced software and hardware systems. These elevators are defined by their capabilities that offer more benefits than the conventional elevators including systems that act as facility security and include several control such as access control, biometrics, and touch screen interface in operating panels. Smart elevators also make use of cloud to not only offer faster mobility and enhanced comfort to people but also provide uninterrupted services by means of predictive analysis of maintenance.
Smaller Market Players Making Presence Felt
According to the TMR report, Otis dominates the global elevator market with 19.5% market share in 2015. The reason behind the dominance is attributed to their widespread global network. Also, Otis is the major supplier of elevators in vastly populated and emerging economy of China. ThyssenKrupp and Schindler Holding Ltd are the next two most prominent players in the global market for elevators. The key players of the elevator market are focusing on expansion of their business geographically by installing escalators and elevators in different part of the globe. For instance, in June 2014, KONE Corporation received an order from Jeddah, Saudi Arabia’s Kingdom Tower for installing double decker elevators and fastest elevators.
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In this dynamic business environment where numerous technological advancements are taking place frequently, it is necessary for the companies to align its strategies with the technological shits. Therefore, rapid technological advancements are observed in the global elevator market. The players in the global elevator market are continually awarded with contracts for new installation of their products. For example, In March 2016, Hitachi Elevator Asia Pte. Ltd and Hitachi Lift India Pvt. Ltd., which operates in the Middle East, India, and South East Asia signed a contract with ITC Limited to install and maintain 23 units of elevators for ITC’s five star hotel project in Hyderabad, India, called “ITC Kohinoor.”
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