Smart Technologies Become Essential to Growth of Modern Elevators Industry
11/1/2020 -- The global elevator industry is going through a major revolution in terms of game changing technologies, which will make major changes to how elevators operate within various types of buildings. Like other modern industries, the technology for elevators is going through a digital transformation, which prioritizes real time insights, which allows for predictive maintenance and better communication.
The global elevators market is projected to grow at a strong CAGR of ~ 11 per cent through the end of the forecast period till 2029. This growth can be largely attributed to the major growth of the construction and building industry, which is further supported by higher reliance on tech to sustain the growth of the industry.
Product Launches and Service are Key to Business Strategy
Governments around the world have set up very stringent regulations and policies to safely administer security procedures in elevators. Greater conformity to regulations and policies, are expected to continue raising the pressure on companies to keep up quality and operational standards.
In addition, the endeavor to maintain levels of competitiveness has pushed companies to offer greater assistance and instant services in terms of queries, repairs, and replacements, which are generating a number of challenges for manufacturers to keep up with new customer expectations.
Some of the major players in the global elevators industry includes the Otis Elevator Company, KONE, Mitsubishi Electric Corporation, The Schindler Group, Hitachi Ltd., Fujitec Co., and ThyssenKrupp Elevators among others.
Most companies are pushing for innovations suitable for new product launches to meet the rising needs from residencies, low rise, mid rises, hotels, and office spaces. Players are also aiming for strategic acquisitions for high quality, service, and design for regional markets around the world.
Construction and Industrial Demand Drive Growth
Countries in the Asia Pacific region is expected to stay as a major elevator market, with most of the demand coming from China and India. The growth in the region can be attributed to the growing focus of regional governments to focus on infrastructural development, for the faster pace of urbanization for developing countries.
In addition, manufacturers are investing to increase energy efficiency for their offerings, with innovations also suited to improve on saving space as well. The faster rate of urbanization and the resultant increase in construction projects is expected to create a healthy demand for elevators for residential, industrial, and commercial spaces through the forecast period.
Smart Elevator Technologies Gain Traction
The demand for smart technologies and connectivity in elevators is continuing to rise, as end users continue to show greater interest in the development of new technologies, which will generate substantial interest in the development and adoption of smart elevators, which provide superior speed of operations, security, crowd management, enhanced speed efficiency, and better crowd management.
In addition, new technologies are also pushing the demand for smart cabal free elevators which can be used not only for vertical transportation, but also horizontal and diagonal configurations, with real time intuitive technologies and predictive maintenance, which will boost demand in the elevators market for the foreseeable future.