What is Smart Elevator Automation System Market?
A smart elevator automation system is a smart elevator with innovative technologies that provide various facilities in elevator. It used to minimize the passenger waiting time and overall energy consumption. Smart elevator automation system contains card reader, biometrics, touch screen and keypad, security and control system, sensors, motors, and automation system and building management system in the smart elevators. The major companies are adding more proven technologies systematically and strategically for advanced automation in elevators. For example, Mitsubishi Electric Corporation announced that it would launch the M’s BRIDGETM global remote-maintenance service for the continuous monitoring, inspection, and data analysis of elevators via an IoT platform.
The market study is being classified, by Application (Residential Use, Commercial Use and Others) and major geographies with country level break-up.
Fujitec Co.Ltd. (Japan), Mitsubishi Electric Corporation (Japan), Hitachi Ltd. (Japan), Bosch Security System (United States), Kone Corporation (Finland), Otis Elevator (United States), Schindler (Switzerland) and ThyssenKrupp Elevator (Germany) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Tyco International (Ireland) and Honeywell (United States).
Research Analyst at AMA predicts that United States and Japanese Players will contribute to the maximum growth of Global Smart Elevator Automation System market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Smart Elevator Automation System market by Type, Application and Region.
On the basis of geography, the market of Smart Elevator Automation System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rapid Infrastructure Development and Increasing Smart City Projects in Emerging Countries
- Increasing Urbanisation Globally
Market Trend
- Installation of Security and Control Systems such as Intrusion Alarm Systems and Surveillance Systems
Restraints
- High Initial Investment for Installation of Smart Elevator
- Lack of Awareness across Commercial and Residential Sectors in Developing and Underdeveloped Countries
Opportunities
- The Requirement of Minimum Waiting Time Increasing the Demand of Smart Elevator Automation System
- Rising Concern for Safety and Security of Buildings
- Use of IoT in Smart Elevator
- Rising Demand for Touchscreen Displays and Keypads in Elevators
Challenges
- Lack of Infrastructure in both Developing and Underdeveloped Nations
Market Leaders and some development strategies
May 2019, Mitsubishi Electric Corporation announced that it will acquire the remaining shares of ICONICS, Inc., IoT, mobile, analytics and cloud software products for the manufacturing, industrial and building automation markets, to make the company a 100% subsidiary within the Mitsubishi Electric Group. Mitsubishi Electric aims to enhance its software product lineup to realize e-F@ctory,2 including edge-computing, by combining ICONICS' software-developing capabilities and Mitsubishi Electric's factory-automation technology.
In Sept 2019, Mitsubishi Electric Corporation and it's wholly-owned subsidiary Mitsubishi Electric Building Techno-Service Co., Ltd. announced that they would launch the M’s BRIDGETM global remote-maintenance service for the continuous monitoring, inspection, and data analysis of elevators via an IoT platform on October., and In May 2019, Schindler and Telefónica have a partnership to offer digital connectivity in smart elevators and escalators. Under this agreement, Telefónica will be the IoT and network connectivity for Schindler’s digital offering for smart elevators and escalators.
"In the United States and Canada, the relied-upon safety Code for elevators, escalators, and associated equipment and parts is ASME A17.1-2016: Safety Code for Elevators and Escalators (developed as CSA B44-2016 in Canada). The Code is intended to serve as the basis for the design construction, installation, operation, testing, inspection, maintenance, alteration, and repair of elevators, dumbwaiters, escalators, moving walks, and material lifts. Safety codes and standards are intended to enhance public health and safety. "
Key Target Audience
Smart Elevator Automation System Provider, Smart Elevator Manufacturer, Smart Elevator Distributor/ Suppliers, Potential Investors and Research and Development Organisation