Smart Elevator Market

Smart Elevator Market with COVID-19 Impact by Component (Control System, Maintenance System, Communication System), Application (Residential, Commercial, Institutional), Services, and Region - Global Forecast to 2026

Report Code: SE 1458 Mar, 2021, by marketsandmarkets.com

[194 Pages Report] The global smart elevator market size was valued at USD 9.7 billion in 2021 and is projected to reach USD 12.6 billion by 2026; it is expected to grow at a CAGR of 5.4% from 2021 to 2026. The growth of market is majorly driven by the enhanced spending capabilities of customers in emerging markets and the need for energy-efficient solutions at the global level.

Smart Elevator Market

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COVID-19 impact on the smart elevator market

COVID-19 has had a devastating impact on the construction sector. On the development side, the construction of new buildings has been halted since lockdowns were imposed worldwide. Laborers have returned to their hometowns. Consumers are also unwilling to invest in infrastructure properties due to economic uncertainty and the growing financial crisis. This directly hit the growth of new installations in 2020 and will continue to do so till mid 2021 across several countries. However, the adoption of smart elevators for repair and maintenance is anticipated to remain strong.

Market Dynamics

Driver: Increased construction of high-rise buildings equipped with smart vertical transportation systems due to rapid urbanization

The increasing migration of a large population base from rural areas toward cities has consequently surged the need for infrastructure development, such as constructing high-rise buildings, to cater to the accommodation needs. According to the UN Department of Economic and Social Affairs, by the end of 2030, the urban population will comprise 60% of the world population, and the number is expected to reach 68% by the end of 2050. This is set to result in rapid urbanization in the coming years. The level of urbanization is increasing primarily in Asia, Africa, and the Middle East as a large number of people in these regions are moving toward cities, which has increased the requirement for eco-efficient and sustainable societies. For instance, in Asia, more than 50% population resides in cities, and this trend is set to increase in the coming years as the working population is swiftly shifting from the agriculture sector toward service-based sectors.

Restraint: High cost to install smart elevators

The high cost of installation of control systems in an elevator is likely to hinder the growth of the smart elevator market. Customers are not willing to pay this amount for high-end access control systems. Additionally, the cost of installation and integration of access control systems is also high due to the requirement of skilled technical consultants.

Opportunity: Inclination toward green technologies in construction industry

Green engineering is to deliver optimal performance by capturing excessive energy, which is often wasted in the form of heat. The system transfers the captured energy back into the building’s electric grid for reuse.

Building projects consume nearly 40% of the global energy, with elevators consuming between 2% and 10%. By modernizing the building with smart solutions, this number can be brought down to 1–5%. The green engineering concept offers the opportunity for the players to supply energy-efficient solutions to reduce the operational cost through automation and modernization of the existing elevators.

Orona (Spain) has developed elevators that have achieved zero net energy consumption. The structure of the elevator is designed with energy storage systems and photovoltaic panels for the generation of renewable energy.

Challenge: Economic Slowdown

The growth of the construction industry is directly interlinked with the economic indicators. Any slowdown, recession, or a sudden outbreak of pandemic can severely impact the growth of the construction industry and consequently affect the demand for elevators. In 2020, the global economic slowdown adversely affected the growth of market as it has lowered the investing potentials of various countries in key areas such as infrastructure and construction. However, the market is projected to grow by the mid of 2021 and will continue to have a modest rise in the next 5 years. Further, this expected growth is subject to various macroeconomic factors that can restrict investments in several technologies, e.g., smart elevators. Therefore, the slowdown in the growth of the global economy is expected to be the key challenge for the players operating in the smart elevator market.

The smart elevator market is primarily driven by the changing demographics, GDP growth, and the growing construction sector, among others. The demand for smart elevator components has temporarily fallen due to COVID-19; however, the market is anticipated to grow in the next 1–2 years as construction activities in emerging economies such as India and South East Asia are expected to increase. The renovation market is boosted by the demand for energy-efficient solutions, enhanced security, and the need to improve the standard of living. However, the renovation market has witnessed a major dip due to COVID-19, as customers are unwilling to invest in premium products/services. Maintenance products have witnessed modest growth in 2020.

Control Systems segment expected to lead the smart elevator market in 2021

Control systems include elevator control systems, security control systems, access control systems, sensors, and microcontrollers. Elevator control systems comprise destination systems that are opted for the purpose of reducing traffic flow in elevators. Security control systems are driven by growing security concerns with regard to properties and data. Elevator access control systems help handle and monitor traffic, manage car calls, and save power, energy, and time. Diverse types of sensors, such as photoelectric sensors, current sensors, and position sensors, are being deployed in elevators.

Smart Elevator Market  by Region

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Smart Elevator market in APAC contributed the largest share in 2020.

APAC is anticipated to remain dominant throughout the forecast period as emerging countries such as Indonesia, Vietnam, and Bangladesh are steadily improving living standards that will lead to more urbanization and construction of building with smart technologies. Further, the presence of the most populous countries such as India and China make APAC a prominent region for smart elevators as rapid urbanization and infrastructure in this region would pave new growth avenues for companies.

Key Market Players

The smart elevator players have implemented various types of organic as well as inorganic growth strategies, such as product launches, product developments, parnerships, acquisitions, and agreements to strengthen their offerings in the market. The major players are Otis Elevator (US), Schindler Group (Switzerland), Kone Corporation (Finland), Thyssenkrupp (Germany), Hitachi (Japan) and Mitsubishi Electric (Japan)

The study includes an in-depth competitive analysis of these key players in the smart elevator market with their company profiles, recent developments, and key market strategies.

Report Scope:

Report Metric

Details

Years considered

2017–2026

Base year considered

2020

Forecast period

2021–2026

Forecast units

Value (USD million)

Segments covered

Component, Application, Service and Region

Regions covered

North America, APAC, Europe, and RoW

Companies covered

Otis Elevator, Kone Corporation, Schindler Group, Thyssenkrupp AG, Hitachi Ltd, Hyundai Elevators Co., LTD, and Mitsubishi Electric. A total of 25 players covered.

In this report, the overall smart elevator market has been segmented based on Component, Services, Application, and Region

Smart Elevator Market, by Component

  • Control System
  • Maintenance System
  • Communication System

Smart Elevator Market, by Application

  • Residential
  • Commercial
  • Institutional
  • Industrial

Smart Elevator Market, by Service

  • New Installation
  • Maintenance
  • Renovation

Geographic Analysis

  • North America (US, Canada, and Mexico)
  • Europe (UK, Germany, Italy, France, and Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, and Rest of APAC)
  • Rest of the World (Middle East & Africa and South America)

Recent Developments

  • In October 2020, Hitachi acquired a 9.99% share in Yungtay Engineering (Taiwan) to strengthen its elevator and escalator market. Till date, Hitachi has acquired a ~51% share in Yungtgay.
  • In August 2020, Otis acquired Bay State Elevator to expand in the northeast US. The acquisition includes the company service portfolio and operations in Massachusetts, Connecticut, Vermont, and upstate New York
  • In March 2020, Thyssenkrupp entered an agreement with Advent, Cinven, and RAG Foundation to sell its Elevator Technology business segment to strengthen its cash flow and lower its structural costs.

TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 27)
    1.1 STUDY OBJECTIVES
    1.2 MARKET DEFINITION
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 STUDY SCOPE
           1.3.1 MARKETS COVERED
                    FIGURE 1 SMART ELEVATOR MARKET SEGMENTATION
           1.3.2 GEOGRAPHIC SCOPE
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY
    1.5 LIMITATIONS
    1.6 MARKET VOLUME
    1.7 STAKEHOLDERS
    1.8 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 31)
    2.1 RESEARCH DATA
           FIGURE 2 RESEARCH FLOW
           FIGURE 3 SMART ELEVATOR MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Major secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Primary interviews with experts
                    2.1.2.2 Primary sources
                    2.1.2.3 Key industry insights
                    2.1.2.4 Breakdown of primary interviews
           2.1.3 SECONDARY AND PRIMARY RESEARCH
    2.2 MARKET SIZE ESTIMATION
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach for capturing market share by bottom-up analysis
                               FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1—BOTTOM-UP (SUPPLY SIDE - PART I)
                               FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1—BOTTOM-UP (SUPPLY SIDE – PART II)
                               FIGURE 6 BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach for capturing market share by top-down analysis
                               FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: (DEMAND SIDE)
                               FIGURE 8 TOP-DOWN APPROACH
    2.3 DATA TRIANGULATION
           FIGURE 9 DATA TRIANGULATION
    2.4 ASSUMPTIONS
    2.5 RISK ASSESSMENT
           TABLE 1 LIMITATIONS AND ASSOCIATED RISKS

3 EXECUTIVE SUMMARY (Page No. - 44)
    FIGURE 10 COVID-19 IMPACT ON SMART ELEVATOR MARKET
    3.1 REALISTIC SCENARIO
    3.2 PESSIMISTIC SCENARIO
    3.3 OPTIMISTIC SCENARIO
    3.4 INITIATIVES BY KEY ELEVATOR PLAYERS DURING PANDEMIC
           3.4.1 PURIFICATION SYSTEMS
                    TABLE 2 INITIATIVES IN PURIFICATION SYSTEMS
           3.4.2 TOUCHLESS SOLUTIONS
                    TABLE 3 INITIATIVES IN TOUCHLESS SOLUTIONS
           3.4.3 PASSENGER COMMUNICATIONS
                    TABLE 4 INITIATIVES IN PASSENGER COMMUNICATIONS
           3.4.4 SOCIAL DISTANCING
                    TABLE 5 INITIATIVES IN SOCIAL DISTANCING
                    FIGURE 11 SMART ELEVATOR MARKET, BY COMPONENT, 2021–2026 (USD MILLION)
                    FIGURE 12 MARKET, BY APPLICATION, 2021–2026 (USD MILLION)
                    FIGURE 13 MARKET, BY SERVICE, 2021–2026 (USD MILLION)
                    FIGURE 14 MARKET IN APAC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD

4 PREMIUM INSIGHTS (Page No. - 51)
    4.1 ATTRACTIVE OPPORTUNITIES IN MARKET
           FIGURE 15 URBANIZATION COUPLED WITH EVOLUTION OF SMART BUILDINGS DRIVING SMART ELEVATOR MARKET
    4.2 MARKET, BY COMPONENT
           FIGURE 16 CONTROL SYSTEM TO GROW AT HIGHEST CAGR IN FORECAST PERIOD
    4.3 MARKET, BY APPLICATION
           FIGURE 17 COMMERCIAL SEGMENT TO BE DOMINANT APPLICATION FOR SMART ELEVATORS
    4.4 MARKET, BY SERVICE
           FIGURE 18 NEW INSTALLATION TO HOLD LARGEST SHARE IN MARKET DURING FORECASTED PERIOD
    4.5 MARKET FOR APAC, BY SERVICE AND COUNTRY (2021)
           FIGURE 19 CHINA TO ACCOUNT FOR LARGEST SHARE OF MARKET
    4.6 SMART ELEVATOR MARKET, BY REGION
           FIGURE 20 APAC TO GROW AT HIGHEST CAGR IN MARKET DURING FORECAST PERIOD

5 MARKET OVERVIEW (Page No. - 54)
    5.1 MARKET DYNAMICS
           FIGURE 21 GLOBAL SMART ELEVATOR MARKET DYNAMICS
           5.1.1 DRIVERS
                    5.1.1.1 Increased construction of high-rise buildings equipped with smart vertical transportation systems due to rapid urbanization
                               FIGURE 22 URBAN AND RURAL POPULATION, 1950–2050
                    5.1.1.2 Growing need for reducing energy consumption in buildings
                    5.1.1.3 Growing aging population will facilitate development of better infrastructure within buildings
                               FIGURE 23 NUMBER OF PEOPLE AGED 65 YEARS AND ABOVE, BY REGION, 2019 AND 2050
                    5.1.1.4 Smart cities to boost installation of smart elevators
                    5.1.1.5 Modernization of old buildings
           5.1.2 DRIVERS IMPACT ON SMART ELEVATOR MARKET
                    FIGURE 24 MARKET DRIVERS AND THEIR IMPACT
           5.1.3 RESTRAINTS
                    5.1.3.1 High cost to install smart elevators
           5.1.4 RESTRAINTS IMPACT ON SMART ELEVATOR MARKET
                    FIGURE 25 MARKET RESTRAINTS AND THEIR IMPACT
           5.1.5 OPPORTUNITIES
                    5.1.5.1 Inclination toward green technologies in construction industry
                    5.1.5.2 Data analytics for predictive maintenance of elevators
           5.1.6 OPPORTUNITIES IMPACT ON SMART ELEVATOR MARKET
                    FIGURE 26 MARKET OPPORTUNITIES AND THEIR IMPACT
           5.1.7 CHALLENGES
                    5.1.7.1 Economic slowdown
                    5.1.7.2 Integration of smart elevator components in existing elevators
           5.1.8 CHALLENGES IMPACT ON MARKET
                    FIGURE 27 SMART ELEVATOR MARKET CHALLENGES AND THEIR IMPACT
    5.2 VALUE CHAIN ANALYSIS
           FIGURE 28 MARKET VALUE CHAIN
           5.2.1 RESEARCH AND DEVELOPMENT
           5.2.2 COMPONENT MANUFACTURER
           5.2.3 MANUFACTURER
           5.2.4 SOFTWARE & SERVICE
           5.2.5 INTEGRATOR
           5.2.6 END-USE APPLICATION
    5.3 ECOSYSTEM ANALYSIS FOR SMART ELEVATORS
           FIGURE 29 SMART ELEVATOR MARKET ECOSYSTEM AND ADJACENT ECOSYSTEMS
           TABLE 6 ECOSYSTEM COMPANIES
    5.4 YC-YCC SHIFT FOR MARKET
    5.5 PORTERS FIVE FORCE ANALYSIS
           TABLE 7 IMPACT OF PORTERS FIVE FORCES ON MARKET
    5.6 SMART ELEVATOR USE CASES
           5.6.1 INTRODUCTION
           5.6.2 CASE STUDY 1: HONEYWELL: CORPORATE OFFICE RENOVATIONS
                    TABLE 8 HONEYWELL HELPED CORPORATE OFFICE RENOVATION IN US
           5.6.3 CASE STUDY 2: KONE CORPORATION: 180 BRISBANE COMMERCIAL OFFICES, AUSTRALIA
                    TABLE 9 KONE CORPORATION SUPPORTED COMMERCIAL OFFICES IN AUSTRALIA
           5.6.4 CASE STUDY 3: OTIS ELEVATORS: BAHRAIN WORLD TRADE CENTER
                    TABLE 10 OTIS SUPPORTED BAHRAIN WORLD TRADE CENTER TO INSTALL ELEVATORS
    5.7 TECHNOLOGY TRENDS
           5.7.1 ADOPTION OF ECO-FRIENDLY PRODUCTS
           5.7.2 ARTIFICIAL INTELLIGENCE
           5.7.3 INTUITIVE ELEVATOR TECHNOLOGY
           5.7.4 INTERNET OF THINGS
           5.7.5 CONNECTIVITY 5G TECHNOLOGY
    5.8 PRICING ANALYSIS
           TABLE 11 ASP OF SMART ELEVATOR PRODUCT TYPES, 2020 (USD)
    5.9 TRADE ANALYSIS
           FIGURE 30 LIFTING, HANDLING, LOADING, OR UNLOADING MACHINERY IMPORT, BY KEY COUNTRIES, 2016-2019 (USD MILLION)
           FIGURE 31 LIFTING, HANDLING, LOADING OR UNLOADING MACHINERY EXPORT, BY KEY COUNTRIES, 2016-2019 (USD MILLION)
           TABLE 12 IMPORT OF LIFTING, HANDLING, LOADING, OR UNLOADING MACHINERY, BY REGION, 2016–2019 (USD MILLION)
           TABLE 13 EXPORT OF LIFTING, HANDLING, LOADING, OR UNLOADING MACHINERY, BY REGION, 2016–2019 (USD MILLION)
    5.10 PATENT ANALYSIS
           FIGURE 32 PATENT ANALYSIS RELATED TO SMART ELEVATOR MARKET
    5.11 STANDARDS AND REGULATORY LANDSCAPE
           5.11.1 STANDARDS FOR SAFETY AND ACCESSIBILITY IN EUROPE
           5.11.2 LIFT/ELEVATOR STANDARDS IN ASIA-PACIFIC (INDIA)
           5.11.3 LIFT/ELEVATOR STANDARDS IN AMERICA
           5.11.4 BACNET: COMMUNICATION PROTOCOL

6 SMART ELEVATOR MARKET, BY COMPONENT (Page No. - 73)
    6.1 INTRODUCTION
           FIGURE 33 SMART ELEVATOR MARKET, BY COMPONENT
           FIGURE 34 CONTROL SYSTEM TO LEAD MARKET
           TABLE 14 MARKET, BY COMPONENT, 2017–2020 (USD MILLION)
           TABLE 15 MARKET, BY COMPONENT, 2021–2026 (USD MILLION)
    6.2 CONTROL SYSTEMS
           6.2.1 INTEGRATION OF DESTINATION-ORIENTED TECHNOLOGY WITHIN ELEVATORS TO MINIMIZE RISING CONGESTION TO BOOST DEMAND FOR CONTROL SYSTEMS
                    TABLE 16 MARKET FOR CONTROL SYSTEM, BY TYPE, 2017–2020 (USD MILLION)
                    TABLE 17 SMART ELEVATOR MARKET FOR CONTROL SYSTEM, BY TYPE, 2021–2026 (USD MILLION)
           6.2.2 ELEVATOR CONTROL SYSTEMS
           6.2.3 SECURITY CONTROL SYSTEMS
                    TABLE 18 MARKET FOR SECURITY CONTROL SYSTEM, BY TYPE, 2017–2020 (USD MILLION)
                    TABLE 19 SMART ELEVATOR MARKET FOR SECURITY CONTROL SYSTEM, BY TYPE, 2021–2026 (USD MILLION)
                    6.2.3.1 Surveillance camera
                    6.2.3.2 Intruder camera system
                    6.2.3.3 Fire alarm system
                    6.2.3.4 Visitor management system
           6.2.4 ACCESS CONTROL SYSTEM
                    TABLE 20 SMART ELEVATOR MARKET FOR ACCESS CONTROL SYSTEM, BY TYPE, 2017–2020 (USD MILLION)
                    TABLE 21 MARKET FOR ACCESS CONTROL SYSTEM, BY TYPE, 2017–2020 (USD MILLION)
                    TABLE 22 MARKET FOR ACCESS CONTROL SYSTEM, BY APPLICATION, 2017–2020 (USD MILLION)
                    TABLE 23 MARKET FOR ACCESS CONTROL SYSTEM, BY APPLICATION, 2017–2020 (USD MILLION)
                    6.2.4.1 Biometrics access control systems
                               TABLE 24 MARKET FOR BIOMETRICS, BY APPLICATION, 2017–2020 (USD MILLION)
                               TABLE 25 MARKET FOR BIOMETRICS, BY APPLICATION, 2021–2026 (USD MILLION)
                    6.2.4.2 Card-based access control systems
                               TABLE 26 MARKET FOR CARD-BASED ACCESS CONTROL SYSTEM, BY APPLICATION, 2017–2020 (USD MILLION)
                               TABLE 27 SMART ELEVATOR MARKET FOR CARD-BASED ACCESS CONTROL SYSTEM, BY APPLICATION, 2021–2026 (USD MILLION)
                    6.2.4.3 Touch screen- & keypad-based access control systems
                               TABLE 28 MARKET FOR TOUCH SCREEN & KEYPAD, BY APPLICATION, 2017–2020 (USD MILLION)
                               TABLE 29 MARKET FOR TOUCH SCREEN & KEYPAD, BY APPLICATION, 2021–2026 (USD MILLION)
           6.2.5 SENSORS
                    TABLE 30 MARKET FOR SENSOR, BY TYPE, 2017–2020 (USD MILLION)
                    TABLE 31 MARKET FOR SENSOR, BY TYPE, 2021–2026 (USD MILLION)
    6.3 MAINTENANCE SYSTEM
           6.3.1 PREDICTIVE MAINTENANCE—NEW TREND IN ELEVATOR MARKET
    6.4 COMMUNICATION SYSTEM
           6.4.1 COMMUNICATION SYSTEMS INTEGRAL FOR DATA TRANSFER

7 SMART ELEVATOR MARKET, BY APPLICATION (Page No. - 83)
    7.1 INTRODUCTION
           FIGURE 35 SMART ELEVATOR MARKET, BY APPLICATION
           FIGURE 36 COMMERCIAL SEGMENT TO CONTINUE TO HOLD LARGEST SIZE OF MARKET DURING FORECAST PERIOD
           TABLE 32 MARKET, BY APPLICATION, 2017–2020 (USD MILLION)
           TABLE 33 MARKET, BY APPLICATION, 2021–2026 (USD MILLION)
    7.2 RESIDENTIAL
           7.2.1 GROWING HIGH-RISE RESIDENTIAL BUILDING CONSTRUCTION IS FUELING DEMAND FOR ENERGY-EFFICIENT ELEVATORS
                    TABLE 34 SMART ELEVATOR MARKET FOR RESIDENTIAL, BY SERVICE, 2017–2020 (USD MILLION)
                    TABLE 35 MARKET FOR RESIDENTIAL, BY SERVICE, 2021–2026 (USD MILLION)
                    TABLE 36 MARKET FOR RESIDENTIAL, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 37 MARKET FOR RESIDENTIAL, BY REGION, 2021–2026 (USD MILLION)
                    TABLE 38 MARKET FOR RESIDENTIAL APPLICATION IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD MILLION)
                    TABLE 39 MARKET FOR RESIDENTIAL APPLICATION IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION)
                    TABLE 40 SMART ELEVATOR MARKET FOR RESIDENTIAL APPLICATION IN EUROPE, BY COUNTRY, 2017–2020 (USD MILLION)
                    TABLE 41 MARKET FOR RESIDENTIAL APPLICATION IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION)
                    TABLE 42 MARKET FOR RESIDENTIAL APPLICATION IN ASIA PACIFIC, BY COUNTRY, 2017–2020 (USD MILLION)
                    TABLE 43 MARKET FOR RESIDENTIAL APPLICATION IN ASIA PACIFIC, BY COUNTRY, 2021–2026 (USD MILLION)
                    TABLE 44 MARKET FOR RESIDENTIAL APPLICATION IN ROW, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 45 SMART ELEVATOR MARKET FOR RESIDENTIAL APPLICATION IN ROW, BY REGION, 2021–2026 (USD MILLION)
    7.3 COMMERCIAL
           7.3.1 NEED TO OPTIMIZE TRAFFIC FLOW IN ELEVATORS IN COMMERCIAL SPACES TO RAISE DEMAND FOR SMART ELEVATORS
                    TABLE 46 MARKET FOR COMMERCIAL, BY SERVICE, 2017–2020 (USD MILLION)
                    TABLE 47 MARKET FOR COMMERCIAL, BY SERVICE, 2021–2026 (USD MILLION)
                    TABLE 48 MARKET FOR COMMERCIAL, BY END USER, 2017–2020 (USD MILLION)
                    TABLE 49 SMART ELEVATOR MARKET FOR COMMERCIAL, BY END USER, 2021–2026 (USD MILLION)
                    TABLE 50 MARKET FOR COMMERCIAL, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 51 MARKET FOR COMMERCIAL, BY REGION, 2021–2026 (USD MILLION)
                    TABLE 52 MARKET FOR COMMERCIAL APPLICATION IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD MILLION)
                    TABLE 53 SMART ELEVATOR MARKET FOR COMMERCIAL APPLICATIONS IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION)
                    TABLE 54 MARKET FOR COMMERCIAL APPLICATION IN EUROPE, BY COUNTRY, 2017–2020 (USD MILLION)
                    TABLE 55 MARKET FOR COMMERCIAL, BY EUROPEAN COUNTRY, 2021–2026 (USD MILLION)
                    TABLE 56 MARKET FOR COMMERCIAL APPLICATION IN ASIA PACIFIC, BY COUNTRY, 2017–2020 (USD MILLION)
                    TABLE 57 MARKET FOR COMMERCIAL APPLICATION IN ASIA PACIFIC BY COUNTRY, 2021–2026 (USD MILLION)
                    TABLE 58 SMART ELEVATOR MARKET FOR COMMERCIAL APPLICATION IN ROW, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 59 MARKET FOR COMMERCIAL APPLICATION IN ROW, BY REGION, 2021–2026 (USD MILLION)
    7.4 INSTITUTIONAL
           7.4.1 FOCUS ON ENERGY SAVING AND PASSENGER SECURITY ARE BOOSTING DEMAND FOR SMART ELEVATORS FOR INSTITUTIONAL APPLICATIONS
                    TABLE 60 MARKET FOR INSTITUTIONAL, BY SERVICE, 2017–2020 (USD MILLION)
                    TABLE 61 MARKET FOR INSTITUTIONAL, BY SERVICE, 2021–2026 (USD MILLION)
                    TABLE 62 MARKET FOR INSTITUTIONAL, BY END USER, 2017–2020 (USD MILLION)
                    TABLE 63 SMART ELEVATOR MARKET FOR INSTITUTIONAL, BY END USER, 2021–2026 (USD MILLION)
                    TABLE 64 MARKET FOR INSTITUTIONAL, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 65 MARKET FOR INSTITUTIONAL, BY REGION, 2021–2026 (USD MILLION)
                    TABLE 66 MARKET FOR INSTITUTIONAL APPLICATION IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD MILLION)
                    TABLE 67 MARKET FOR INSTITUTIONAL APPLICATION IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION)
                    TABLE 68 SMART ELEVATOR MARKET FOR INSTITUTIONAL APPLICATION IN EUROPE, BY COUNTRY, 2017–2020 (USD MILLION)
                    TABLE 69 MARKET FOR INSTITUTIONAL APPLICATION IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION)
                    TABLE 70 MARKET FOR INSTITUTIONAL APPLICATION IN ASIA PACIFIC, BY COUNTRY, 2017–2020 (USD MILLION)
                    TABLE 71 MARKET FOR INSTITUTIONAL APPLICATION IN ASIA PACIFIC, BY COUNTRY, 2021–2026 (USD MILLION)
                    TABLE 72 MARKET FOR INSTITUTIONAL APPLICATION IN ROW, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 73 SMART ELEVATOR MARKET FOR INSTITUTIONAL APPLICATION IN ROW, BY REGION, 2021–2026 (USD MILLION)
    7.5 INDUSTRIAL
           7.5.1 NEED TO INCREASE SAFETY QUOTIENT OF INDUSTRIAL OPERATIONS TO DRIVE DEMAND FOR SMART ELEVATORS
                    TABLE 74 MARKET FOR INDUSTRIAL, BY SERVICE, 2017–2020 (USD MILLION)
                    TABLE 75 MARKET FOR INDUSTRIAL, BY SERVICE, 2021–2026 (USD MILLION)
                    TABLE 76 MARKET FOR INDUSTRIAL, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 77 SMART ELEVATOR MARKET FOR INDUSTRIAL, BY REGION, 2021–2026 (USD MILLION)
                    TABLE 78 MARKET FOR INDUSTRIAL APPLICATION IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD MILLION)
                    TABLE 79 MARKET FOR INDUSTRIAL APPLICATION IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION)
                    TABLE 80 MARKET FOR INDUSTRIAL APPLICATION IN EUROPE, BY COUNTRY, 2017–2020 (USD MILLION)
                    TABLE 81 MARKET FOR INDUSTRIAL APPLICATION IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION)
                    TABLE 82 SMART ELEVATOR MARKET FOR INDUSTRIAL APPLICATION IN ASIA PACIFIC, BY COUNTRY, 2017–2020 (USD MILLION)
                    TABLE 83 MARKET FOR INDUSTRIAL APPLICATION IN ASIA PACIFIC, BY COUNTRY, 2021–2026 (USD MILLION)
                    TABLE 84 MARKET FOR INDUSTRIAL APPLICATION IN ROW, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 85 MARKET FOR INDUSTRIAL APPLICATIONS IN ROW, BY REGION, 2021–2026 (USD MILLION)

8 SMART ELEVATOR MARKET, BY SERVICE (Page No. - 102)
    8.1 INTRODUCTION
           FIGURE 37 SMART ELEVATOR MARKET, BY SERVICE
           FIGURE 38 NEW INSTALLATION DOMINATES MARKET
           TABLE 86 MARKET, BY SERVICE, 2017–2020 (USD MILLION)
           TABLE 87 MARKET, BY SERVICE, 2021–2026 (USD MILLION)
    8.2 NEW INSTALLATION
           8.2.1 NEW CONSTRUCTION ACTIVITIES IN EMERGING ECONOMIES TO BOOST MARKET GROWTH
                    TABLE 88 SMART ELEVATOR MARKET FOR NEW INSTALLATION, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 89 MARKET FOR NEW INSTALLATION, BY REGION, 2021–2026 (USD MILLION)
                    TABLE 90 MARKET FOR NEW INSTALLATION, BY APPLICATION, 2017–2020 (USD MILLION)
                    TABLE 91 MARKET FOR NEW INSTALLATION, BY APPLICATION, 2021–2026 (USD MILLION)
    8.3 MAINTENANCE
           8.3.1 INCORPORATION OF ADVANCED TECHNOLOGIES IN MAINTENANCE SOLUTIONS FOR REMOTE MONITORING OF ELEVATORS
                    TABLE 92 SMART ELEVATOR MARKET FOR MAINTENANCE, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 93 MARKET FOR MAINTENANCE, BY REGION, 2021–2026 (USD MILLION)
                    TABLE 94 MARKET FOR MAINTENANCE, BY APPLICATION, 2017–2020 (USD MILLION)
                    TABLE 95 MARKET FOR MAINTENANCE, BY APPLICATION, 2021–2026 (USD MILLION)
    8.4 RENOVATION
           8.4.1 IMPLEMENTATION OF SAFETY REGULATIONS IN ELEVATORS TO DRIVE MARKET
                    TABLE 96 SMART ELEVATOR MARKET FOR RENOVATION, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 97 MARKET FOR RENOVATION, BY REGION, 2021–2026 (USD MILLION)
                    TABLE 98 MARKET FOR RENOVATION, BY APPLICATION, 2017–2020 (USD MILLION)
                    TABLE 99 MARKET FOR RENOVATION, BY APPLICATION, 2021–2026 (USD MILLION)

9 GEOGRAPHIC ANALYSIS (Page No. - 109)
    9.1 INTRODUCTION
           FIGURE 39 SMART ELEVATOR MARKET, BY REGION
           FIGURE 40 APAC TO LEAD MARKET
           TABLE 100 MARKET, BY REGION, 2017–2020 (USD MILLION)
           TABLE 101 MARKET, BY REGION, 2021–2026 (USD MILLION)
    9.2 NORTH AMERICA
           FIGURE 41 NORTH AMERICA: SNAPSHOT OF MARKET
           TABLE 102 MARKET IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD MILLION)
           TABLE 103 MARKET IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION)
           TABLE 104 MARKET IN NORTH AMERICA, BY SERVICE, 2017–2020 (USD MILLION)
           TABLE 105 SMART ELEVATOR MARKET IN NORTH AMERICA, BY SERVICE, 2021–2026 (USD MILLION)
           TABLE 106 MARKET IN NORTH AMERICA, BY APPLICATION, 2017–2020 (USD MILLION)
           TABLE 107 MARKET IN NORTH AMERICA, BY APPLICATION, 2021–2026 (USD MILLION)
           9.2.1 US
                    9.2.1.1 US companies heavily investing in smart building measures
                               TABLE 108 MARKET IN US, BY APPLICATION, 2017–2020 (USD MILLION)
                               TABLE 109 MARKET IN US, BY APPLICATION, 2021–2026 (USD MILLION)
           9.2.2 CANADA
                    9.2.2.1 Investments in residential segment to hold growth opportunities
                               TABLE 110 MARKET IN CANADA, BY APPLICATION, 2017–2020 (USD MILLION)
                               TABLE 111 SMART ELEVATOR MARKET IN CANADA, BY APPLICATION, 2021–2026 (USD MILLION)
           9.2.3 MEXICO
                    9.2.3.1 Growth of commercial constructions to accelerate market growth
                               TABLE 112 MARKET IN MEXICO, BY APPLICATION, 2017–2020 (USD MILLION)
                               TABLE 113 MARKET IN MEXICO, BY APPLICATION, 2021–2026 (USD MILLION)
    9.3 EUROPE
           FIGURE 42 EUROPE: SNAPSHOT OF SMART ELEVATOR MARKET
           TABLE 114 MARKET IN EUROPE, BY COUNTRY, 2017–2020 (USD MILLION)
           TABLE 115 MARKET IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION)
           TABLE 116 MARKET IN EUROPE, BY SERVICE, 2017–2020 (USD MILLION)
           TABLE 117 MARKET IN EUROPE, BY SERVICE, 2021–2026 (USD MILLION)
           TABLE 118 SMART ELEVATOR MARKET IN EUROPE, BY APPLICATION, 2017–2020 (USD MILLION)
           TABLE 119 MARKET IN EUROPE, BY APPLICATION, 2021–2026 (USD MILLION)
           9.3.1 UK
                    9.3.1.1 Smart city initiatives to reduce carbon footprint
                               TABLE 120 MARKET IN UK, BY APPLICATION, 2017–2020 (USD MILLION)
                               TABLE 121 MARKET IN UK, BY APPLICATION, 2021–2026 (USD MILLION)
           9.3.2 GERMANY
                    9.3.2.1 Germany—dominant market for smart elevators in Europe
                               TABLE 122 MARKET IN GERMANY, BY APPLICATION, 2017–2020 (USD MILLION)
                               TABLE 123 MARKET IN GERMANY, BY APPLICATION, 2021–2026 (USD MILLION)
           9.3.3 FRANCE
                    9.3.3.1 Renovation projects in residential segment to spur growth
                               TABLE 124 SMART ELEVATOR MARKET IN FRANCE, BY APPLICATION, 2017–2020 (USD MILLION)
                               TABLE 125 MARKET IN FRANCE, BY APPLICATION, 2021–2026 (USD MILLION)
           9.3.4 ITALY
                    9.3.4.1 Launch of Smart Building Alliance to promote smart buildings
                               TABLE 126 MARKET IN ITALY, BY APPLICATION, 2017–2020 (USD MILLION)
                               TABLE 127 MARKET IN ITALY, BY APPLICATION, 2017–2020 (USD MILLION)
           9.3.5 REST OF EUROPE
    9.4 APAC
           FIGURE 43 APAC: SNAPSHOT OF SMART ELEVATOR MARKET
           TABLE 128 MARKET IN APAC, BY COUNTRY, 2017–2020 (USD MILLION)
           TABLE 129 MARKET IN APAC, BY COUNTRY, 2021–2026 (USD MILLION)
           TABLE 130 MARKET IN APAC, BY SERVICE, 2017–2020 (USD MILLION)
           TABLE 131 SMART ELEVATOR MARKET IN APAC, BY SERVICE, 2021–2026 (USD MILLION)
           TABLE 132 MARKET IN APAC, BY APPLICATION, 2017–2020 (USD MILLION)
           TABLE 133 MARKET IN APAC, BY APPLICATION, 2021–2026 (USD MILLION)
           9.4.1 CHINA
                    9.4.1.1 China to continue remaining dominant in APAC smart elevator market
                               TABLE 134 MARKET IN CHINA, BY APPLICATION, 2017–2020 (USD MILLION)
                               TABLE 135 MARKET IN CHINA, BY APPLICATION, 2021–2026 (USD MILLION)
           9.4.2 JAPAN
                    9.4.2.1 Surging adoption of smart technologies
                               TABLE 136 MARKET IN JAPAN, BY APPLICATION, 2017–2020 (USD MILLION)
                               TABLE 137 MARKET IN JAPAN, BY APPLICATION, 2021–2026 (USD MILLION)
           9.4.3 INDIA
                    9.4.3.1 Government initiatives for 100 smart cities to fuel growth
                               TABLE 138 MARKET IN INDIA, BY APPLICATION, 2017–2020 (USD MILLION)
                               TABLE 139 SMART ELEVATOR MARKET IN INDIA, BY APPLICATION, 2021–2026 (USD MILLION)
           9.4.4 SOUTH KOREA
                    9.4.4.1 Growing construction industry to offer opportunities for new installation of smart elevators
                               TABLE 140 MARKET IN SOUTH KOREA, BY APPLICATION, 2017–2020 (USD MILLION)
                               TABLE 141 MARKET IN AUSTRALIA, BY APPLICATION, 2021–2026 (USD MILLION)
           9.4.5 REST OF APAC
                    9.4.5.1 Australian government investments for smart cities to boost demand for smart elevators
    9.5 ROW
           TABLE 142 MARKET IN ROW, BY REGION, 2017–2020 (USD MILLION)
           TABLE 143 MARKET IN ROW, BY REGION, 2021–2026 (USD MILLION)
           TABLE 144 MARKET IN ROW, BY SERVICE, 2017–2020 (USD MILLION)
           TABLE 145 SMART ELEVATOR MARKET IN ROW, BY SERVICE, 2021–2026 (USD MILLION)
           TABLE 146 MARKET IN ROW, BY APPLICATION, 2017–2020 (USD MILLION)
           TABLE 147 MARKET IN ROW, BY APPLICATION, 2021–2026 (USD MILLION)
           9.5.1 MIDDLE EAST & AFRICA
                    TABLE 148 MARKET IN MIDDLE EAST & AFRICA, BY APPLICATION, 2017–2020 (USD MILLION)
                    TABLE 149 MARKET IN MIDDLE EAST & AFRICA, BY APPLICATION, 2021–2026 (USD MILLION)
           9.5.2 SOUTH AMERICA
                    TABLE 150 SMART ELEVATOR MARKET IN SOUTH AMERICA, BY APPLICATION, 2017–2020 (USD MILLION)
                    TABLE 151 MARKET IN SOUTH AMERICA, BY APPLICATION, 2021–2026 (USD MILLION)

10 COMPETITIVE LANDSCAPE (Page No. - 134)
     10.1 INTRODUCTION
     10.2 REVENUE ANALYSIS OF TOP 5 COMPANIES
               FIGURE 44 SMART ELEVATOR MARKET: MARKET SHARE ANALYSIS (2020)
     10.3 MARKET SHARE ANALYSIS OF TOP 5 PLAYERS, 2020
               TABLE 152 MARKET: DEGREE OF COMPETITION
     10.4 COMPETITIVE EVALUATION QUADRANT, 2020
             10.4.1 STAR
             10.4.2 PERVASIVE
             10.4.3 EMERGING LEADER
             10.4.4 PARTICIPANT
                       FIGURE 45 MARKET, COMPANY EVALUATION MATRIX, 2020
     10.5 STARTUP/SME EVALUATION QUADRANT, 2020
             10.5.1 PROGRESSIVE COMPANIES
             10.5.2 RESPONSIVE COMPANIES
             10.5.3 DYNAMIC COMPANIES
             10.5.4 STARTING BLOCKS
                       FIGURE 46 SMART ELEVATOR MARKET, STARTUP/SME EVALUATION QUADRANT, 2020
     10.6 MARKET: PRODUCT FOOTPRINT
               TABLE 153 COMPANY PRODUCT FOOTPRINT
               TABLE 154 COMPANY REGIONAL FOOTPRINT
               TABLE 155 COMPANY INDUSTRIAL FOOTPRINT
               TABLE 156 COMPANY APPLICATION FOOTPRINT
     10.7 COMPETITIVE SITUATIONS AND TRENDS
             10.7.1 PRODUCT LAUNCHES
                       TABLE 157 SMART ELEVATOR MARKET: PRODUCT LAUNCHES
             10.7.2 DEALS
                       TABLE 158 MARKET: DEALS

11 COMPANY PROFILES (Page No. - 147)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
     11.1 KEY PLAYERS
             11.1.1 OTIS ELEVATOR
                       TABLE 159 OTIS ELEVATOR: BUSINESS OVERVIEW
                       FIGURE 47 OTIS ELEVATOR: COMPANY SNAPSHOT
             11.1.2 KONE CORPORATION
                       TABLE 160 KONE CORPORATION: BUSINESS OVERVIEW
                       FIGURE 48 KONE CORPORATION: COMPANY SNAPSHOT
             11.1.3 SCHINDLER GROUP
                       TABLE 161 SCHINDLER GROUP: BUSINESS OVERVIEW
                       FIGURE 49 SCHINDLER GROUP: COMPANY SNAPSHOT
             11.1.4 THYSSENKRUPP AG
                       TABLE 162 THYSSENKRUPP AG: BUSINESS OVERVIEW
                       FIGURE 50 THYSSENKRUPP AG: COMPANY SNAPSHOT
             11.1.5 HITACHI LTD.
                       TABLE 163 HITACHI LTD: BUSINESS OVERVIEW
                       FIGURE 51 HITACHI LTD.: COMPANY SNAPSHOT
             11.1.6 HYUNDAI ELEVATORS CO., LTD.
                       TABLE 164 HYUNDAI ELEVATORS CO., LTD.: BUSINESS OVERVIEW
                       FIGURE 52 HYUNDAI ELEVATOR CO, LTD.: COMPANY SNAPSHOT
             11.1.7 MITSUBISHI ELECTRIC CORPORATION
                       TABLE 165 MITSUBISHI ELECTRIC CORPORATION: BUSINESS OVERVIEW
                       FIGURE 53 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT
             11.1.8 FUJITEC CO., LTD.
                       TABLE 166 FUJITEC CO.LTD: BUSINESS OVERVIEW
                       FIGURE 54 FUJITEC CO., LTD.: COMPANY SNAPSHOT
             11.1.9 TOSHIBA ELEVATORS AND BUILDING SYSTEMS CORPORATION
                       TABLE 167 TOSHIBA ELEVATORS AND BUILDING SYSTEMS CORPORATION: BUSINESS OVERVIEW
                       FIGURE 55 TOSHIBA ELEVATORS AND BUILDING SYSTEMS CORPORATION: COMPANY SNAPSHOT
             11.1.10 HONEYWELL
                       TABLE 168 HONEYWELL: BUSINESS OVERVIEW
                       FIGURE 56 HONEYWELL: COMPANY SNAPSHOT
     11.2 OTHER KEY PLAYERS
             11.2.1 MOTION CONTROL ENGINEERING
             11.2.2 THAMES VALLEY CONTROLS
             11.2.3 RIMROCK CORPORATION
             11.2.4 ROBUSTEL
             11.2.5 IBM
             11.2.6 ROBERT BOSCH GMBH
             11.2.7 LIFTINSIGHT
             11.2.8 KISI
             11.2.9 SICK AG
             11.2.10 PEPPERL +FUCHS
             11.2.11 KINTRONICS, INC
             11.2.12 OPENPATH SECURITY INC
             11.2.13 BRIVO
             11.2.14 SIGMA ELEVATOR COMPANY
             11.2.15 EMERALD ELEVATORS

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.

12 ADJACENT AND RELATED REPORT (Page No. - 179)
     12.1 BUILDING AUTOMATION SYSTEM
     12.2 INTRODUCTION
               FIGURE 57 BUILDING AUTOMATION SYSTEM MARKET, BY APPLICATION
               FIGURE 58 COMMERCIAL APPLICATION SEGMENT TO HOLD LARGEST SIZE OF BUILDING AUTOMATION SYSTEM MARKET FROM 2021 TO 2026
               TABLE 169 BUILDING AUTOMATION SYSTEM MARKET, BY APPLICATION, 2015–2020 (USD BILLION)
               TABLE 170 BUILDING AUTOMATION SYSTEM MARKET, BY APPLICATION, 2021–2026 (USD BILLION)
     12.3 RESIDENTIAL APPLICATIONS
             12.3.1 PREVALENCE OF SMART HOME AND SMART BUILDING TECHNOLOGIES IN RESIDENTIAL APPLICATIONS
             12.3.2 DIY HOME AUTOMATION
                       TABLE 171 BUILDING AUTOMATION SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY OFFERING, 2015–2020 (USD MILLION)
                       TABLE 172 BUILDING AUTOMATION SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY OFFERING, 2021–2026 (USD MILLION)
                       TABLE 173 BUILDING AUTOMATION SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY REGION, 2015–2020 (USD BILLION)
                       TABLE 174 BUILDING AUTOMATION SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY REGION, 2021–2026 (USD BILLION)
     12.4 COMMERCIAL APPLICATIONS
             12.4.1 EMERGENCE OF OFFICE BUILDINGS AS PROMINENT COMMERCIAL END USERS OF BUILDING AUTOMATION SYSTEMS
             12.4.2 OFFICE BUILDINGS
             12.4.3 RETAIL AND PUBLIC ASSEMBLY BUILDINGS
             12.4.4 HOSPITALS AND HEALTHCARE FACILITIES
             12.4.5 AIRPORTS AND RAILWAY STATIONS
                       TABLE 175 BUILDING AUTOMATION SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY OFFERING, 2015–2020 (USD MILLION)
                       TABLE 176 BUILDING AUTOMATION SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY OFFERING, 2021–2026 (USD MILLION)
                       TABLE 177 BUILDING AUTOMATION SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY REGION, 2015–2020 (USD BILLION)
                       TABLE 178 BUILDING AUTOMATION SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY REGION, 2021–2026 (USD BILLION)
     12.5 INDUSTRIAL APPLICATION
             12.5.1 INCREASED ADOPTION OF SMART BUILDING SOLUTIONS IN MANUFACTURING FACILITIES TO ACHIEVE ENERGY AND COST SAVINGS
                       TABLE 179 BUILDING AUTOMATION SYSTEM MARKET FOR INDUSTRIAL APPLICATION, BY OFFERING, 2015–2020 (USD MILLION)
                       TABLE 180 BUILDING AUTOMATION SYSTEM MARKET FOR INDUSTRIAL APPLICATION, BY OFFERING, 2021–2026 (USD MILLION)
                       TABLE 181 BUILDING AUTOMATION SYSTEM MARKET FOR INDUSTRIAL APPLICATION, BY REGION, 2015–2020 (USD BILLION)
                       TABLE 182 BUILDING AUTOMATION SYSTEM MARKET FOR INDUSTRIAL APPLICATION, BY REGION, 2021–2026 (USD BILLION)

13 APPENDIX (Page No. - 188)
     13.1 INSIGHTS OF INDUSTRY EXPERTS
     13.2 DISCUSSION GUIDE
     13.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     13.4 AVAILABLE CUSTOMIZATIONS
     13.5 RELATED REPORTS
     13.6 AUTHOR DETAILS

The study involves four major activities for estimating the size of the smart elevator market. Exhaustive secondary research has been conducted to collect information related to the market. The next step has been the validation of these findings, assumptions, and sizing with the industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the overall size of the smart elevator market. After that, market breakdown and data triangulation procedures have been used to determine the extent of different segments and subsegments of the market.

Secondary Research

Secondary sources referred to in this research study include corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers, certified publications, articles from recognized authors; directories; and databases. The secondary data has been collected and analyzed to arrive at the overall market size estimations, which have been further validated by primary research.

Primary Research

In the primary research process, a number of primary sources from both supply and demand sides have been interviewed to obtain the qualitative and quantitative information pertaining to this report. Several primary interviews have been conducted with market experts from both demand and supply sides (smart elevator manufacturers and distributors). This primary data has been collected through questionnaires, emails, and telephonic interviews. Approximately 40% of the primary interviews have been conducted with the demand side and 60% with the supply side. This primary data has been collected mainly through telephonic interviews, which accounted for 70% of the total primary interviews. Additionally, questionnaires and emails were used to collect the data.

Smart Elevator Market  Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

In the complete market engineering process, both top-down and bottom-up approaches have been implemented, along with several data triangulation methods, to estimate and validate the size of the smart elevator market and other dependent submarkets listed in this report.

  • The key players in the industry and markets have been identified through extensive secondary research.
  • Both the supply chain of the industry and the market size, in terms of value has been determined through primary and secondary research.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size, the total market has been split into several segments. To complete the overall market engineering process and arrive at exact statistics for all segments, the market breakdown and data triangulation procedures have been employed wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.

Study Objectives:

  • To describe and forecast the smart elevator market by component, application, services, and region, in terms of value
  • To forecast the market with respect to 4 main regions: North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW), in terms of value
  • To provide detailed information regarding the major factors, namely, drivers, restraints, opportunities, and challenges, influencing the growth of the market
  • To study and analyze the influence of COVID-19 on the smart elevator market during the forecast period
  • To analyze the competitive intelligence of players on the basis of company profiles, key growth strategies, and game-changing developments, such as product launches, product developments, partnership, agreement, and acquisitions
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market
  • To strategically profile key players, comprehensively analyze their market share and core competencies, and provide the competitive landscape of the market

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company's specific needs. The following customization options are available for this report:

  • Detailed analysis and profiling of additional market players (Up to 5)
COVID-19

Get in-depth analysis of the COVID-19 impact on the Smart Elevator Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Smart Elevator Market

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