HOME Research Insight The Smart Elevator is an Emerging Technology that eliminates the use of Traditional Systems and Components Used for Elevator Operations

The Smart Elevator is an Emerging Technology that eliminates the use of Traditional Systems and Components Used for Elevator Operations

The smart elevator is an emerging technology that eliminates the use of traditional systems and components used for elevator operations. The smart elevator system use technologically advanced hardware and software system for elevator control and also for maintenance. The smart elevator market is expected to grow from USD 9.54 Billion in 2015 to USD 26.69 Billion by 2022, at a CAGR of 15.6% between 2016 and 2022. The rapid urbanization, increase in high-rise buildings, and increasing adoption of wireless technology, and need for intelligent vertical transport system are the key factors that drive the growth of this market. The key players in smart elevator market are ThyssenKrupp AG (Germany), KONE Corporation (Finland), Otis Elevator Company (U.S.), Schindler Group (Switzerland), Mitsubishi Electric Corporation (Japan). These players have adopted various strategies such as mergers and acquisitions, partnerships, agreements, new product developments, and contracts to achieve growth in the global smart elevator market.

The major company in the smart elevator market is Otis Elevator Company (U.S.). The company is a subsidiary firm of United Technologies Corporation (U.S). The company used organic as well as inorganic growth strategies to excel in this market. For instance, in September 2015, Otis acquired the local service business of ThyssenKrupp Elevators (South Africa). This development gave the company access to the developed customer base of ThyssenKrupp and expanding its service capabilities in the region. In June 2015, Otis integrated its CompassPlus destination management system with the security system of Lenel Systems International Inc. (U.S.) which manages passenger access and travel throughout a building.  This joint product launch helped Otis in enhancing the security and access in its smart elevator system.

ThyssenKrupp Elevator AG is a German company with its services across the world. The company is a major player in the smart elevators market. ThyssenKrupp offers advanced dispatching system called Destination Dispatch that sorts and directs people to the elevator and allows them to reach their destination in the shortest possible time. ThyssenKrupp relied on its R&D capabilities to ensure its growth in the smart elevator market. In October 2015, ThyssenKrupp in collaboration with Microsoft Corporation (U.S.) launched MAX, an IoT-enabled predictive maintenance solution for elevators. MAX use Microsoft Azure IoT technology and provide real-time elevator data to service technicians. In addition to this, the company has also succeeded in expanding into high potential markets, for instance, in August 2015, ThyssenKrupp elevators increased its share in the joint venture with Marohn Elevator Co., Ltd. (China) from 25% to 51%. With this investment, the company is expected to build a strong customer base in China with local expertise of Marohn.

Related Reports:

Smart Elevator Market by Component (Control System, Maintenance System, Communication System), Services (New Installation, Modernization, Maintenance), Application and Geography - Global Forecast to 2022

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