Leading Companies in Global Elevators Market Leveraging IoT and Emerging Green Building Trend to Establish Stronghold across Developing Nations
Escalators and elevators are considered integral to the urban landscape, and are installed across various public and private places such as IT parks, hotels, retail outlets, residential and commercial buildings, restaurants, and others. The vendors operating in the global elevator market are competing on the basis of modernization, installation, and maintenance services for establishing stronghold in the market.
Rapid urbanization and the increasing geriatric population, combined with the modernization of the existing elevators are the primary factors responsible behind the strong growth of the global elevators market. According to Transparency Market Research, the global elevators market is poised to exhibit a CAGR of 7.4% between 2016 and 2023. Expanding at this pace, the market is likely to reach US$330.45 bn by the end of 2023. It had a valuation of US$181.50 bn in 2015.
Q: What potential does the green building trend holds for the global elevators market?
A: The emerging trend of green building is boosting the installation of energy-efficient elevators around the world. Considering this, as commercial and residential buildings worldwide become more intelligent, the demand for efficient elevator and escalator systems will continue rising, thereby driving down costs incurred on maintaining building operations. The technological advancements will allow people travel further and more efficiently without physically tiring themselves.
Furthermore, with leading players in the market operating new technologies such as coated steel belts, intended to enable easy replacement of conventional cable ropes thus allowing more efficient operations. The conjunct effect of these drivers together is set to augment the growth of the global elevators market over the next few years.
Q: Which companies have established dominance in the market?
A: Otis Elevator Company, KONE Corporation, Schindler Holding Ltd., ThyssenKrupp AG, and Fujitec Co. Ltd. dominated the global elevators market, with a share of 75%. The dominance of these companies can be attributed to the global presence and the huge fund they direct towards technological developments. With the presence of highly potential smart elevators sector, will enable these companies maintain their lead through the forthcoming years.
Furthermore, among the conventional and smart elevators, the companies are projected to focus more on the latter, for innovating technologies making escalators more efficient.
Q: What strategies are leading companies adopting to establish their presence across Asia Pacific?
Experts project the prominent enterprises in the market to focus more on emerging economies in Asia Pacific, considering the robust development in the construction industries across these nations. Rapid urbanization, expansion of the hospitality sector, and the increasing geriatric population have been fuelling demand for elevators in Asia Pacific. The market is witnessing lucrative opportunities in India, China, and Japan.
Leading companies are leaving no stone unturned to capitalize on opportunities existing across these countries. Recently, as on September 2016, Otis Elevator own a contract to provide 169 elevators for Xiamen International Trade Group’s high-end residential projects. Huawei is, on the other hand, looking to leverage the cloud technology and architecture to share resources more effectively. At a recent conference, the company declared its collaboration with Schindler Group to co-produce and design smart elevators tapping the IoT technology.
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With the world IoT industry expected to be worth a few hundred billion dollars by the next four to five years, the leading companies are seeking to integrate the latest cloud technologies to capitalize on opportunities across China, Japan, Singapore, India, and other Asia Pacific nations.