PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1453882
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1453882
Energy Efficient Elevators Market Forecasts to 2030 - Global Analysis By Control System, Automation System, End User and By Geography
According to Stratistics MRC, the Global Energy Efficient Elevators Market is growing at a CAGR of 17.14% during the forecast period. Energy-efficient elevators utilize various technologies and design strategies to minimize energy consumption while maintaining performance. These elevators often incorporate regenerative drives, which capture and reuse energy generated during braking. Additionally, they feature LED lighting, efficient motors, and advanced control systems to optimize energy usage based on demand patterns. Furthermore, energy-efficient elevators employ smart dispatching algorithms to reduce unnecessary trips and idle time, further conserving energy. Enhanced insulation and materials also contribute to minimizing energy loss within the elevator shaft.
According to the Institute of Energy Economics and the Rational Use of Energy, about 75% of the current energy generation capacity is expected to be replaced by 2030. According to European Lift Association statistics, every year 115 lifts are being installed in Europe and major market share is claimed by residential buildings accounting to 64%, followed by 14% in office infrastructures.
Market Dynamics:
Driver:
Cost savings
These elevators utilize advanced technologies like regenerative drives, LED lighting, and efficient motor systems to reduce energy consumption significantly. By consuming less power, they translate into lower electricity bills for building owners over the elevator's lifespan. Energy-efficient elevators often require less maintenance due to their advanced components, leading to reduced operational costs. Moreover, as governments and organizations increasingly prioritize sustainability, energy-efficient elevators may qualify for rebates and incentives, further enhancing cost savings for purchasers.
Restraint:
Compatibility and retrofitting challenges
Existing buildings may not be structurally or technologically prepared for the installation of energy-efficient elevator systems, leading to compatibility issues. Retrofitting older buildings with these systems can be complex and costly, often requiring modifications to the building's infrastructure. Additionally, compatibility issues may arise due to the need to integrate new energy-efficient elevator technology with existing building management systems. Overcoming these challenges requires careful planning, engineering expertise, and sometimes substantial investment.
Opportunity:
Growing urbanization
As cities expand vertically to accommodate increasing populations, the demand for elevators surges. Energy-efficient elevators offer a compelling solution to address the rising energy consumption associated with urbanization while meeting sustainability goals. With stricter regulations and a growing focus on environmental consciousness, building owners and developers are increasingly opting for energy-efficient elevator systems to reduce operating costs and carbon footprints. This trend creates a conducive environment for market growth; with innovations in elevator technology further driving adoption.
Threat:
Lack of awareness or education
Many consumers and businesses may not fully understand the benefits of energy-efficient elevators or may be unaware of the latest technological advancements in this field. This lack of awareness can result in a reluctance to invest in these eco-friendly solutions, leading to slower adoption rates. Without proper education initiatives, potential customers may continue to opt for conventional elevator systems, which could impede the growth of the energy-efficient elevator market and hinder efforts to reduce energy consumption in the building sector. Thus, addressing this knowledge gap through targeted awareness campaigns and educational programs is crucial to fostering greater acceptance and uptake of energy-efficient elevator technologies.
Covid-19 Impact:
With a heightened emphasis on hygiene and social distancing, there's been a shift towards touchless technologies and increased ventilation in elevator systems, affecting the demand for energy-efficient models. However, economic uncertainties and reduced construction activities during lockdowns have slowed down the adoption of these elevators. Additionally, remote working trends have decreased the usage of office buildings, impacting the need for elevator upgrades. Nevertheless, as businesses reopen and sustainability remains a priority, the market is expected to gradually recover with a renewed focus on energy efficiency and advanced technologies in elevator designs.
The access control system segment is expected to be the largest during the forecast period
The Access Control System segment is experiencing notable growth. This surge can be attributed to the increasing emphasis on enhancing building security and optimizing energy consumption. Access control systems provide sophisticated methods for managing elevator usage, ensuring authorized personnel have seamless access while preventing unauthorized entry. As buildings strive for improved efficiency and security measures, demand for integrated access control systems within elevators rises. Additionally, advancements in technology have led to the integration of energy-saving features into these systems.
The sensors and controllers segment is expected to have the highest CAGR during the forecast period
The sensors and controllers segment is experiencing robust growth driven by advancements in sensor technology, enabling elevators to efficiently monitor and adjust their operations based on factors such as passenger load, traffic patterns, and environmental conditions. The integration of smart controllers allows for precise control over elevator functions, optimizing energy usage and reducing operating costs. Additionally, as buildings worldwide strive for greater energy efficiency and sustainability, demand for elevators equipped with sophisticated sensors and controllers continue to rise.
Region with largest share:
North American region has witnessed significant growth due to several factors, such as increasing awareness of environmental sustainability, stringent regulations promoting energy efficiency, and rising demand for smart building solutions. Advancements in elevator technology, including regenerative drives and energy-efficient materials, have further fueled market growth. Moreover, the push towards sustainable infrastructure and green building initiatives has prompted many businesses and organizations to opt for energy-efficient elevator solutions. Furthermore, as urbanization continues to drive construction activities, the adoption of energy-efficient elevators is expected to rise steadily across North America.
Region with highest CAGR:
The Asia-Pacific region has seen significant growth due to rapid urbanization leading to increased demand for tall buildings and skyscrapers, driving the need for more energy-efficient vertical transportation solutions. Rising awareness about environmental sustainability and government initiatives promoting energy-efficient technologies have further propelled market growth. Technological advancements such as regenerative drives and energy-efficient materials have made elevators more energy-efficient, appealing to developers and building owners. Additionally, the region's focus on green building standards and energy conservation has also contributed to the adoption of energy-efficient elevators.
Key players in the market
Some of the key players in Energy Efficient Elevators market include Fujitec Co. Ltd, Hitachi Ltd, Honeywell international , Hyundai elevators Co. Ltd, KONE, Mitsubishi Electric Corporation, OTIS Elevator Company, Schindler group and Thyssen Elevators Co. Ltd.
Key Developments:
In December 2023, Kone Elevator India will start manufacturing escalators in India from the first half of 2024 as part of its expansion programme. Till now, Kone India used to import escalators from China and Finland and then assemble them. But now to support the Make In India initiative, the company will start manufacturing and assembling them locally for the domestic market.
In October 2023, Red Sea Global, the developer behind the world's most ambitious regenerative tourism destinations, The Red Sea and AMAALA, has awarded Elevator Systems Contracting Company - Hyundai Elevators, multiple contracts for supplying and installing elevators at several prestigious resorts in Triple Bay at AMAALA.
Control Systems Covered:
- Elevator Control System
- Access Control System
- Other Control Systems
Automation Systems Covered:
- Motors and Drivers
- Building Management Systems
- Sensors and Controllers
- Other Automation Systems
End Users Covered:
- Commercial
- Residential
- Industrial
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 End User Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Energy Efficient Elevators Market, By Control System
- 5.1 Introduction
- 5.2 Elevator Control System
- 5.3 Access Control System
- 5.3.1 Biometric Access Control Solutions
- 5.3.2 Card-based Access Control Systems
- 5.3.3 Keypad-based Access Control Systems
- 5.4 Other Control Systems
6 Global Energy Efficient Elevators Market, By Automation System
- 6.1 Introduction
- 6.2 Motors and Drivers
- 6.3 Building Management Systems
- 6.4 Sensors and Controllers
- 6.5 Other Automation Systems
7 Global Energy Efficient Elevators Market, By End User
- 7.1 Introduction
- 7.2 Commercial
- 7.3 Residential
- 7.4 Industrial
- 7.5 Other End Users
8 Global Energy Efficient Elevators Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Fujitec Co. Ltd
- 10.2 Hitachi Ltd
- 10.3 Honeywell international
- 10.4 Hyundai elevators Co. Ltd
- 10.5 KONE
- 10.6 Mitsubishi Electric Corporation
- 10.7 OTIS Elevator Company
- 10.8 Schindler group
- 10.9 Thyssen Elevators Co. Ltd
List of Tables
- Table 1 Global Energy Efficient Elevators Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Energy Efficient Elevators Market Outlook, By Control System (2021-2030) ($MN)
- Table 3 Global Energy Efficient Elevators Market Outlook, By Elevator Control System (2021-2030) ($MN)
- Table 4 Global Energy Efficient Elevators Market Outlook, By Access Control System (2021-2030) ($MN)
- Table 5 Global Energy Efficient Elevators Market Outlook, By Biometric Access Control Solutions (2021-2030) ($MN)
- Table 6 Global Energy Efficient Elevators Market Outlook, By Card-based Access Control Systems (2021-2030) ($MN)
- Table 7 Global Energy Efficient Elevators Market Outlook, By Keypad-based Access Control Systems (2021-2030) ($MN)
- Table 8 Global Energy Efficient Elevators Market Outlook, By Other Control Systems (2021-2030) ($MN)
- Table 9 Global Energy Efficient Elevators Market Outlook, By Automation System (2021-2030) ($MN)
- Table 10 Global Energy Efficient Elevators Market Outlook, By Motors and Drivers (2021-2030) ($MN)
- Table 11 Global Energy Efficient Elevators Market Outlook, By Building Management Systems (2021-2030) ($MN)
- Table 12 Global Energy Efficient Elevators Market Outlook, By Sensors and Controllers (2021-2030) ($MN)
- Table 13 Global Energy Efficient Elevators Market Outlook, By Other Automation Systems (2021-2030) ($MN)
- Table 14 Global Energy Efficient Elevators Market Outlook, By End User (2021-2030) ($MN)
- Table 15 Global Energy Efficient Elevators Market Outlook, By Commercial (2021-2030) ($MN)
- Table 16 Global Energy Efficient Elevators Market Outlook, By Residential (2021-2030) ($MN)
- Table 17 Global Energy Efficient Elevators Market Outlook, By Industrial (2021-2030) ($MN)
- Table 18 Global Energy Efficient Elevators Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 19 North America Energy Efficient Elevators Market Outlook, By Country (2021-2030) ($MN)
- Table 20 North America Energy Efficient Elevators Market Outlook, By Control System (2021-2030) ($MN)
- Table 21 North America Energy Efficient Elevators Market Outlook, By Elevator Control System (2021-2030) ($MN)
- Table 22 North America Energy Efficient Elevators Market Outlook, By Access Control System (2021-2030) ($MN)
- Table 23 North America Energy Efficient Elevators Market Outlook, By Biometric Access Control Solutions (2021-2030) ($MN)
- Table 24 North America Energy Efficient Elevators Market Outlook, By Card-based Access Control Systems (2021-2030) ($MN)
- Table 25 North America Energy Efficient Elevators Market Outlook, By Keypad-based Access Control Systems (2021-2030) ($MN)
- Table 26 North America Energy Efficient Elevators Market Outlook, By Other Control Systems (2021-2030) ($MN)
- Table 27 North America Energy Efficient Elevators Market Outlook, By Automation System (2021-2030) ($MN)
- Table 28 North America Energy Efficient Elevators Market Outlook, By Motors and Drivers (2021-2030) ($MN)
- Table 29 North America Energy Efficient Elevators Market Outlook, By Building Management Systems (2021-2030) ($MN)
- Table 30 North America Energy Efficient Elevators Market Outlook, By Sensors and Controllers (2021-2030) ($MN)
- Table 31 North America Energy Efficient Elevators Market Outlook, By Other Automation Systems (2021-2030) ($MN)
- Table 32 North America Energy Efficient Elevators Market Outlook, By End User (2021-2030) ($MN)
- Table 33 North America Energy Efficient Elevators Market Outlook, By Commercial (2021-2030) ($MN)
- Table 34 North America Energy Efficient Elevators Market Outlook, By Residential (2021-2030) ($MN)
- Table 35 North America Energy Efficient Elevators Market Outlook, By Industrial (2021-2030) ($MN)
- Table 36 North America Energy Efficient Elevators Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 37 Europe Energy Efficient Elevators Market Outlook, By Country (2021-2030) ($MN)
- Table 38 Europe Energy Efficient Elevators Market Outlook, By Control System (2021-2030) ($MN)
- Table 39 Europe Energy Efficient Elevators Market Outlook, By Elevator Control System (2021-2030) ($MN)
- Table 40 Europe Energy Efficient Elevators Market Outlook, By Access Control System (2021-2030) ($MN)
- Table 41 Europe Energy Efficient Elevators Market Outlook, By Biometric Access Control Solutions (2021-2030) ($MN)
- Table 42 Europe Energy Efficient Elevators Market Outlook, By Card-based Access Control Systems (2021-2030) ($MN)
- Table 43 Europe Energy Efficient Elevators Market Outlook, By Keypad-based Access Control Systems (2021-2030) ($MN)
- Table 44 Europe Energy Efficient Elevators Market Outlook, By Other Control Systems (2021-2030) ($MN)
- Table 45 Europe Energy Efficient Elevators Market Outlook, By Automation System (2021-2030) ($MN)
- Table 46 Europe Energy Efficient Elevators Market Outlook, By Motors and Drivers (2021-2030) ($MN)
- Table 47 Europe Energy Efficient Elevators Market Outlook, By Building Management Systems (2021-2030) ($MN)
- Table 48 Europe Energy Efficient Elevators Market Outlook, By Sensors and Controllers (2021-2030) ($MN)
- Table 49 Europe Energy Efficient Elevators Market Outlook, By Other Automation Systems (2021-2030) ($MN)
- Table 50 Europe Energy Efficient Elevators Market Outlook, By End User (2021-2030) ($MN)
- Table 51 Europe Energy Efficient Elevators Market Outlook, By Commercial (2021-2030) ($MN)
- Table 52 Europe Energy Efficient Elevators Market Outlook, By Residential (2021-2030) ($MN)
- Table 53 Europe Energy Efficient Elevators Market Outlook, By Industrial (2021-2030) ($MN)
- Table 54 Europe Energy Efficient Elevators Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 55 Asia Pacific Energy Efficient Elevators Market Outlook, By Country (2021-2030) ($MN)
- Table 56 Asia Pacific Energy Efficient Elevators Market Outlook, By Control System (2021-2030) ($MN)
- Table 57 Asia Pacific Energy Efficient Elevators Market Outlook, By Elevator Control System (2021-2030) ($MN)
- Table 58 Asia Pacific Energy Efficient Elevators Market Outlook, By Access Control System (2021-2030) ($MN)
- Table 59 Asia Pacific Energy Efficient Elevators Market Outlook, By Biometric Access Control Solutions (2021-2030) ($MN)
- Table 60 Asia Pacific Energy Efficient Elevators Market Outlook, By Card-based Access Control Systems (2021-2030) ($MN)
- Table 61 Asia Pacific Energy Efficient Elevators Market Outlook, By Keypad-based Access Control Systems (2021-2030) ($MN)
- Table 62 Asia Pacific Energy Efficient Elevators Market Outlook, By Other Control Systems (2021-2030) ($MN)
- Table 63 Asia Pacific Energy Efficient Elevators Market Outlook, By Automation System (2021-2030) ($MN)
- Table 64 Asia Pacific Energy Efficient Elevators Market Outlook, By Motors and Drivers (2021-2030) ($MN)
- Table 65 Asia Pacific Energy Efficient Elevators Market Outlook, By Building Management Systems (2021-2030) ($MN)
- Table 66 Asia Pacific Energy Efficient Elevators Market Outlook, By Sensors and Controllers (2021-2030) ($MN)
- Table 67 Asia Pacific Energy Efficient Elevators Market Outlook, By Other Automation Systems (2021-2030) ($MN)
- Table 68 Asia Pacific Energy Efficient Elevators Market Outlook, By End User (2021-2030) ($MN)
- Table 69 Asia Pacific Energy Efficient Elevators Market Outlook, By Commercial (2021-2030) ($MN)
- Table 70 Asia Pacific Energy Efficient Elevators Market Outlook, By Residential (2021-2030) ($MN)
- Table 71 Asia Pacific Energy Efficient Elevators Market Outlook, By Industrial (2021-2030) ($MN)
- Table 72 Asia Pacific Energy Efficient Elevators Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 73 South America Energy Efficient Elevators Market Outlook, By Country (2021-2030) ($MN)
- Table 74 South America Energy Efficient Elevators Market Outlook, By Control System (2021-2030) ($MN)
- Table 75 South America Energy Efficient Elevators Market Outlook, By Elevator Control System (2021-2030) ($MN)
- Table 76 South America Energy Efficient Elevators Market Outlook, By Access Control System (2021-2030) ($MN)
- Table 77 South America Energy Efficient Elevators Market Outlook, By Biometric Access Control Solutions (2021-2030) ($MN)
- Table 78 South America Energy Efficient Elevators Market Outlook, By Card-based Access Control Systems (2021-2030) ($MN)
- Table 79 South America Energy Efficient Elevators Market Outlook, By Keypad-based Access Control Systems (2021-2030) ($MN)
- Table 80 South America Energy Efficient Elevators Market Outlook, By Other Control Systems (2021-2030) ($MN)
- Table 81 South America Energy Efficient Elevators Market Outlook, By Automation System (2021-2030) ($MN)
- Table 82 South America Energy Efficient Elevators Market Outlook, By Motors and Drivers (2021-2030) ($MN)
- Table 83 South America Energy Efficient Elevators Market Outlook, By Building Management Systems (2021-2030) ($MN)
- Table 84 South America Energy Efficient Elevators Market Outlook, By Sensors and Controllers (2021-2030) ($MN)
- Table 85 South America Energy Efficient Elevators Market Outlook, By Other Automation Systems (2021-2030) ($MN)
- Table 86 South America Energy Efficient Elevators Market Outlook, By End User (2021-2030) ($MN)
- Table 87 South America Energy Efficient Elevators Market Outlook, By Commercial (2021-2030) ($MN)
- Table 88 South America Energy Efficient Elevators Market Outlook, By Residential (2021-2030) ($MN)
- Table 89 South America Energy Efficient Elevators Market Outlook, By Industrial (2021-2030) ($MN)
- Table 90 South America Energy Efficient Elevators Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 91 Middle East & Africa Energy Efficient Elevators Market Outlook, By Country (2021-2030) ($MN)
- Table 92 Middle East & Africa Energy Efficient Elevators Market Outlook, By Control System (2021-2030) ($MN)
- Table 93 Middle East & Africa Energy Efficient Elevators Market Outlook, By Elevator Control System (2021-2030) ($MN)
- Table 94 Middle East & Africa Energy Efficient Elevators Market Outlook, By Access Control System (2021-2030) ($MN)
- Table 95 Middle East & Africa Energy Efficient Elevators Market Outlook, By Biometric Access Control Solutions (2021-2030) ($MN)
- Table 96 Middle East & Africa Energy Efficient Elevators Market Outlook, By Card-based Access Control Systems (2021-2030) ($MN)
- Table 97 Middle East & Africa Energy Efficient Elevators Market Outlook, By Keypad-based Access Control Systems (2021-2030) ($MN)
- Table 98 Middle East & Africa Energy Efficient Elevators Market Outlook, By Other Control Systems (2021-2030) ($MN)
- Table 99 Middle East & Africa Energy Efficient Elevators Market Outlook, By Automation System (2021-2030) ($MN)
- Table 100 Middle East & Africa Energy Efficient Elevators Market Outlook, By Motors and Drivers (2021-2030) ($MN)
- Table 101 Middle East & Africa Energy Efficient Elevators Market Outlook, By Building Management Systems (2021-2030) ($MN)
- Table 102 Middle East & Africa Energy Efficient Elevators Market Outlook, By Sensors and Controllers (2021-2030) ($MN)
- Table 103 Middle East & Africa Energy Efficient Elevators Market Outlook, By Other Automation Systems (2021-2030) ($MN)
- Table 104 Middle East & Africa Energy Efficient Elevators Market Outlook, By End User (2021-2030) ($MN)
- Table 105 Middle East & Africa Energy Efficient Elevators Market Outlook, By Commercial (2021-2030) ($MN)
- Table 106 Middle East & Africa Energy Efficient Elevators Market Outlook, By Residential (2021-2030) ($MN)
- Table 107 Middle East & Africa Energy Efficient Elevators Market Outlook, By Industrial (2021-2030) ($MN)
- Table 108 Middle East & Africa Energy Efficient Elevators Market Outlook, By Other End Users (2021-2030) ($MN)
