Pune, Maharashtra -- (SBWIRE) -- 06/24/2019 -- Adoption of electronic devices not only enhances convenience but also improves lifestyle of consumers, which has further resulted into the concept of smart homes. In addition, smart buildings are witnessing a tremendous surge in prevalence, with the rise in development of smart cities. Rising integration of essential building equipment and systems with artificial intelligence (AI) has further proliferated demand for smart buildings in developed and developing countries. Various governments across the globe are focusing on funding smart cities projects, which in turn is expected to influence demand for equipment such as elevators. Elevator manufacturers across the globe are increasingly being encouraged to incorporate internet of things (IoT) in elevator systems, which will improve the service by lowering downtimes and enhancing the efficiency. It will further enable real-time remote monitoring and actionable analytics. Integration of IoT into elevators is considered to be one of the latest trends in the elevators industry, and such elevator systems are likely to gain immense traction globally in the near future.

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Emergence of Net-Zero Elevators to Influence the Market Expansion

Commercial builders are currently more focused than ever toward creation of energy-efficient structures to cater highest environmental benchmarks, while sustaining in the test of time. Elevators significantly contribute to energy consumption in a residential as well as commercial buildings, accounting for over 10% of total energy consumed. However, after decades of machine and technology advancements, modern elevators being developed comparatively consume lesser energy. In addition, the concept of a net-zero elevators is likely to gain immense traction in residential as well as commercial sectors in the upcoming years. As a net-zero building produces only the amount of energy that is required by the structure, implementing a net-zero elevator commences with the emphasis on improving solar footprint. Infrastructure developers are therefore increasingly focusing on incorporating solar panels within the elevator shaft's footprint, making it cost-effective and more practical. Another imperative factor gaining attraction of builders is inclusion of microprocessor controls in a net-zero elevator, to reduce energy losses as well as the amount of energy consumed by implementing more integrated circuits in every area of printed circuit boards

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Key Projections on Future of Elevators Market for Forecast Period 2017-2026

According to the report, 59,721 units were sold in 2017, and by the end of forecast period, this number is scheduled to reach 138,326 units.
North America will continue to be the largest market for elevators globally during the assessment period. The U.S. will remain at the forefront of demand, while Canada will account for a miniscule revenue share of the market. The report projects 56,087 units of elevators to be sold in North America by 2026.
Among all the service type segments – maintenance & repair, refurbishing, and new equipment – demand for new equipment is the highest. The report projects new equipment to be the leading service type segment during the assessment period.
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By application type, the key segments include residential, commercial, and industrial. Demand for elevators from all these three segments is likely to remain steady during the assessment period, however, residential segment is projected to maintain a slight edge over the other two segments.
According to the report, some of the key companies operating in the global elevators market include Honda Motor Co., Ltd., Yamaha Motor Co., Ltd., Generac Holdings Inc., Champion Power Equipment, Inc., Hyundai Motor Company, Toshiba Corporation, Wuxi Kipor Power Co. Ltd., Briggs & Stratton Corporation, Lifan Industry (Group) Co. Ltd, Ryobi Limited, and Subaru Corporation.
Table of Content Covered in the report are:

1. Global Economic Outlook

2. Global Elevators Market - Executive Summary

3. Global Elevators Market Overview
3.1. Introduction
3.1.1. Global Elevators Market Taxonomy
3.1.2. Global Elevators Market Definition
3.2. Global Elevators Market Size (US$ Mn) and Volume (Units)Forecast, 2012-2026
3.2.1. Global Elevators Market Y-o-Y Growth
3.3. Global Elevators Market Dynamics
3.4. Supply Chain
3.5. Life Cycle of Elevators Market Equipment
3.6. Leading Manufacturers of Elevators and their Production (in millions)
3.7. Porter's Five Forces Analysis
3.8. Distribution Channel Analysis
3.9. Consumer Demands and their Impacts
3.10. PESTLE Analysis
3.11. Region-wise Market Positioning Assessment
3.12. Developments in the Global Elevators and Escalators Market
3.13. Key Takeaways
3.14. Key Participants Market Presence (Intensity Map by Region)

4. Global Elevators Market Analysis and Forecast 2012-2026
4.1. Global Elevators Market Size and Forecast By Service Type, 2012-2026
4.1.1. Maintenance & Repair Market Size and Forecast, 2012-2026
4.1.1.1. Revenue (US$ Mn) and Volume (Units) Comparison, By Region
4.1.1.2. Market Share Comparison, By Region
4.1.1.3. Y-o-Y growth Comparison, By Region
4.1.2. Refurbishing Market Size and Forecast, 2012-2026
4.1.2.1. Revenue (US$ Mn) and Volume (Units) Comparison, By Region
4.1.2.2. Market Share Comparison, By Region
4.1.2.3. Y-o-Y growth Comparison, By Region
4.1.3. New Equipment Market Size and Forecast, 2012-2026
4.1.3.1. Revenue (US$ Mn) and Volume (Units) Comparison, By Region
4.1.3.2. Market Share Comparison, By Region
4.1.3.3. Y-o-Y growth Comparison, By Region
4.2. Global Elevators Market Size and Forecast By Application, 2012-2026
4.2.1. Residential Market Size and Forecast, 2012-2026
4.2.1.1. Revenue (US$ Mn) and Volume (Units) Comparison, By Region
4.2.1.2. Market Share Comparison, By Region
4.2.1.3. Y-o-Y growth Comparison, By Region
4.2.2. Commercial Market Size and Forecast, 2012-2026
4.2.2.1. Revenue (US$ Mn) and Volume (Units) Comparison, By Region
4.2.2.2. Market Share Comparison, By Region
4.2.2.3. Y-o-Y growth Comparison, By Region
4.2.3. Industrial Market Size and Forecast, 2012-2026
4.2.3.1. Revenue (US$ Mn) and Volume (Units) Comparison, By Region
4.2.3.2. Market Share Comparison, By Region
4.2.3.3. Y-o-Y growth Comparison, By Region

5. North America Elevators Market Size and Forecast, 2012-2026
5.1. North America Outlook
5.2. North America Parent Market Outlook
5.3. North America Target Market Outlook
5.4. Revenue (US$ Mn) and Volume (Units) Comparison, By Country
5.4.1. US Market Size and Volume Forecast (US$ Mn and Units), 2012-2026
5.4.2. Canada Market Size and Volume Forecast (US$ Mn and Units), 2012-2026
5.5. Revenue (US$ Mn) and Volume (Units) Comparison, By Service Type
5.6. Revenue (US$ Mn) and Volume (Units) Comparison, By Application

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