Energy Efficient Elevators Market Forecasts to 2030 – Global Analysis By Control System (Elevator Control System , Access Control System and Other Control Systems), Automation System (Motors and Drivers, Building Management Systems and Other Automation Sy

Energy Efficient Elevators Market Forecasts to 2030 – Global Analysis By Control System (Elevator Control System , Access Control System and Other Control Systems), Automation System (Motors and Drivers, Building Management Systems and Other Automation Systems), 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

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances