Technology

Energy Efficient Elevators Market to Witness Widespread Expansion During 2019 – 2027

Transparency Market Research (TMR) report elucidates on global analysis such as trends, share, size and growth of the global energy efficient elevators market over the forecast period.

Global Energy Efficient Elevators Market: Notable Developments

The notable developments in the global energy efficient elevators market are explained below:

  • In 2018, KONE India launched energy efficient elevators that can save up to 35% of energy. The launch of new elevators is expected to increase the competition in the market. KONE India has a manufacturing unit in Chennai and currently caters to domestic needs.
  • An innovative approach has been proposed in novel reconstruction of energy efficient elevators. The use of micro grid has been proposed for high rise buildings; this will give better efficiency and increase the life span of the elevators.
  • In March 2019, Mitsubishi Electric Corporation announced the launch of an energy efficient elevator model NEXIEZ-LITE MRL. This model will not need a machine room and can be used in mid-rise buildings such as residential complexes and commercial buildings.

Some of the major companies that operate in the global energy efficient elevators market are Hitachi Ltd., Mitsubishi Electric Corporation, Fujitech Co. Ltd, Hyundai Elevators Co, Ltd, and Honeywell International Inc. These companies are concentrating on provide technologically products such as IoT that would enhance the smart city development projects.

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Global Energy Efficient Elevators Market: Key Trends

Following are the some of the key trends taking place across the global energy efficient elevators market:

Smart City Development to Elevate the Elevator Market

Over the last few years, smart city developments have been taking place across the globe which is likely to fuel the global energy efficient elevators market. Additionally, the increasing consumption of energy by the industrial elevators are paving way for energy efficient elevators in the upcoming years.

The rising demand for sustainable products to save the environment from harmful carbon emission, rising cost for energy are some of the factors that are being considered to switch to energy efficient elevators, thus, aiding the expansion of the global energy efficient elevators market.

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