Along with many new trends that electrical contractors are finding themselves involved with these days, there are some surprises. While ECs have traditionally wired the power for elevators, much of the work has been left to mechanical contractors. Now, with the new wave of intelligent and integrated systems, buildings are adopting smart elevators, and they need ECs to integrate the controls. According to a new report by Allied Market Research (AMR), the demand for this service is going up.
“Global Smart Elevator Market—Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013–2020” projects that the global smart elevator market will reach $23.16 billion by 2020, registering a compound annual growth rate of 13.8 percent during 2014–2020.
AMR suggests there will be a strong renovation component to this market. Modernizing existing elevator systems will drive it until 2020, when the firm predicts the market will experience a radical shift with new deployments taking over as the majority of the market’s revenue.
Much like many smart systems coming to buildings these days, green standards are driving smart elevators, according to AMR. They also provide the benefit of increased customizability, ensuring the facility is best served for its unique needs. AMR’s report finds that smart elevators in industrial applications will experience the highest growth. Not to forget about the service of equipment after installation, smart elevators will require significant maintenance, and AMR predicts a growth rate of almost 50 percent after 2015.
View the report at www.alliedmarket research.com/smart-elevator-market.
About The Author
Timothy Johnson is the former digital editor for ELECTRICAL CONTRACTOR magazine.