Energy Efficient Elevators Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Energy Efficient Elevators Market Analysis

The energy-efficient elevators market is expected to record a CAGR of about 15.14% over the forecast period (2021 - 2026). With the help of cross-industry innovation, elevator suppliers are developing cable-free elevators that can move both vertically and horizontally. These elevators are typically made of carbon-fiber-reinforced plastic and are powered by linear motors that can move cabs up and down, forward and backward, and left or right on magnetic rails. Cable-free elevators are energy efficient and reduce carbon footprint impacts dramatically. In addition, the integration of connectivity technology and internet features into lifts is a key ongoing trend that offers enhanced security, energy efficiency, and alerts related to repair schedules.

• Due to the increasing demand for energy-efficient systems, the energy-efficient elevators market is expected to witness considerable growth in the coming years, owing to the growing need for commercial energy management systems and residential energy management systems. ThyssenKrupp Elevator Company installed 73 elevators in the World Trade Center, New York, along with the energy management software and controls to monitor and reduce energy consumption.
• Due to mounting electricity prices, especially in high-traffic applications, various advanced technologies (such as destination dispatching and access control systems) are being used to reduce energy consumption.
• Owing to the increasing incidences of COVID-19, the Government across the globe are focusing on building quarantine centers, and hospitals to stop the spreading of the virus. These newly developed buildings will create opportunities for the manufacturers to supply the energy-efficient elevators for hassle-free patient management.
• The COVID-19 has impacted the elevator manufacturing in a greater way. For instance, Thyssenkrupp, which is a significant player in the market, has suspended production at its German elevator factory after two employees tested positive for the rapidly spreading coronavirus. Another elevator manufacturer, Kone, said that the coronavirus is expected to have a major impact on the company's Q1 sales and other operating results. However, the company has stated that its maintenance & installation services in Italy will continue with some exceptions.
• The major restraints of the energy efficient elevators market are the lack of information and awareness of the actual electricity consumption of elevator systems, the lack of information and awareness of the energy-efficient technologies in the market, and the low state of knowledge on the economic efficiency of the technological measures.

Energy Efficient Elevators Market Trends

This section covers the major market trends shaping the Energy Efficient Elevators Market according to our research experts:

Industrial Sector to Significantly Contribute to the Market Demand

Energy Efficient Elevators Industry Segmentation

The energy efficient elevators industry is influenced by the increased demand in the emerging markets and widening applications. A traction elevator travels up and down on a steel rope and has a counterweight on the other end. These are more energy-efficient than hydraulic hoists. By replacing the outdated hardware and investing in some of the sophisticated software, the building owners can make immediate and substantial energy savings.