Energy Efficient Elevators Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Energy Efficient Elevators market in 2021?

The global market size of the energy-efficient elevators industry in 2021 was estimated to be USD 5.6 billion. The compound annual growth rate (CAGR) for the energy-efficient elevators market from 2021 to 2026 is projected to be around 8.3%. This significant growth can be attributed to the increasing focus on sustainability, government initiatives promoting energy-efficient solutions, and the rising demand for green buildings in the construction sector.

COVID-19 Impact on the Energy Efficient Elevators Market

The COVID-19 pandemic had a notable impact on the energy-efficient elevators market. The temporary halt in construction activities and the slowdown in economic growth due to lockdowns and restrictions affected the installation of energy-efficient elevators in various commercial and residential buildings. However, as the world started recovering from the pandemic, the market witnessed a gradual growth trajectory driven by the increasing emphasis on sustainable infrastructure and energy conservation.

Energy Efficient Elevators Dynamics

The energy-efficient elevators market is experiencing significant growth due to factors such as the increasing focus on reducing carbon footprint, the rising adoption of green building certifications, and the development of advanced elevator technologies. Additionally, the growing awareness among consumers about energy conservation and the benefits of energy-efficient elevators are propelling market expansion.

Segments and Related Analysis

The energy-efficient elevators market can be segmented based on the type of elevator (gearless traction, hydraulic, machine room-less), application (residential, commercial, industrial), and region. Each segment offers unique opportunities and challenges for market players to capitalize on the growing demand for energy-efficient elevator solutions.

By Region Analysis

The energy-efficient elevators market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America and Europe are expected to dominate the market due to stringent energy efficiency regulations and strong demand for sustainable building solutions. Asia Pacific is also witnessing significant growth, driven by rapid urbanization and infrastructure development.

Key Market Players and Competitive Landscape

Key players in the energy-efficient elevators market include Otis Elevator Company, Mitsubishi Electric Corporation, Schindler Group, KONE Corporation, Thyssenkrupp AG, and others. These companies are focusing on innovation, product development, strategic partnerships, and acquisitions to gain a competitive edge in the market.

Recent Happenings in the Energy Efficient Elevators Market

- In 2021, Otis Elevator Company introduced a new range of energy-efficient elevators with regenerative drives and energy-saving features. - Mitsubishi Electric Corporation launched a smart elevator system that optimizes energy consumption based on passenger traffic patterns. - Schindler Group announced a collaboration with a sustainable building initiative to promote energy-efficient elevator installations in green buildings. - KONE Corporation unveiled a next-generation elevator technology that focuses on reducing energy consumption and carbon emissions.