Energy Efficient Elevators Market - Growth, Trends, and Forecast (2020 - 2025)

The Energy Efficient Elevators Market is segmented by Control System (Elevator Control System and Access Control System), Automation System (Motors & Drivers, Sensors & Controllers, Building Management Systems), End-user (Industrial, Commercial, Residential), and Geography.

Market Snapshot

Study Period:


Base Year:


Fastest Growing Market:


Largest Market:

North America


15.14 %

Major Players:

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Market Overview

The global energy-efficient elevators market is expected to record a CAGR of about 15.14% during the forecast period of 2020-2025. 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 the 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.
  • 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.

Scope of the Report

The global 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.



By Control System
Elevator Control System
Access Control System
Card-Based Access Control Systems
Biometric Access Control Solutions
Keypad-Based Access Control Systems
By Automation System
Motors & Drivers
Sensors & Controllers
Building Management Systems
By End User
Other End Users
North America
United States
United Kingdom
Rest of Europe
Rest of Asia-Pacific
Latin America
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Industrial sector to Significantly Contribute to the Market Demand

  • The Industrial sector uses more energy than any other end-user sectors. Elevators are the crucial elements that make it practical to live and work several floors above the ground.  
  • Due to the increasing requirements of elevators, energy consumption in the industrial sector (such as in the manufacturing sector for workforce, component and equipment transfer) is increasing. This is one of the leading reasons for the increasing amount of CO2 emissions.
  • The demand for energy efficient systems in the industrial sector, therefore, increased in the last few years. The rising electricity prices have also been a major contribution to the demand for more energy efficient solutions.
  • Energy efficient elevators use a relatively small amount of energy compared to the overall energy consumption of a building. At the same time, these elevators provide daily carrier service for passengers as well as contribute to the user’s experience with the building. Hence, these can be included in sustainability planning.

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Europe to Record a Significant Growth Rate Over the Forecast Period

  • The European energy-efficient elevators market is fuelled by the growing demand for modernization of buildings and an increase in the construction activity. 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. This is definitely a driving factor for the energy efficient solutions.
  • The residential and industrial sectors consume a greater part of the overall energy generation in Europe. In addition, the changing lifestyle is a factor that demands for more comfort in buildings, which in turn, increases the energy consumption rate. The national energy agencies can play a major role to improve the awareness of the selection and proper operation of energy efficient lift and escalator systems.

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Competitive Landscape

The energy efficient elevators market is fragmented with the players focusing on integrating advanced technologies, such as IoT, to offer products catering to the latest trend of smart city development. A combination of accelerating growth in the end-user applications and continuous technological advancements is providing a high rivalry in the market. The key players are Hitachi Ltd., Mitsubishi Electric Corporation, Hyundai Elevators Co. Ltd, etc. the recent developments in the market are -

  • March 2019 - Mitsubishi Electric Corporation announced that its subsidiary, Mitsubishi Elevator India Private Limited (IMEC), will launch the NEXIEZ-LITE MRL elevator, an Indian-produced model that does not require a machine room. The model will be added to the NEXIEZ-LITE series of elevators for midrise and low-rise residences, office buildings, and hotels in India.


Table Of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

      1. 4.3.1 Increasing Demand for Energy Efficient Systems

      2. 4.3.2 Due to Mounting Electricity Prices in High-Traffic Applications

    4. 4.4 Market Restraints

      1. 4.4.1 Lack of Information and Awareness in Electricity Consumption Rate and Lack of Technological Efficiency

    5. 4.5 Value Chain Analysis

    6. 4.6 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers/Consumers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitute Products

      5. 4.6.5 Intensity of Competitive Rivalry


    1. 5.1 By Control System

      1. 5.1.1 Elevator Control System

      2. 5.1.2 Access Control System

        1. Card-Based Access Control Systems

        2. Biometric Access Control Solutions

        3. Keypad-Based Access Control Systems

    2. 5.2 By Automation System

      1. 5.2.1 Motors & Drivers

      2. 5.2.2 Sensors & Controllers

      3. 5.2.3 Building Management Systems

    3. 5.3 By End User

      1. 5.3.1 Industrial

      2. 5.3.2 Commercial

      3. 5.3.3 Residential

      4. 5.3.4 Other End Users

    4. 5.4 Geography

      1. 5.4.1 North America

        1. United States

        2. Canada

      2. 5.4.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Russia

        5. Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Rest of Asia-Pacific

      4. 5.4.4 Latin America

        1. Brazil

        2. Mexico

        3. Argentina

        4. Rest of Latin America

      5. 5.4.5 Middle East & Africa

        1. Saudi Arabia

        2. UAE

        3. South Africa

        4. Rest of Middle East & Africa


    1. 6.1 Company Profiles

      1. 6.1.1 Hitachi Ltd.

      2. 6.1.2 Mitsubishi Electric Corporation

      3. 6.1.3 Fujitec Co., Ltd.

      4. 6.1.4 KONE

      5. 6.1.5 Schindler group

      6. 6.1.6 OTIS Elevator Company

      7. 6.1.7 Hyundai elevators co., Ltd.

      8. 6.1.8 Thyssen Elevators Co., Ltd.

      9. 6.1.9 Honeywell international

    2. *List Not Exhaustive


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