Market Share of Energy Efficient Elevators Industry
The energy efficient elevators market is fragmented, with the players focusing on integrating advanced technologies like IoT, offering products catering to the latest trend of smart city development. A combination of accelerating growth in the end-user applications and continuous technological advancements results in a strong 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:
- June 2019 - Hitachi announced a contract with Phoenix Group to supply a total of 106 elevator units. Through this contract, the company will supply elevators for large-scale office buildings, Phoenix Spaces 285 and Phoenix Aquila, which are to be constructed in Hyderabad.
- March 2019 - Mitsubishi Electric Corporation announced that its subsidiary, Mitsubishi Elevator India Private Limited (IMEC), will launch the NEXIEZ-LITE MRL elevator. This Indian-produced model 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.
- February 2019 - KONE Corporation, which is a prominent player in the elevator and escalator industry, received an order to provide energy-efficient elevators and a destination control system for an office tower that is under construction at Vancouver, BC, Canada. The project consists of a 25-story building with the ground floor as a retail space and 24 levels of office space.
Energy Efficient Elevators Market Leaders
Hitachi, Ltd.
Mitsubishi Electric Corporation
Hyundai Elevators Co., Ltd
Fujitec Co., Ltd
Honeywell International, Inc.
*Disclaimer: Major Players sorted in no particular order
