An elevator or lift is used to transport people or goods vertically between floors of a building. Generally, elevators are powered by electric motor with the help of cables and counterweight. As per advancement in technology, more & more elevator manufacturing companies are working on obtaining maximum output by applying minimum input to save energy. Solar energy is free and a renewable source, readily available, and causes no pollution; hence, it can be used to generate electricity for elevators.Solar powered elevators consume very less energy for their operation compared to common elevators. This factor drives the growth of the global solar powered elevator market. In case of power failure, the danger of being trapped inside the solar powered elevator is eliminated as it works on battery energy. Considering these factors, demand for solar powered elevators is expected to rise in the near future.
With the help of solar cell or photovoltaic cell, solar energy is converted into electrical energy, which is used by solar powered elevators. Solar panels are placed on the rooftop of buildings to generate power for solar elevators. The solar energy captured by the solar panels can be stored in batteries or used immediately for operating an elevator.
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Rise in Demand for Solar Powered Elevators in Construction Industry
Furthermore, solar powered elevators are 100% environment friendly as they work on solar energy which is pollution free, easily available, and a renewable energy. This is expected to offer significant growth opportunity to the global solar powered elevator market during the forecast period.
North America to Lead the Global Solar Powered Elevator Market
In terms of region, the global solar powered elevator market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America has largest share in the solar powered elevator market owing to high dependence on renewable sources of energy. Huge investment in solar power plants and installation of solar systems on roof tops drives growth of the solar powered elevator market in this region.
The market in the Asia Pacific region is likely to see significant growth during the forecast period due to rise in temperature and high scope for absorption of solar power in the region. Furthermore, demand for solar powered elevators may increase in Middle East & Africa due to increasing use of renewable energy in the construction industry.
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Key Players in the Global Solar Powered Elevator Market:
- Schindler
- Otis Elevator Company
- Mitsubishi Electric Corporation
- KONE Corporation
- Hitachi, Ltd.
- Hyundai Elevator Co. Ltd.
- Toshiba Elevator and Building Systems Corporation
- CANNY ELEVATOR co ltd.
- Fujitec Co. Ltd.
- Kleemann
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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