France smart elevators market is estimated to grow considerably, at a CAGR of 14.2% during the forecast period. France is one of the most technologically advanced and modern countries, globally. The high urbanization rate in the country may augment the demand for high-rise buildings in the country. Courbevoie, Puteaux, and Paris are the major center for the construction of a skyscraper in the country. As per the Council on Tall Buildings and Urban Habitat (CTBUH), around 17 skyscraper construction has to be completed by 2024. In February 2017, the Government of France announced to build seven skyscrapers in the country in order to boost the business after Brexit. These skyscrapers will cater to the bankers, academics, and researchers who might be forced to migrate from London to Paris after Brexit.
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A considerable number of activities related to a smart elevator have been witnessed in the country in the coupe of years. In February 2019, ThyssenKrupp Elevator initiated digitally assisted services MAX in Paris. Max is an IoT based predictive maintenance technology developed by partnering with Microsoft. It was applied at Électricité de France (EDF) S.A. headquarter. The company signed an agreement with EDF for the maintenance of 585 elevators and 1,545 doors of all locations of EDF in the country.
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The companies which are contributing to the growth of the France smart elevators market include ThyssenKrupp Elevator AG, Schindler Holding AG, KONE Corp., Hyundai Elevator Co. Ltd., and OTIS Elevator Corp. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market. For instance, in November 2018, Otis France inaugurated a new building to expand the presence in Gien. After the expansion of 2,000 sq-m building the workforce in the R&D department of the company is expected to increase to 130. The company also has a production facility in Roissy and Argenteuil and employs around 5,000 employs in the country. The company also introduced its first solar-powered elevator in France.
Market Segmentation
France Smart Elevators Market by Type
- Passenger
- Freight
France Smart Elevators Market by Application
- Residential
- Commercial
- Industrial
- Others
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