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 the advancement in technology, more number of elevator manufacturing companies are working on obtaining maximum output by applying minimum input to save energy. As solar energy is free, a renewable source, and it is readily available, and causes no pollution hence, it can be used to generate electricity for elevators. With the help of solar cell or photovoltaic cell solar energy is converted into electrical energy, which is used by solar powered elevator. Solar panels are placed on the rooftop of building to generate power for solar elevator. The solar energy captured by the solar panels can stored in batteries or it can be used immediately for working of the elevator. 

Market Dynamics: Global Solar Powered Elevator Market

The global solar powered elevator market is primarily driven by its use in wide range of applications, such as home and complexes, solar powered multistoried building, multiple building complex, and shopping mall among others. During emergency situations like earthquake, fire, rope breakage or power failure, the elevator may get stuck in elevator shaft or the elevator will be free falling towards ground which may cause destruction of the carried goods, severe injury and even death of the passenger. To avoid such accidents, the elevator is installed with safety system that ensures the safe working of the elevator. Solar powered elevators consists of various progressive safety gears, spring and oil buffers, over speed governors, and others that absorb the impact and kinetic energy of the falling elevator and minimize the amount of damage caused to the accident. As a result of these factors, solar powered elevator market is anticipated to show the prominent growth during forecast period. Moreover, solar powered elevators consumes very less energy for working than common elevators. Also, in case of power failure there is no danger of being trapped inside the elevator as it works on battery energy. Considering these factors, demand for solar powered elevator market is expected to rise in coming years. Furthermore, as solar powered elevator works on solar energy which is pollution free, easily available, and a renewable energy hence, it is 100% environmental friendly elevator which is expected to offer significant growth opportunity to the global solar powered elevator market. 

Market Segmentation: Global Solar Powered Elevator Market

The global solar powered elevator market has been segmented based on type, application and region. Based on type, the global solar powered elevator market can be classified into machine room traction elevators, machine room-less traction elevator, and hydraulic elevators. Based on application, the solar powered elevator market can be segmented into home and complexes, solar powered multistoried building, and shopping mall among others. Additionally, based on geography, the solar powered elevator market is further segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America. 

Key Players:

Some of the key players operating in the global solar powered elevator market along with significant developments include Schindler, Otis Elevator Company, Mitsubishi Electric Corporation, thyssenkrupp Elevator Technology, KONE CORPORATION, Hitachi, Ltd., HYUNDAIELEVATOR CO.,LTD., Toshiba Elevator and Building Systems Corporation, Envolve, CANNY ELEVATOR CO.,LTD., FUJITEC CO., LTD., and KLEEMANN among others. For instance, in order to provide the best end-quality for customers, Schindler is taking a major step forward in creating net-zero energy building in urban environments. This new system is robust, highly efficient, and affordable solution available for residential and low-rise buildings.

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