With 9% CAGR, Smart Elevator Market Size to Reach USD 30.94 billion by 2028
Exactitude Consultancy
8 min read
According to Exactitude Consultancy the Global Smart Elevator Market value is expected to reach USD 30.94 billion by 2028, growing at a CAGR of 9% Between Forecast Period 2022 and 2028.
Luton, Bedfordshire, United Kingdom, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Smart Elevator Market.
The global smart elevator market size was USD 14.25 billion in 2021 and is projected to reach USD 30.94 billion by 2028, exhibiting a CAGR of 9% during the forecast period 2022 to 2028. The smart elevator market is segmented based on the type of application, component, and end-user. The major application segments include commercial, residential, institutional, industrial, and others. The major component segments include control systems, sensors, motors and drives, and others. The major end-user segments include new construction and modernization.
The major players in the smart elevator market include companies such as Otis Elevator Company, Schindler Group, KONE Corporation, Thyssenkrupp AG, Mitsubishi Electric Corporation, and Hitachi Ltd. These companies are investing heavily in research and development to create advanced smart elevator solutions that are more energy-efficient, safer, and provide an improved user experience.
Overall, the smart elevator market is expected to continue its growth trajectory in the coming years. With the rise of smart buildings and increasing urbanization, smart elevators are set to become an essential component of modern building systems.
Companies Profiled in Smart Elevators Market Report:
Schindler Holding AG
Honeywell International Inc.
Otis Elevator Corporation
Hyundai Elevator Co. Ltd.
Mitsubishi Electric Corporation
KONE Elevators Co. Ltd.
ThyssenKrupp
Fujitec
Bosch Security Systems
Hitachi Ltd.
Latest Report Trends:
Growing Automation in Elevating Systems is Contributing to the Growth of the Market
The growing trend of integrating the digital world and the internet of things (IoT) has escalated the market across the globe. The installation of various sensors in elevators have improved inter connectivity as it enables us to measure or identify factors such as door functioning, shaft alignment, motor temperature, and cab speed. This further allows the technician to diagnose the problem earlier and repair the device more quickly. Moreover, in-cab sensors are capable of advanced technologies such as go to sleep mode that automatically turns off lights, ventilation, music and video, and others when enabled.
Reducing the consumption of energy improves travel time and efficiency, along with cutting operating costs and overall waiting time. For instance, the emergence of elevator control technology such as destination selection control (DSC) allows the users to reach their destination floor in really quick time with minimal number of intermediate stops. Owing to this technology, there is a reduction in crowding across lift lobbies and further increases passenger handling capacity by up to 30%.
Report Scope & Details:
Report Coverage
Details
Forecast Period
2022 to 2028
Forecast Period 2022 to 2028 CAGR
9 %
2028 Value Projection
USD 30.94 Billion
Base Year
2022
Smart Elevator Market Size in 2021
USD 14.25 Billion
Historical Data for
2018-2022
Segments covered
By Component, By Service, By Application, By Region
Smart Elevator Market Growth Drivers
Commercial Segment to Lead Backed by Growing Demand for Urban Infrastructure
New Deployment Segment to Hold Highest Share Backed by Rising Infrastructure Activity
Increasing Demand for Energy Efficient Elevators to Promote Growth
The smart elevators market is set to benefit from technological advancements such as sensors, AI, and IoT.
In recent years, the elevators industry has seen the introduction of smart and secure elevators with integrated sensors and internet connectivity features. These sensors are capable of analysing, controlling, and managing various functions, including traffic control on floors and communication between systems. The inclusion of IoT and AI technologies has further improved the intelligence of elevators. With IoT, elevators are now capable of connecting to the cloud, where data is analysed and stored for predictive maintenance. Maintenance issues can be predicted quickly without the need for human intervention. Meanwhile, AI helps operators and building management anticipate issues and manage traffic flow throughout the equipment's lifetime, based on data collected from daily usage. As a result, the smart elevator market is expected to grow significantly in the coming years, driven by the benefits associated with sensors, AI, and IoT.
Browse Full Premium Report | Smart Elevator Market Analysis with Strategic Developments
The analyst forecasts that commercial building will remain the largest end use industry and it is also expected to witness the highest growth over the forecast period due to growth in commercial construction, such as retail shops, malls, warehouses, and hospitals and increasing demand for high rise commercial buildings.
Control system will remain the largest component type and it is also expected to witness the highest growth over the forecast period due to the increasing demand in advanced security automation and access control systems.
North America will remain the largest region due to high adoption of advanced and IoT based elevator systems.
Features of Smart Elevator Market
Market Size Estimates: Smart elevator market size estimation in terms of value ($M)
Trend and Forecast Analysis: Market trends (2020-2023) and forecast (2022-2028) by various segments and regions.
Regional Analysis: Smart elevator market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different component, end use, service, and regions for the smart elevator market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape for the smart elevator market.
Key Industry Developments:
In June 2021, Otis launched its newly developed Smart Gen3™ elevator which enriched smart elevator product portfolio of the company. Otis will target prominent vendor operating in construction sector of China which are looking for procurement of elevators for their new infrastructure projects. The company has strategically focused this particular market due to the increased proclivity of construction sector in China towards green development. The product will operate using cloud based IoT technology and will operational ease to elevator occupants.
In June 2021, Hyundai Elevators and KT finalized and signed a memorandum of understanding (MoU) to expedite their collective efforts for Elevator Digital Transformation(DX) Expansion business. The memorandum of understanding was duly signed to bolster their development of elevator portfolio by integration of AI technology, automatic driving robots and voice recognition in its elevators. The development of these elevators will dictate growth of Hyundai Elevators in smart elevator market.
In April 2021, Hyundai Elevators has ventured into a collaboration with Woowa Brothers for design and development of elevators and delivery robot synchronization. These elevators and delivery robots will find its applications in wide range of industries such as commercial facilities, hotels, and residential apartments.
Frequently Asked Questions (FAQ):
What is the market size of smart elevator market expected in 2021?
Which are the top players in the smart elevator market?
How the industrial application is contributing to the overall market growth by 2028?
Which are the major component of smart elevator?
What are some of the technological advancements in the market?
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