According to IMARC Group’s latest report, titled “Smart Elevator Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global smart elevator market size reached US$ 25.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 42.2 Billion by 2028, exhibiting a growth rate (CAGR) of 9.1% during 2023-2028.
A smart elevator comprises new-age digital security system controls, including biometrics, touch screens, destination dispatching, and access control systems. It enables automated vertical transportation of commuters and goods from one floor to another within a building. It is faster and reliable and assists in improving the operational efficiency and safety of the elevator while reducing energy costs as compared to the conventionally used elevator. It offers advanced controls, hardware, software, and other components, such as alternating current (AC) motors and low-heat light-emitting diode (LED) lighting solutions, which are more efficient and save energy. It can be programmed to adopt different operating modes at different times of the day and can recognize the user through keycards, which include destination and permissions information. It is ultra-sleek and modern and provides a smooth riding experience. At present, several key players are focusing on delivering customization in smart elevator systems to offer an experience that meets the need of the building and users.
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Market Trends:
The increasing requirement for advanced and aesthetically appealing elevators represents one of the major factors positively influencing the demand for smart elevators around the world. The rising demand for energy-efficient solutions on account of the growing concerns about energy consumption is also contributing to the market growth. Moreover, the increasing renovation and remodeling activities of elevators in residential, commercial, and industrial spaces are contributing to the market growth. Rapid urbanization, expanding global and working population, and rising investments in the development of smart cities by governments of numerous countries are also creating a positive outlook for the market. In addition, the expanding number of offices, shopping malls, airports, hospitals, buildings, and hotels is catalyzing the demand for smart elevators to improve safety and comfort. Besides this, the escalating demand for efficient mobility systems on account of the rising high-rise buildings is providing a thrust to the market growth. Apart from this, there is a rise in the integration of predictive maintenance, big data analytics, Internet of Things (IoT), artificial intelligence (AI), Bluetooth, Wi-Fi, and long-term evolution (LTE) in smart elevators. These technologies assist in diagnosing problems from a remote location, providing emergency responses, and enhancing safety. Along with this, the emerging adoption of a new permanent magnet synchronous (PMS) gearless traction machine that utilizes less energy is also offering lucrative growth opportunities to market players operating in the industry. Additionally, significant improvements in existing infrastructural development and extensive research and development (R&D) activities by key players are projected to impel the market growth.
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List of Key Companies Covered in this Market Report:
Bosch Service Solutions GmbH
Hyundai Elevator Co. Ltd.
KONE Elevator India Private Limited (Kone Oyj)
Mitsubishi Electric Corporation
Otis Worldwide Corporation
Schindler Holding Ltd.
Thames Valley Controls Ltd
TK Elevator and Toshiba Elevators
Building Systems Corporation (Toshiba Corporation)
The report has segmented the market on the basis of solution, application and geography.
Breakup by Solution:
Control Systems
Security Control System
Elevator Control System
Access Control System
Maintenance Systems
Communication Systems
Services
Support and Maintenance
New Deployments
Modernization
Breakup by Application:
Residential
Commercial
Industrial
Institutional
Others
Breakup by Geography:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
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