Smart Elevator Market Forecast: Revenue CAGR of 13.54% during the Forecast Period 2030
Research Reports
May 08, 2023
As per Market Research Future (MRFR), the Smart Elevator Market is projected to reach approximately USD 38.91 billion at a 13.54% CAGR from 2022–2030 (forecast period). The report presents the strengths, opportunities, threats, and future business risks and offers a systematic overview of the global market environment with the result of COVID-19.
Smart elevators are elevators equipped with advanced technologies such as sensors, the Internet of Things (IoT), and artificial intelligence (AI) that allow for enhanced functionality and efficiency. These elevators offer features such as improved traffic management, energy efficiency, and improved security. The smart elevator market has been impacted by the COVID-19 pandemic, with the market experiencing a slowdown due to the temporary closure of commercial buildings and reduced construction activities. However, the market is expected to recover in the coming years as the world returns to normalcy.
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Market Dynamics
The rapid growth in urbanization has had a positive effect on the development of smart projects such as smart cities in emerging economies. As more people living in cities have motivated builders and contractors to construct taller buildings in urban areas, which will ultimately boost the demand for elevators.
Populated cities have tall buildings, usually used for offices as well as for residential purposes, which can cause inconvenience for the general public in waiting for longer periods in lifts, which raises the waiting time and operating costs of the elevators. The increasing need for energy-efficient solutions, such as smart elevators, is required to allow better convenience for people.
However, with the advent of technology, the elevators installed in commercial and residential buildings are fitted with smart solutions like destination dispatch, facilitated at multi-elevator buildings, the number of people or passengers being informed and offered to select and travel-specific floors to stop their vehicles, which reduces the waiting time. The advanced system identifies traffic arrangements, adjusts the number of elevators in the lobby, and engages the higher floors’ elevators, which decreases travel and waiting times during peak business hours.
On the other hand, implementing these smart solutions on a large scale requires enormous investments, which, in the end, have been seen as a challenge for the smart elevator industry.
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Key Players
Notable players in the Smart Elevator market include ThyssenKrupp AG (Germany), Otis Elevator Company (U.S.), Schindler Group (Switzerland), KONE Corporation (Finland), Johnson Controls Inc. (U.S.), Motion Control Engineering (U.S.), Mitsubishi Electric (Japan), Hyundai Elevator (South Korea), Hitachi (Japan), Fujitec (Japan) and Hyundai Elevator Co. Ltd (Iran).
Market Segmentation
The global smart elevator market has been segmented into type and application.
By type, the global smart elevator market has been segmented into passenger elevators, freight elevators, and fireproof elevators.
By component, the global smart elevator market has been segmented into maintenance, control system, and communication system. The control sub-segment is further segregated into access, elevator, sensors, and security.
By speed, the global smart elevator market has been segmented into low-speed, fast-speed, high-speed, and super-speed.
By application, the global smart elevator market has been segmented into industrial, commercial, institutional and infrastructure, residential, and others.
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Regional Analysis
Geographically, the global smart elevator market has been segmented into four different regions: North America, Asia Pacific, Europe, and the Rest of the World.
North America and Europe are expected to rise steadily in the smart elevator market. This is because the area is already equipped with advanced infrastructure and a growing need for an energy-efficient solution to replace the existing elevators with sophisticated technology. The Asia Pacific is also projected to be the fastest-growing area in the smart elevator market over the forecast period. India, Japan, and China are the leading countries in the smart elevator industry. This is due to a rapid increase in the transformation of the infrastructure with smart solutions. In addition, India is considered the fastest-growing economy due to a study of foreign direct investment regulation policies in the real estate and commercial sectors.
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