Smart elevators find their end uses across multiple sectors, including residential, commercial, industrial, institutional, and other end uses, including airports. The growing construction of smart residential and commercial buildings in developed countries is the major factor driving the global smart elevators market. Meticulous Research®, in its latest publication on the global smart elevators market, states that the market will increase at a CAGR of 11.4% from 2021 to 2028 to reach $31.8 billion by 2028.
To provide efficient analysis, Meticulous Research has segmented this market based on offering (solution [control system {security control system <camera system, fire alarm system, visitor management system>, elevator control system, access control system <biometric access control systems, card-based access control systems, touch screen & keypad-based access control system, smartphone-based access control system>}, maintenance system, communication system], services [new installation, modernization, maintenance & repair]), and end use (residential, commercial, industrial, institutional, other end uses) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
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Based on offering, the global smart elevators market is segmented into solutions and services. The solutions segment includes control, maintenance, and communication systems. The control systems segment is estimated to gain the largest share of the global smart elevator solutions market in 2021. The high demand for safety and access control systems in building solutions is driving the demand for smart elevator control systems. Industry players are developing new access control systems in modern smart elevator systems that are integrated with IoT devices, thus driving the growth of the market.
The services segment comprises of new installation, modernization, and maintenance & repair. The services segment is poised to gain a high share in 2021 due to the need for modernization associated with smart elevator systems. Also need for maintenance & repair of existing buildings while modernizing the existing elevators is increasing the demand for services in the market.
Based on end use, the commercial segment is expected to gain the highest share in 2021 in the global smart elevators market. Increased urbanization and the construction of high-rise buildings are further increasing the demand for smart vertical transportation. Also, smart elevators limit the entry of unauthorized persons in restricted areas, which improves the safety of the building. The energy efficiency of smart elevators is driving the demand for smart elevators in the commercial sector.
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Geographic Review :
While, geographically, Asia-Pacific is expected to command the largest share in terms of revenue in this market, followed by North America and Europe. The Asia-Pacific smart elevators market is expected to gain considerable growth due to rapid urbanization and infrastructure construction for the commercial and residential sector in countries including China, India, and Japan. The region is moving towards smart and energy efficient solutions that are increasing the installation of smart elevator solutions, further driving the market growth.
Key Players :
The report also provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market, including market Hitachi, Ltd. (Japan), TK Elevator Corporation (U.S.), Schindler Group (Switzerland), Otis Worldwide Corporation (U.S.), KONE Corporation (Finland), Mitsubishi Electric Corporation (Japan), Fujitec Co., Ltd. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Honeywell International, Inc. (U.S.), Toshiba Corporation (Japan), Bosch Group (Germany), Huawei Technologies Co., Ltd. (China), Thames Valley Controls Ltd. (U.K.), Motion Control Engineering Inc. (U.S.), and Sigma Elevator Company (South Korea).
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Market leaders are adopting new product development, collaborations, partnerships, and development strategies to strengthen their position in the global smart elevator market. For instance, in March 2021, Hyundai Elevator Co., Ltd. (South Korea) launched a contactless Air Touch button. This button allows users to input floor numbers with the help of infrared (IR) sensors. This button uses the location recognition method to avoid contact with the button.
The report also covers the impact of COVID-19 on the global smart elevator market. The market witnessed a moderate impact due to the temporary halt of building construction in the first two quarters of 2020. However, the market is expected to gain traction in the coming years, increasing the need for secure and safe vertical building transportation.
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