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Smart Elevator Market is Booming Worldwide | Rising demand, Status with key players & Forecast to 2028 | Meticulous Research Report

Smart Elevator Market is Booming Worldwide | Rising demand, Status with key players & Forecast to 2028 | Meticulous Research Report

“Smart Elevators Market”
Smart Elevator Market by Offering (Solution [Control System {Security Control, Elevator Control, Access Control}, Maintenance System, Communication System], Services [New Installation, Modernization, Maintenance]), and End Use – Global Forecast to 2028

According to a new market research report titled “Smart Elevator Market by Offering (Solution [Control System {Security Control, Elevator Control, Access Control}, Maintenance System, Communication System], Services [New Installation, Modernization, Maintenance]), and End Use – Global Forecast to 2028”, the global market is expected to grow at a CAGR of 11.4% from 2021 to 2028 to reach $31.8 billion by 2028.

Smart elevator includes intelligent elevator solutions for automated vertical transportation. Smart elevator enables state monitoring, remote management, data statics, and maintenance & fault alarming. These elevators are faster and more efficient as compared to conventional elevators and reduce the maintenance cost. These elevators use smart grouping technology for grouping passengers based on their floor preference. Smart elevators are being used in the residential and commercial sectors to reduce waiting time in lobbies and achieve energy efficiency.

The growth of this market is driven by the rising demand for energy efficient solutions in buildings, growing construction of smart residential and commercial infrastructure, and construction of high-rise buildings. Moreover, the implementation of AI and analytics in building infrastructure and innovation in touchless elevator operations provides significant market growth opportunities. However, the high initial investment obstructs the growth of this market to some extent. Deployment of smart components in the existing elevators and security risks are the major challenges for the growth of the global smart elevators market.

The Impact of COVID-19 on the Global Smart Elevators Market

The COVID-19 pandemic outbreak has caused a widespread economic downturn. Several countries imposed strict lockdowns to contain the infection, thereby leading to the shutdown of construction sites and disruptions in supply chains and production schedules. There has been a significant impact on technology supply chains globally. According to the Associated General Contractors of America, 40% of construction firms laid off employees due to the COVID-19 pandemic. This impacted the construction of buildings and, further, smart building solutions, including smart elevators. On the other hand, due to the pandemic, the population is more concerned about their safety and hygiene, so the demand for contactless touch buttons in the elevator systems will grow in the upcoming future.

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Increasing Demand for Energy Efficient Solutions

The increasing need for energy is driving towards reducing energy consumption with the deployment of energy efficient solutions. The primary concern for building owners is to reduce energy consumption and thus reduce the cost of energy. According to the U.S. Energy Information Administration, in 2020, nearly 40% of the energy was consumed in commercial and residential buildings. Countries are taking initiatives to reduce energy consumption. For instance, in December 2020, the Canadian government invested USD 182 million to increase energy efficiency and address climate change by improving the designs of homes and buildings. This will be achieved by accelerating and developing new technologies and providing cost-effective solutions, further supporting the market growth.

To provide efficient analysis, Meticulous Research® has segmented this market to offering (solutions [control systems {security control systems , elevator control systems, access control systems }, maintenance systems, communication systems], 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)

Based on offering, the smart elevators market is segmented into solutions and services. The solutions segment comprises of control, maintenance, and communication systems. The maintenance systems segment is projected to grow at the highest CAGR during the forecast period. The high growth of this segment is mainly attributed to the growing demand for cloud-based maintenance system, which allows predictive and preventive maintenance, limiting the repairing and failure cost. The maintenance system generates alarms in case of faults and emergencies.

The services segment comprises of new installation, modernization, and maintenance & repair. The new installation segment is expected to grow at a high CAGR during the forecast period due to urbanization and lack of living space. High-rise buildings need proper traffic management solutions for reducing the waiting time. Installation of smart elevator provides energy efficiency. A smart elevator uses regenerative drive technologies to generate enough power for elevator operations, thus making smart elevators energy efficient. Additionally, it also provides security to the passengers with real-time monitoring, thus driving the growth of the market.

Based on end use, the global smart elevators market is mainly segmented into residential, commercial, industrial, and institutional. The residential is expected to grow at a high CAGR during the forecast period. This growth of the residential segment is attributed to rising safety concerns among residents. Smart elevator solution provides touchless button solutions. Also, a smart elevator limits the entry of unauthorized persons, including salespersons, in buildings to control malicious activities.

Geographically, the market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is estimated to account for the largest share of the global smart elevators market in 2021. North America is also expected to gain a considerable share in the market in 2021, attributed to the rising construction of buildings in the region and the acceptance of advanced and smart building solutions. Also, this region shows higher spending capacity on smart building automation solutions. Government initiatives for energy-efficient solutions is boosting the smart elevators market in North America.

The key players operating in the global smart elevator market are 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).

To gain more insights into the market with a detailed table of content and figures, click here:


Smart Elevators Market, by Offering

  • Solutions
    • Control Systems
      • Security Control Systems
        • Camera Systems
        • Fire Alarm Systems
        • Visitor Management Systems
    • Elevator Control Systems
    • Access Control Systems
      • Biometrics Access Control Systems
      • Card-based Access Control Systems
      • Touch Screen & Keypad-based Access Control Systems
      • Smartphone-based Access Control Systems
  • Maintenance Systems
  • Communication Systems
  • Services
    • New Installation
    • Modernization
    • Maintenance & Repair

Smart Elevators Market, by End Use

  • Residential
  • Commercial
  • Industrial
  • Institutional
  • Other End Uses

Smart Elevators Market, by Geography

  • North America
    • U.S.
    • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
      • Asia-Pacific (APAC)
        • China
        • India
        • Japan
        • South Korea
        • Rest of APAC
        • Latin America
          • Brazil
          • Mexico
          • Rest of Latin America
          • Middle East & Africa (MEA)
            • UAE
            • Saudi Arabia
            • South Africa
              Rest of the MEA

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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