What Is The Current and Historic Market Size Analysis Of The Smart Elevators Market?
The smart elevators market has seen considerable growth due to a variety of factors.
• The size of the smart elevators market has seen robust growth in recent years. It is projected to escalate from $26.82 billion in 2024 to $29.34 billion in 2025, with a compound annual growth rate (CAGR) of 9.4%.
The growth observed in the historic times is credited to factors such as urbanization and towering construction, concerns related to energy efficiency, safety and security considerations, incorporation of the internet of things, and managing elevator traffic.
What Is The Forecast For The Smart Elevators Market Size?
The smart elevators market is expected to maintain its strong growth trajectory in upcoming years.
• It is anticipated that the smart elevators market will expand robustly in the coming years, reaching a value of $42.85 billion in 2029 with a compound annual growth rate (CAGR) of 9.9%.
This increased market growth throughout the forecast period can be accredited to the integration of smart buildings, adoption of sustainable construction practices, and the implementation of AI and machine learning. Additionally, touchless and biometric solutions, along with smart city initiatives, contribute to this growth. Significant trends to watch out for during this period include remote monitoring and maintenance, progressive technological developments, biometric and touchless technologies, improved user experience and personalization and integration with smart-building ecosystems.
What Are The Essential Drivers Behind The Growth Of The Smart Elevators Market?
The growth of the smart elevator market is anticipated to be driven by the rise in high-rise building constructions. These multi-story edifices necessitate the use of mechanical vertical transportation systems such as elevators. Highly beneficial to such buildings, smart elevators enhance efficiency, safety, and user experience by offering advanced technological solutions for vertical transport. The Council on Tall Buildings and Urban Habitat reported a rise in buildings over 200 meters in height, from 1,922 in 2021 to 2,000 in 2022, indicating the role of high-rise structures in driving the smart elevator market. The prospect of growth in the smart elevators market is further fuelled by escalating investments in infrastructure. Infrastructure development, which involves planning, design, financing, and maintenance of crucial physical and organizational structures, has seen increased investment, particularly in urbanization projects and existing infrastructure modernization. Smart elevators play a critical role in addressing vertical mobility needs in these developments. A standout example is the rise of private investments in infrastructure to $91.7 billion across 263 projects in April 2023, a significant 23% increase from 2021, as reported by the World Bank. Such investment surges in infrastructure are expected to strengthen the smart elevators market.
How Is The Global Smart Elevators Market Divided Into Key Segments?
The smart elevators market covered in this report is segmented –
1) By Setup: Modernization, Maintenance, New Deployments
2) By Carriage: Passenger, Freight
3) By Installation: Low And Mid Rise, High-Rise
4) By Application: Residential, Commercial, Industrial
Subsegments:
1) By Modernization: Retrofit of Existing Elevators, Upgrading Control Systems
2) By Maintenance: Preventive Maintenance, Predictive Maintenance
3) By New Deployments: Residential Smart Elevators, Commercial Smart Elevators, Industrial Smart Elevators
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What Emerging Trends Are Influencing The Growth Of The Smart Elevators Market?
Leading enterprises in the smart elevator market are investing in novel technologies, like in-car multimedia displays, to establish a competitive edge. These kinds of displays provide passengers with real-time updates and entertainment while on their elevator journeys. On a case in point, TK Elevator, a German urban mobility solutions company, rolled out EOX in May 2023. This is a digitally improved, environmentally friendly elevator platform specially designed for low and medium-rise buildings in North America. This platform is built to meet contemporary standards and joins sustainability with progressive technology. EOX significantly lowers energy utilization by up to 45% and diminishes embodied carbon by 50% by incorporating elements like a regenerative drive that recycles energy and an eco-mode that controls speed during periods of reduced traffic. Furthermore, it encapsulates revolutionary digital functionalities, including in-car multimedia displays for passenger engagement, predictive maintenance via the MAX platform, and improved safety features such as in-car sensors and two-way communication systems.
Who Are the Key Players In The Smart Elevators Market?
Major companies operating in the smart elevators market report are:
• Hitachi Ltd.
• International Business Machines Corporation
• Thyssenkrupp AG
• Mitsubishi Electric
• Honeywell International Inc.
• Johnson Controls Inc.
• KT Corporation
• Otis Elevator Company
• Schindler Group
• Kone Corporation
• Bosch Security and Safety Systems
• SICK AG
• Hyundai Elevators Co. Ltd.
• Fujitec Co. Ltd.
• Sigma Elevator Company
• Toshiba Elevator and Building Systems Corporation
• Nidec Elevator Group
• Guangzhou Robustel Ltd.
• Brivo Inc.
• Kisi Inc.
• Openpath Security
• Thames Valley Controls Ltd.
• Rimrock Corporation
• Kintronic Laboratories Inc.
• Emerald Elevators
What Are The Regional Insights Into The Smart Elevators Market?
North America was the largest region in the smart elevators market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart elevators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
