Market Overview:
The Global Smart Elevators Market size is expected to grow from USD 11.21 billion in 2022 to USD 16.82 billion by 2030, at a CAGR of 5.20% during the forecast period (2023-2030).
Smart elevators make it easier, quicker, and less time-consuming to move between floors. Before entering the elevator, passengers can now select the floor they want to go to instead of pressing a button to go up or down. This will allow them to reach their destination in the fewest number of stops possible. Intelligent elevators are faster and use less energy and time than traditional elevators. Smart elevators are modern, sleek, and comfortable to use. As a result of the rapidly expanding trend of adopting IoT and smartening devices to enhance the overall experience and reduce waiting time as well as operational activities, the adoption of smart elevators is increasing in various regions, particularly Asia, Latin America, and the Middle East.
Top Key Players Covered In The Smart Elevators Market:
- Motion Control Engineering (U.S.)
- Hyundai Elevator Co. Ltd (Iran)
- ThyssenKrupp AG (Germany)
- Mitsubishi Electric (Japan)
- Otis Elevator Company (U.S.)
- Hyundai Elevator (South Korea)
- Schindler Group (Switzerland)
- Hitachi (Japan)
- KONE Corporation (Finland)
- Fujitec (Japan)
- Johnson Controls Inc. (U.S.), Other Major Players.
Market Dynamics and Factors:
The transition from traditional to modern elevators is significantly influenced by increasing concern about energy consumption. Elevators with integrated gear machines use more energy, which means they cost more to run. Permanent magnet synchronous (PMS) gearless traction machines, which use up to 50% less energy than conventional geared machines, are gaining popularity in this scenario. Because they are lighter, smaller, and do not have a gearbox, PMS machines save material and do not require gear oil. Additionally, high-end elevators are outfitted with a regenerative drive that returns energy to the building's power grid, thereby reducing energy consumption by up to fifty percent.
Elevators have become more intelligent and secure as a result of the integration of sensors and internet connectivity features in recent years. The analysis, management, and control of a variety of functions, such as floor traffic control and system communication, are made possible by the installation of various elevator sensors. Additionally, IoT and AI technologies have made elevators smarter. Elevators can now connect to the cloud, where data can be analyzed and stored, thanks to these technologies. Because data can be shared to review performance and predict maintenance issues without the need for human or technical intervention, IoT is used for predictive maintenance in elevators. AI assists building management and operators in anticipating issues, managing traffic flow throughput, and extending equipment life based on daily usage data.
Smart Elevators Market Report Highlight:
- By Component, the Control System segment is anticipated to lead the growth of the Smart Elevators market in the forecasted timeframe. Traffic management, car call management, and power, energy, and time conservation are all made easier by elevator access control systems. The market for smart elevators uses a variety of sensors, including photoelectric sensors, current sensors, and position sensors.
- By Application, the Commercial segment is expected to have the highest share of the Smart Elevators market over the projected period. The demand for modernization services in commercial buildings typically arises as a result of the introduction of safety regulations for elevators and escalators. The process of upgrading or replacing elevator control systems and cabins with new products and technologies is referred to as renovation. It prolongs the life of the elevator, conserves energy, provides commuters with a safe and comfortable ride, and makes it easier for people to use.
- The Asia-Pacific region is expected to have the highest share of the Smart Elevators market over the projected period. Urbanization and the construction of commercial and residential structures to meet the needs of urban areas are to blame for the large portion of Asia-Pacific. Living standards have risen and innovative building technologies have emerged in Asian nations like India, Thailand, Indonesia, Malaysia, and Vietnam.
Key Industry Development:
- In June 2021, Otis introduced its newly developed Smart Gen3TM elevator, which enhanced the company's smart elevator product portfolio. Otis will target prominent Chinese vendors in the construction industry who need elevators for their new infrastructure projects. Due to the increased propensity of China's construction sector towards green development, the company has strategically targeted this particular market. The product will operate using cloud-based IoT technology and will make elevator operations simpler for passengers.
- In October 2020, Hitachi Ltd. (Japan) acquired a 9.99% stake in Yungtay Engineering (Taiwan) in order to strengthen its position in the elevator and escalator market. Hitachi has acquired a 51% stake in Yungtgay to date.
- In August 2020, OTIS Elevator (US) acquired Bay State Elevator (US) in order to expand its presence in the northeastern United States. The acquisition comprises the service portfolio and operations of the company in Massachusetts, Connecticut, Vermont, and upstate New York.
Smart Elevators Market Segmentation:
By Component
- Control System
- Maintenance System
- Communication System
By Application
- Residential
- Commercial
- Institutional
- Industrial
For this report, Introspective Market Research has segmented the Smart Elevators Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
