Smart Elevator Market By Application (Residential, Commercial, Institutional, Industrial), Installation (High Rise, Low-Mid Rise), Service (New Installation, Maintenance, Renovation), & Region for 2024-2031

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Smart Elevator Market Valuation – 2024-2031

The increasing popularity of smart cities and connected buildings emphasizes the need to incorporate technology to improve efficiency, sustainability, and general quality of life. Smart elevators are critical to this vision because they enable data-driven building management, optimal resource usage, and seamless user experiences inside smart environments. Thus, the growing popularity of smart cities and connected buildings is surging the growth of market size surpassing USD 81.08 Billion in 2024 to reach a valuation of USD 92.05 Billion by 2031.

Smart elevators provide significant cost savings through predictive maintenance and remote monitoring. These elevators, outfitted with sensors and AI, can evaluate operating data to detect potential problems before they occur, allowing for preventive maintenance. This eliminates downtime, decreases repair costs, and maintains smooth elevator operation, resulting in cheaper total maintenance expenses. Thus, predictive maintenance and remote monitoring are enabling the market to grow at a CAGR of 1.60% from 2024 to 2031.

Smart Elevator MarketDefinition/ Overview

Smart elevators improve the efficiency and speed of movement between levels, making the process quicker and less time-consuming. Instead of just pressing a button to go up or down, passengers can now choose their preferred floor before entering the elevator. This method optimizes the route, ensuring that passengers arrive at their destinations with as few pauses as feasible. Smart elevators outperform regular elevators in terms of speed and energy efficiency, providing a significant increase in operational efficiency.

These elevators are also intended for modern aesthetics, with ultra-sleek exteriors and a smooth, comfortable ride. Smart elevator adoption is being driven by a growing trend of incorporating IoT technology into numerous equipment to improve overall user experience, minimize wait times, and streamline operational processes. The trend is especially noticeable in places such as Asia, Latin America, and the Middle East, where rapid urbanization and technology breakthroughs are encouraging the adoption of smart buildings.

Furthermore, smart elevators contribute to sustainability by conserving energy and decreasing wear and tear caused by frequent stops and starts. Their ability to interact with building management systems enables improved monitoring and maintenance, resulting in longer lifespans and decreased downtime. The growing demand for smart infrastructure and connected buildings in these regions is driving the smart elevator market, making it an essential component of modern urban development.

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How Growing Urbanization and Increasing Demand for High-Rise Buildings Are Surging the Growth of Coil Coatings Market?

As cities grow and we build taller buildings, we need better elevators to keep things moving! Think about itmore people need to get around, so efficient elevator systems are a must. That's where smart elevators come in. They're not just about going up and down; they use things like destination control and even tell you how long you'll wait! This really helps in emergencies and just makes the whole experience better. Plus, building owners are all about saving energy these days, and smart elevators can help with that too. By moving people around more efficiently, reducing wasted time, and even using regenerative braking (which sends energy back!), they play a big role in creating greener and more energy-efficient buildings.

Sensor technologies, artificial intelligence (AI), and the Internet of Things (IoT) are all making strides toward sophisticated smart elevators. These elevators may be effortlessly integrated with Building Management Systems (BMS), enabling centralized control, predictive maintenance, and data-driven improvement of elevator operations. This integration increases the operational efficiency and dependability of building systems. Smart elevator systems improve security with features such as access control, touchless operation, and real-time monitoring. In addition, technologies like destination dispatch and mobile app integration boost consumer convenience by lowering wait times and providing personalized experiences. These improvements make smart elevators more accessible and secure.

Regulations and an increased emphasis on accessibility are boosting demand for smart elevator features that cater to people with impairments. These features include voice control, Braille buttons, and automatic door-opening systems, which ensure that smart elevators are accessible to all users and meet accessibility regulations. Smart elevator systems enhance safety by providing two-way communication with a central monitoring station, automatic floor leveling, and emergency stop buttons with real-time response capabilities. This emphasis on safety is a crucial motivator for the development of smart elevator technology, assuring users’ well-being in emergency scenarios.

Imagine stepping into an elevator that actually feels like it's your elevator. Thanks to smart elevator tech, that's becoming a reality! Think personalized floor welcomes, fun entertainment while you ride, and even linking the elevator to your profile so it automatically adjusts the lighting and temperature just how you like it. Pretty cool, right? But it's not just about the fun stuff. Building rules are catching up, demanding better accessibility, energy efficiency, and rock-solid data security in these elevators. So, as manufacturers work to meet these evolving laws, expect to see even more smart tech in elevators, making sure they're super safe and perform like a dream. This push is actually making the whole smart elevator industry even more innovative and advanced.

How the High Installation Cost and Complex Integration is Hampering the Growth of the Coil Coatings Market?

Smart elevator systems require more complex technology and components than standard elevators, which results in greater upfront installation costs for building owners. Furthermore, connecting smart elevators with current building management systems can be difficult and costly, especially in older buildings, compounding the financial and logistical issues. The reliance on internet connectivity and data collecting in smart elevators raises serious concerns about cybersecurity risks and data privacy. Potential breaches or illegal access may jeopardize user information or interrupt elevator operations. Addressing these concerns through strong security measures and open data standards is critical to wider adoption.

Building owners, architects, and developers may be unaware of the benefits of smart elevator technology because it is still in its early stages. Furthermore, the lack of defined standards and laws for smart elevator systems can confuse and impede widespread adoption, since stakeholders may be unaware of best practices and requirements. Maintaining smart elevators necessitates a professional crew with expertise in sensor technologies, artificial intelligence, and building management systems integration. A dearth of such qualified experts in some areas might complicate the smooth operation and maintenance of these complex systems, potentially harming reliability and user happiness.

Putting smart elevators into older buildings? Yeah, that can be a real headache. Think tricky installations and hefty price tags, especially if you're dealing with tight spaces or ancient wiring. This makes it tough to sell upgrades for existing structures, which is a shame, and it means new buildings with smart tech already built in have a big advantage. Sure, smart elevators offer cool perks like smoother rides, lower energy bills, and happier tenants. But for building owners, figuring out if it's actually worth the investment can be a guessing game. And let's be honest, nobody wants to gamble on tech when they don't have solid proof it'll pay off. So, the key is to give people clear, fact-based predictions showing how much money they'll actually save over time – that's what will get them on board.

Category-Wise Acumens

How the Customer Willingness to Invest in Advanced Technology is Surging the Growth of the Commercial Segment in the Smart Elevator Market?

When it comes to smart elevators, the commercial world is really taking off! We're seeing massive growth in this area, and expect it to stay that way for quite some time. Think about itoffices, shopping centers, hotels – these places have elevators going up and down all day long, so they need systems that work efficiently. That's where smart elevators shine! Features like destination control (where you pick your floor before you get in) mean fewer stops and faster trips. Plus, real-time wait time displays give you the lowdown on when your ride will arrive, making the whole experience way less stressful. And get this – with AI-powered traffic optimization, the elevator system can even learn from usage patterns and adjust automatically to handle rush hour, ensuring a smoother and more efficient ride around the building. Learn more about smart elevators!

Commercial building owners and managers are increasingly focusing on improving building management techniques, especially in terms of energy efficiency and sustainability. Smart elevators make important contributions to these aims by including technologies like regenerative braking, which absorbs and reuses energy generated during the elevator’s fall. This technique contributes to the building’s overall energy efficiency. Furthermore, smart elevators reduce idle time by switching to low-power modes when not in use, hence increasing energy efficiency. The data-driven insights provided by smart elevator systems enable building managers to optimize elevator operations, lowering energy costs and contributing to more sustainable building management.

Imagine smart elevators that actually "talk" to your building's brain, its Building Management System (BMS). This connection gives you total control and makes everything run smoother. It's like having a crystal ball for elevator maintenance! Sensors and AI keep a constant eye on how your elevators are doing, spotting potential issues before they become problems. That means predictive maintenance, which keeps your elevators running longer and reduces those annoying breakdowns. Plus, because the elevators are linked to the BMS, it’s easy to make smart choices based on real data. Building managers can see how people are using the elevators, tweak schedules to avoid jams, and generally make the building a more efficient place. It's all about making sure every system, especially the elevators, works together to create a comfy and efficient experience for everyone inside.

How the High Need for Traffic Management and Efficiency are Driving the Growth of High-Rise Buildings Segment in the Smart Elevator Market?

You know, with all these new high rise buildings popping up, the smart elevators market is really taking off! Because let's face it, these skyscrapers have way more elevator traffic than your average building, meaning we need some seriously clever ways to manage it all. Think about destination control systems – you pick your floor before you even get in, which cuts down on stops and gets you there faster. And those real-time displays that tell you exactly when the elevator's coming? Huge for keeping people happy and reducing wait times. Plus, we've got AI watching everything, learning when things get busy, and tweaking how the elevators run to keep things moving nice and smooth, even during the busiest times. All of this makes sure that elevators run efficiently.

Wait times and elevator congestion can be especially inconvenient in high-rise buildings. Smart elevator features like mobile app integration enable users to call elevators and pick floors from their smartphones, minimizing wait times and increasing convenience. Personalized floor greetings and settings can further enhance the user experience, resulting in a more pleasant and efficient journey throughout the facility. These advances are especially useful in high-rise settings where efficient vertical transit is critical.

High-rise buildings frequently feature complex Building Management Systems (BMS) that must integrate seamlessly with other building components. Smart elevators interface seamlessly with BMS, enabling centralized control and optimization of elevator operations. This interface enables predictive maintenance by monitoring elevator performance in real-time and scheduling maintenance in advance, hence reducing downtime. BMS integration enables data-driven decision-making, allowing building managers to optimize elevator schedules, improve energy efficiency, and improve overall building performance.

Gain Access to Smart Elevator Market Report Methodology

Country/Region-wise Acumens

How Rapid Urbanization and Booming High-Rise Buildings Are Surging the Growth of the Asia Pacific Smart Elevator Market?

Asia Pacific is substantially dominating the smart elevator market and is expected to continue its dominance throughout the forecast period. The Asia-Pacific (APAC) area is rapidly urbanizing, resulting in the creation of multiple megacities and skyscrapers. As urban populations grow, the demand for efficient vertical transit systems becomes crucial. large-rise buildings, which are spreading throughout APAC, necessitate modern elevator systems capable of handling large traffic volumes with short wait times. Smart elevators, which include features like destination control and AI-powered traffic management, are rapidly being viewed as critical for guaranteeing smooth and efficient mobility in these densely crowded complexes.

APAC governments are actively pushing the construction of smart cities, which use cutting-edge technology to improve urban living. These programs frequently focus the integration of modern infrastructure and smart technologies, such as smart elevators. Countries such as China, Japan, and Singapore are spending substantially in smart city projects that prioritize sustainability, efficiency, and connection. The push for smart infrastructure creates an enabling atmosphere for the adoption of smart elevators, which are consistent with the goals of developing efficient, modern urban environments.

APAC’s construction sector is increasingly focused on efficiency and sustainability. Smart elevators contribute greatly to these aims by optimizing traffic flow and lowering energy usage. Smart elevators are an appealing alternative for developers looking to satisfy green building regulations, thanks to technologies like regenerative braking systems that return energy to the grid and intelligent standby modes that reduce idle power usage. This linkage with sustainability goals is especially important in a region where environmental concerns are becoming prominent.

Smart elevator technology is getting more affordable as local manufacturing advances and economies of scale grow. APAC-based manufacturers are producing superior and low-cost smart elevator solutions, making these technologies more accessible to a wider variety of developers and building owners. This trend lowers the barrier to smart elevator adoption, allowing even mid-sized projects to benefit from the efficiency and comforts they provide.

How the Rising Realization and Improving Efficiency Are Enabling the Growth of North America Smart Elevator Market During the Forecast Period?

Okay, so North America is predicted to be the region where the smart elevator market grows the fastest! It's because folks here are really starting to see the benefits of boosting efficiency and modernizing buildings. And smart elevators? They're a big part of that. They offer cool features like predictive maintenance, which helps catch problems before they become huge headaches, saving time and money on repairs. Plus, they're all about energy efficiency, optimizing how elevators are used and cutting down on power consumption – which is super important as North America increasingly focuses on green building and using resources wisely.

Security concerns and regulatory requirements for accessibility are driving demand for smart elevator systems that prioritize safety and inclusion. Access control systems, two-way communication interfaces, and automatic door-opening systems help to increase security and accessibility for all users, including those who are disabled. Building owners and managers in North America are increasingly understanding the need to adopt these measures to maintain regulatory compliance while also providing a safe and inclusive workplace for inhabitants.

North America has a well-developed infrastructure for building management systems (BMS). Smart elevators that work smoothly with BMS provide various advantages, including centralized control, real-time monitoring, and data-driven insights. Smart elevators integrate with BMS to form part of a comprehensive building management plan, enabling more effective operation, proactive maintenance scheduling, and building performance optimization. This connection improves the overall efficiency and effectiveness of building systems, allowing facility managers to manage and maintain their assets more effectively.

Competitive Landscape

The smart elevator market is a competitive landscape with established players maintaining a strong presence while innovative startups present exciting new possibilities. The future of the market will likely see continued advancements in technology, a focus on user experience and sustainability, and a growing emphasis on addressing cybersecurity concerns.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the smart elevator market include

  • Schindler Group
  • Thyssenkrupp
  • Otis Elevator
  • Kone Corporation
  • Mitsubishi Electric
  • Hitachi

Smart Elevator Latest Developments

  • In October 2020, Hitachi Ltd. (Japan) purchased a 9.99% stake in Yungtay Engineering (Taiwan) to expand its elevator and escalator business. Currently, Hitachi owns around 51% of Yungtgay.
  • In August 2020, OTIS Elevator (US) bought Bay State Elevator (US) to develop in the northeast. The acquisition covers the company’s service portfolio and operations throughout Massachusetts, Connecticut, Vermont, and upstate New York.
  • In March 2020, ThyssenKrupp AG (Germany) agreed to sell its Elevator Technology business unit to Advent, Cinven, and RAG Foundation to improve cash flow and reduce expenses.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2021-2031

Growth Rate

CAGR of ~1.60% from 2024 to 2031

Base Year for Valuation

2024

Historical Period

2021-2023

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Application
  • Installation
  • Service
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

Schindler Group, Thyssenkrupp, Otis Elevator, Kone Corporation, Mitsubishi Electric, and Hitachi

Customization

Report customization along with purchase available upon request

Smart Elevator Market, By Category

Application

  • Residential
  • Commercial
  • Institutional
  • Industrial

Installation

  • High Rise
  • Low-Mid Rise

Service

  • New Installation
  • Maintenance
  • Renovation

Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Research Methodology of Market Research

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