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
View Details Download Sample Ask for Discount Request CustomizationSmart Elevator Market By Application (Residential, Commercial, Institutional, Industrial), Installation (High Rise, Low-Mid Rise), Service (New Installation, Maintenance, Renovation), & Region for 2024-2031
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?
Rapid urbanization around the world is driving the construction of more high-rise structures, demanding efficient elevator systems to handle greater traffic and ensure smooth operations. Smart elevators, with capabilities such as destination control and real-time wait time displays, offer considerable benefits in high-risk situations, improving overall efficiency and user experience. Building owners and managers are increasingly focusing on building efficiency and energy reduction. Smart elevators help to achieve these aims by improving traffic flow, reducing idle time, and utilizing regenerative braking systems to return energy to the grid. These features make smart elevators an important part of producing more ecological and 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.
Advancements in smart elevator technology enable a variety of customization choices for a more personalized user experience. Personalized floor welcomes, in-elevator entertainment options and connection with user profiles for desired settings such as lighting or temperature are all becoming more common, increasing user pleasure and comfort. Building rules and regulations are progressively incorporating requirements for increased accessibility, energy efficiency, and data security in elevators. As manufacturers attempt to comply with growing laws, the use of smart elevator technology is projected to increase, ensuring that goods satisfy the most recent safety and performance criteria. This regulatory evolution fosters innovation and progress in the smart elevator industry.
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.
Retrofitting existing buildings with smart elevator technology can be complicated and expensive, particularly in older facilities with limited space or antiquated electrical systems. This limits the market potential for smart elevators in existing buildings while favoring new development projects that incorporate smart technology from the start. While smart elevators provide advantages in terms of efficiency, energy savings, and user experience, determining the actual return on investment (ROI) for building owners can be difficult. This uncertainty can be a disincentive, with certain stakeholders hesitating to invest in technology that lacks established long-term cost-benefit statistics. Providing precise, evidence-based ROI predictions will be critical in overcoming this hurdle.
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?
The commercial segment is showing significant growth in the smart elevator market and is expected to continue its dominance throughout the forecast period. Commercial facilities, such as offices, shopping malls, and hotels, have heavy elevator traffic throughout the day, demanding efficient elevator systems. Smart elevator features such as destination control systems enable passengers to choose their target floor before entering the elevator, minimizing the number of stops and improving trip times. Real-time wait time displays give passengers accurate information regarding elevator arrival timings, which improves the user experience. Furthermore, AI-powered traffic optimization may evaluate elevator usage trends and automatically change operations to accommodate peak traffic periods, resulting in smooth and efficient travel around the building.
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.
Smart elevators are meant to interact easily with Building Management Systems (BMS), allowing for centralized control and increased operational efficiency. This integration enables predictive maintenance, in which sensors and AI monitor elevator performance in real-time, detecting possible problems before they arise and scheduling maintenance preemptively. These predictive capabilities save downtime and increase the lifespan of elevator systems. Furthermore, the interface with BMS makes data-driven decision-making easier, allowing building managers to study consumption patterns, optimize elevator schedules, and increase overall building efficiency. This comprehensive approach to building management ensures that all systems, including elevators, operate together to offer a comfortable and efficient environment for occupants.
How the High Need for Traffic Management and Efficiency are Driving the Growth of High-Rise Buildings Segment in the Smart Elevator Market?
High Rise Buildings are showing significant growth in the smart elevators market. High-rise buildings experience much higher elevator traffic than low- to mid-rise structures, necessitating advanced traffic control techniques. Smart elevator features such as destination control systems enable passengers to choose their target floor before entering the elevator, minimizing the number of stops and improving trip times. Real-time wait time displays provide accurate information regarding elevator arrival times, improving the user experience and reducing wait times. AI-powered traffic optimization monitors usage trends and modifies operations dynamically to accommodate peak traffic periods, ensuring that elevators run efficiently and smoothly in high-demand areas.
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?
North America is expected to be the fastest-growing region in the smart elevator market during the forecast period. In North America, there is a rising realization of the value of improving operating efficiency and updating existing structures. Smart elevator systems play an important role in this quest since they provide features like predictive maintenance and energy-saving capabilities. Predictive maintenance aids in recognizing possible flaws before they worsen, decreasing downtime and repair costs. Furthermore, energy-saving functions help to promote sustainability by optimizing elevator utilization and lowering energy consumption, which aligns with the region’s emphasis on green building practices and resource efficiency.
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 ATTRIBUTES | DETAILS |
|---|---|
| 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 |
|
| Regions Covered |
|
| 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
Table of Content
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List Tables Figures
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