Smart Elevator Market Worth $31.77 Billion by 2028, Growing at a CAGR of 11.4% From 2021- Exclusive Report by Meticulous Research®
LONDON, July 1, 2021 /PRNewswire/ -- According to a new market research report "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 (Residential, Commercial)– Global Forecast to 2028", published by Meticulous Research®, the smart elevator market is expected to grow at a CAGR of 11.4% from 2021 to 2028 to reach $31.77 billion by 2028.
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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 at lobbies and achieve energy efficiency.
The growth of the overall smart elevator market is mainly attributed to the construction of high-rise buildings, the need for efficient vertical transportation systems, and advancements in elevators such as destination control, integration of IoT, smartphone-based control options, and enhanced rider security. Also, the rising strategic initiatives by market players to develop intelligent elevator solutions specific to the client requirements is a major factor strengthening the market growth in recent years.
On the other hand, the high initial investment required for installing new smart elevators along with modernizing the existing ones is one of the key factors challenging the growth of this market to a certain extent. Also, problems with the deployment of smart components with existing elevators and security issues are expected to hinder the growth of this market.
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The overall smart elevator market is segmented based on offering, end user, and geography.
Based on offering, the smart elevator market is segmented into solutions and services. In 2021, the solutions segment is expected to account for the largest share of the overall smart elevator market. Factors such as the need for reducing waiting and traveling time, increased rider security, and the adoption of various types of elevator access solutions are driving the growth of this segment. The control and security systems are equipped with access control features that limit the entry of unauthorized persons that add another layer of security to the system, which increases the security. These innovations in smart elevators are expected to drive the market growth over the forecast period.
Based on end use, the smart elevator market is segmented into residential, commercial, industrial, institutional, and other end users. In 2021, the commercial segment is expected to account for the largest share of the overall smart elevator market. Factors such as the increasing adoption of intelligent elevators in commercial buildings and offices due to reduced waiting time and the transformation of commercial infrastructure with installation internet connected components are driving the growth of this segment. The commercial sector is witnessing changes in the new and existing buildings with the deployment of smart solutions that control the buildings' operations. Smart technologies such as cloud computing and IoT are boosting the growth of building management solutions for improving streamline operation and provide better end-user experience. Such energy saving infrastructure such as malls, offices, and other commercial construction is boosting the market for smart elevator solutions.
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Based on geography, the smart elevator market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, Asia-Pacific region is expected to account for the largest share of the global smart elevator market, followed by North America and Europe. Factors such as increased urbanization, construction of smart buildings and infrastructure, innovation of technically advanced elevator solutions, and the presence of key players in the region are driving the growth of this regional segment.
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) among others.
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Scope of the Report
Smart Elevator Market, by Offering
- Solution
- Control System
- Security Control System
- Camera System
- Fire Alarm System
- Visitor Management System
- Elevator Control System
- Access Control System
- Biometrics Access Control Systems
- Card-based Access Control Systems
- Touch Screen & Keypad-based Access Control Systems
- Smartphone-based Access Control System
- Maintenance System
- Communication System
- Services
- New Installation
- Modernization
- Maintenance & Repair
Smart Elevator Market, by End User
- Residential
- Commercial
- Industrial
- Institutional
- Other End Uses
Smart Elevator Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the MEA (RoMEA)
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SOURCE Meticulous Market Research Pvt. Ltd
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