The smart elevator market is projected to grow by USD 4.92 Billion from 2024-2028, with AI driving market evolution and increased construction activities boosting growth - Technavio

NEW YORK, Sept. 23, 2024 /PRNewswire/ -- The global smart elevator market size is estimated to grow by USD 4.92 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.78%  during the forecast period growing number of construction activities is driving market growth, with a trend towards cloud predictive maintenance  However, intense competition  poses a challenge - Key market players include Express Lifts Ltd., Fujitec Co. Ltd., Halma Plc, Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., Hyundai Elevator Co. Ltd., Johnson Lifts Pvt. Ltd., KONE Corp., Mitsubishi Electric Corp., Nidec Corp., Otis Worldwide Corp., Robert Bosch GmbH, Robustel, Schindler Holding Ltd., Sigma Elevator Co., thyssenkrupp AG, TK Elevator GmbH, Toshiba Corp., and Vantage Elevation LLC.

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Market Driver

The Smart Elevator market is driven by the integration of Internet of Things (IoT) technology in elevators. This innovation enables the collection and analysis of elevator data in the cloud, comparing it with historical data from the supplier's database. Analyzing this information can predict potential component failures, alerting service engineers to take preventive measures before major breakdowns. This proactive approach saves time and money on repairs for lift operators, making it a significant market growth factor during the forecast period. 

The Smart Elevator Market is experiencing significant growth due to the increasing demand for modernization and new deployment of elevator systems in both high-rise and low/mid-rise buildings. Freight elevator systems and passenger elevator systems are becoming increasingly popular, with a focus on energy efficiency and green buildings. The integration of IoT, AI, and cloud computing enables advanced features like regenerative drive, destination-oriented technology, and virtual reality diagnostics. Elevator manufacturers provide new installation services and renovation services to incorporate hardware upgrades and software enhancements. Infotainment systems, spatial technologies, and sensors are added to enhance user experience. Traditional elevators are being replaced with smart elevators, offering control systems, AI, and cameras for improved safety and efficiency. Urbanization and smart cities require commercial applications of smart elevators to reduce energy consumption and optimize maintenance with cloud predictive maintenance. 

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 Market Challenges

• The global smart elevator market is currently undergoing a challenging phase, with profit margins for vendors decreasing due to heightened competition and escalating raw material costs. Major players like KONE Corp and Otis Worldwide Corp dominate the market share. New entrants, such as Hitachi Elevators, are entering the market due to its continuous growth. However, this expansion has resulted in intense price competition among vendors, leading to reduced profit margins. The increasing competition could potentially introduce lower-quality products, potentially hindering market growth during the forecast period.
• The Smart Elevator Market is experiencing significant growth due to the increasing demand for modernization and new deployment of elevators in both low & mid-rise and high-rise buildings. Freight elevator systems and passenger elevator systems are being upgraded with IoT, AI, and regenerative drive features to enhance efficiency and reduce energy consumption. Green buildings and urbanization are key drivers, with a focus on energy-efficient elevators and smart technology. Elevator manufacturers are offering new installation services and renovation services to cater to this demand. Infotainment systems, spatial technologies, and virtual reality diagnostics are also becoming popular in commercial applications. Traditional elevator systems are being replaced with smart elevators, incorporating sensors, cameras, control systems, and destination-oriented technology. Cloud computing and predictive maintenance are also gaining traction in the market. Overall, the Smart Elevator Market is set to revolutionize the way we move in buildings, making them more efficient, sustainable, and convenient.

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Segment Overview 

This smart elevator market report extensively covers market segmentation by  

1. Service 
• 1.1 Modernization
• 1.2 New deployment
• 1.3 Maintenance
2. Application 
• 2.1 Commercial
• 2.2 Residential
• 2.3 Industrial
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Modernization-  The Smart Elevator Market is experiencing significant growth due to increasing demand for energy-efficient and technologically advanced elevators. These elevators offer features like automatic door opening, destination dispatch, and real-time monitoring, enhancing building efficiency and user experience. Major players in the market include Otis Elevator Company, Schindler Group, and Kone Corporation, who are investing in research and development to innovate and meet evolving customer needs. The market is expected to continue its expansion, driven by urbanization and rising construction activities.

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Research Analysis

The Smart Elevator Market is experiencing significant growth due to the increasing demand for energy-efficient solutions in buildings, particularly in high-rise structures and urban areas that are becoming smart cities. These elevators are equipped with advanced control systems, destination-oriented technology, and artificial intelligence (AI) for optimized energy consumption and efficient operation. The integration of cloud computing, hardware, and software enables real-time monitoring, predictive maintenance, and infotainment systems. Green buildings and building construction are also driving the market for smart elevators, which are designed to be compatible with IoT sensors and virtual reality diagnostics. Both passenger and freight elevator systems are benefiting from these innovations, offering improved safety, comfort, and productivity.

Market Research Overview

The Smart Elevator Market is experiencing significant growth due to the integration of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) in elevator systems. These technologies enable predictive maintenance using cloud computing and data analytics, leading to energy savings and improved efficiency in both commercial and residential buildings. The market includes Passenger and Freight Elevator Systems, with a focus on energy-efficient designs and regenerative drive features. New deployment and modernization services are in high demand for existing buildings, while infotainment systems and virtual reality diagnostics enhance the user experience. Spatial Technologies and Destination-oriented systems are becoming popular in high-rise buildings, while sensors and cameras ensure safety and security. The market also caters to the needs of green buildings and smart cities, offering innovative solutions for urbanization and sustainable construction. Overall, the Smart Elevator Market is transforming traditional elevator systems into intelligent, connected, and energy-efficient solutions for the future.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Service
• Modernization
• New Deployment
• Maintenance
• Application
• Commercial
• Residential
• Industrial
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio