Global Smart Elevator Market is anticipated to grow at a steady pace in the forecast period, 2024-2028, owing to the expanding infrastructure in emerging economies, the rise of smart cities, the construction of buildings using cutting-edge technology, and rising consumer expenditure on homes and office spaces.
The straightforward process of moving between levels will be transformed by intelligent elevators. Passengers first choose the floor they want to travel to before pressing the up or down button. They are then led to the elevator that has the fewest stops to get them where they need to go.
Minimum Waiting Time
Passengers in residential, or business settings, or emergency situations at hospitals are most concerned about waiting times in front of elevators. Access control and destination dispatching technology work together to efficiently regulate traffic flow inside buildings.
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It decreases waiting time by directing passengers to a specific elevator when they want to go to a specific floor of the building. As a result, shorter wait times are increasing the use of smart elevators across all industries and boosting the market for them.
Increasing Demand for Energy Efficient Elevators to Promote Growth
The transition from conventional to contemporary elevators is mostly due to the growing concerns over energy use. Elevator gear-integrated machines use more energy, which raises operational expenses. Since new permanent magnet synchronous (PMS) gearless traction machines use up to 50% less energy than traditional geared machines, their use is expanding in this situation. Additionally, because PMS machines are smaller, lighter, and gearbox-free, they conserve material and do not need gear oil. The energy consumption of high-end elevators is further reduced by up to 50% thanks to a regenerative drive mechanism that generates energy to feed back into the building’s power supply. Due to the aforementioned factors, it is predicted that the market for smart elevators would expand, supported by growing consumer and construction industry awareness of energy use.
Technical advancements such as sensors, AI, and IoT to drive the smart elevators market
Elevators are now smart and secure thanks to the inclusion of sensors and internet connectivity elements in recent years. The installation of various sensors in elevators enables the analysis, control, and management of numerous operations, including floor traffic management and system communication. IoT and AI technologies have also improved elevator intelligence. Elevators may now connect to the cloud, where the data they collect is processed and saved, thanks to these technologies. Because the data can be exchanged to analyze performance and anticipate maintenance concerns immediately without requiring human or technical intervention, IoT is employed in elevators for preventative maintenance. Based on data gathered from daily use, AI helps building management and operators anticipate problems and regulate traffic flow through the equipment lifetime. Over the course of the forecast period, the global smart elevator market is expected to be driven by these advantages related to AI, IoT, and sensors.
Market Segmentation
The Global Smart Elevator Market is divided into Component, Installation, Application, Service, Region and Competitive Landscape. Based on Component, the market is divided into Control Systems, Maintenance Systems, Communication Systems. Based on Installation, the market is segmented into Low and Mid-rise, High Rise. Based on Application, the market is segmented into Residential, Commercial, Institutional. Based on Service, the market is divided into New Installation Services, Modernization Services and Maintenance Services.
Market Players
Major market players in the Global Smart Elevator Market are Hitachi, Ltd., TK Elevator Corporation, Schindler Group, Otis Worldwide Corporation, KONE Corporation, Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hyundai Elevator Co., Ltd., Honeywell International, Inc., Toshiba Corporation.
Recent Development
- Otis introduced its newly created Smart Gen3TM elevator in June 2021, expanding the company’s line-up of smart elevator products. Otis will target well-known Chinese construction industry vendors that are eager to buy elevators for their newest infrastructure projects. The corporation has intentionally targeted this particular market as a result of China’s growing predilection for green development in the construction industry. The solution will function using cloud based IoT technologies and be simple for elevator users to use.
- Hyundai Elevators and KT finalized and signed a memorandum of understanding (MoU) in June 2021 to expedite their collaborative efforts for the Elevator Digital Transformation (DX) growth business. The memorandum of understanding was properly signed in order to support the company’s expansion of its elevator portfolio by incorporating speech recognition, automatic driving robots, and AI technologies. The growth of Hyundai Elevators in the smart elevator industry will depend on the development of these elevators.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million, Volume and CAGR for 2018-2022 and 2023-2028 |
| Report coverage | Revenue forecast, company share, growth factors, and trends |
| Segments covered | By Component
By Installation By Application By Service |
| Regional scope | North America, Asia-Pacific, Europe, South America, Middle East & Africa |
| Country scope | United States, Canada, Mexico, China, Indian, Japan, South Korea, Australia, Singapore, Malaysia, Germany, United Kingdom, France, Italy, Spain, Poland, Brazil, Argentina, Saudi Arabia, South Africa, UAE, Iraq |
| Key companies profiled | Hitachi, Ltd., TK Elevator Corporation, Schindler Group, Otis Worldwide Corporation, KONE Corporation, Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hyundai Elevator Co., Ltd., Honeywell International, Inc., Toshiba Corporation |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Report Scope:
In this report, the Global Smart Elevator Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Smart Elevator Market, By Component:
o Control Systems
o Maintenance Systems
o Communication Systems
- Smart Elevator Market, By Installation:
o Low and Mid-rise
o High Rise
- Smart Elevator Market, By Application:
o Residential
o Commercial
o Institutional
- Smart Elevator Market, By Service:
o New Installation Services
o Modernization Services and Maintenance Services
- Smart Elevator Market, By Region:
o North America
- United States
- Canada
- Mexico
o Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Singapore
- Malaysia
o Europe
- Germany
- United Kingdom
- France
- Italy
- Poland
- Spain
o South America
- Brazil
- Argentina
o Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Iraq
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Smart Elevator Market.
Available Customizations:
TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
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Table of Content-Smart Elevator Market
- Service Overview
- Research Methodology
- Impact of COVID-19 on Global Smart Elevator Market
- Executive Summary
- Voice of Customers
- Global Smart Elevator Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1. By Component (Control Systems, Maintenance Systems, Communication Systems)
6.2.2. By Installation (Low and Mid-rise, High Rise)
6.2.3. By Application (Residential, Commercial, Institutional)
6.2.4. By Service (New Installation Services, Modernization Services and Maintenance Services)
6.2.5. By Region
6.2.6. By Company
6.3. Market Map
- North America Smart Elevator Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value & Volume
7.2. Market Share & Forecast
7.2.1. By Component
7.2.2. By Installation
7.2.3. By Application
7.2.4. By Service
7.2.5. By Country
7.3. North America: Country Analysis
7.3.1. United States Smart Elevator Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Component
7.3.1.2.2. By Installation
7.3.1.2.3. By Application
7.3.1.2.4. By Service
7.3.2. Canada Smart Elevator Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Value
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Component
7.3.2.2.2. By Installation
7.3.2.2.3. By Application
7.3.2.2.4. By Service
7.3.3. Mexico Smart Elevator Market Outlook
7.3.3.1. Market Size & Forecast
7.3.3.1.1. By Value
7.3.3.2. Market Share & Forecast
7.3.3.2.1. By Component
7.3.3.2.2. By Installation
7.3.3.2.3. By Application
7.3.3.2.4. By Service