Connected Elevator Market by Component (Communication Systems, Control Systems, Maintenence Systems), Speed Range (1.6 - 3.0 m/s, Above 3.0 m/s, Below 1.5 m/s), Elevator Type, Load Capacity, Price Range, Installation Type, Deployment Type, End-User - Glob

Connected Elevator Market by Component (Communication Systems, Control Systems, Maintenence Systems), Speed Range (1.6 - 3.0 m/s, Above 3.0 m/s, Below 1.5 m/s), Elevator Type, Load Capacity, Price Range, Installation Type, Deployment Type, End-User - Global Forecast 2024-2030

The Connected Elevator Market size was estimated at USD 11.49 billion in 2023 and expected to reach USD 12.60 billion in 2024, at a CAGR 10.35% to reach USD 22.91 billion by 2030.

Connected elevators are a pivotal advancement in vertical transportation, equipped with Internet of Things technology, enabling real-time data exchange between the elevator system and operators and service teams. They form part of smart building ecosystems by integrating advanced sensors, microprocessors, and communication interfaces. Connected elevators find applications across various segments, including residential complexes, commercial buildings, hotels, and healthcare facilities. Increasing urbanization and the resultant rise in high-rise buildings drive the demand for advanced elevator solutions. In addition, the need for reduced downtime and cost-effective maintenance supports the adoption of connected technologies. However, the high cost of integrating IoT technologies limits the deployment of connected elevators. Increased connectivity raises concerns about data privacy and cybersecurity risks. The complexity of installing and maintaining connected systems can deter potential adopters. Furthermore, connected elevators can be integrated with smart building management systems to further enhance building efficiency and occupant experience. Additionally, progress in IoT and related technologies underpin the market expansion.

Please Note: PDF & Excel + Online Access - 1 Year