Smart Elevator Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Smart Elevator Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Smart Elevator Market

The smart elevator market size was valued at USD 18.75 billion in 2019, and the market is now projected to grow from USD 65.95 billion by 2032, exhibiting a CAGR of 9.5% during the forecast period of 2020-2032.

The rapid spread of the COVID-19 pandemic has augmented the market uncertainty leading to the closure of material making and constant construction projects across the world. Disruption or delay in the commencement of several infrastructure projects has created an adverse impact on the global market. Apart from that, the pandemic occurrence has forced elevator manufacturers to rethink a complete approach to health, well-being, and care.

The growing concern for energy consumption is a key feature responsible for a change from traditional to modern elevators. Geared machines incorporated into elevators consume more energy resultant in high operational costs. Usage of novel permanent magnet synchronous (PMS) gearless traction machines is achieving momentum, as it consumes up to 50% less energy than conventional geared machines. Also, PMS machines save material and necessitate no gear oil as they are lighter, dense, and without gearbox.

The rising development of integrating the digital world and the internet of things (IoT) has increased the market throughout the world. The fixing of numerous sensors in elevators have enhanced inter connectivity as it allows to measure or recognise factors such as door operational, shaft arrangement, motor temperature, and cab speed. This further lets the specialist to identify the problem earlier and repair the device more rapidly. Furthermore, in-cab sensors are capable of progressive technologies such as go to sleep mode that automatically turns off lights, ventilation, music and video, and others when allowed. Decreasing the consumption of energy increases travel time and effectiveness, along with cutting operational costs and complete waiting time will enhance the smart elevator market growth.

Comprehensive Analysis of Smart Elevator Market

The market can be segmented in various ways, depending on the focus of analysis such as by setup, by installation, by carriage and by application. Based on setup, the market is segmented into new deployment, modernization, and maintenance. Based on the installation, the market is classified into low & mid-rise and high-rise buildings. Based on the carriage, the market is classified into passenger and freight. Based on application, the market is further categorized into residential, commercial and industrial.

North America region is dominating the smart elevator market share due to upgrading of traditional building structures and the development of intelligent building ideas.

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include ONE CORPORATION (Espoo, Finland), Otis Elevator Company (Connecticut, USA), Schindler (Ebikon, Switzerland), ThyssenKrupp Elevator Technology (Essen, Germany), Hitachi Ltd. (Ibaraki, Japan), Mitsubishi Electric Corporation (Tokyo, Japan), Bosch Security Systems (Grasbrunn, Germany), Fujitec Co. Ltd. (Hikone, Japan), Toshiba Elevator and Building Systems Corporation (Tokyo, Japan), HYUNDAI ELEVATOR CO., LTD. (Gyeonggi-do, South Korea), Johnson Controls Inc. (Cork, Ireland), Motion Control Engineering (Alaska, United States) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In April 2021, Hyundai Elevators has ventured into a partnership with Woowa Brothers for design and improvement of elevators and delivery robot synchronization. These elevators and delivery robots will find its uses in extensive range of industries such as commercial services, guesthouses, and domestic apartments.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD Billion)

SegmentationBy Setup

New Deployment

Modernization

Maintenance

By Installation

Low & Mid Rise

High-Rise

By Carriage Type

Passenger

Freight

By Application

Residential

Commercial

Industrial

By Region

North America (the U.S. and Canada)

Europe (U.K., Germany, France, and the Rest of Europe)

Asia Pacific (Japan, China, India, Southeast Asia and the Rest of Asia Pacific)

Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)

Latin America (Brazil, Mexico, and the Rest of Latin America)


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