Smart Elevator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Smart Elevator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global smart elevator market size reached US$ 25.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 42.2 Billion by 2028, exhibiting a growth rate (CAGR) of 9.1% during 2023-2028.

Smart elevators are technologically advanced systems that allow automated vertical transportation of passengers and goods from one floor to another within a building. They consist of new-age digital security system controls, such as destination dispatching and access control systems, biometrics, and touch screens. They aid in eliminating problems, such as breakdowns, slow mobility, and frequent maintenance, and improving the operational efficiency, reliability, performance, aesthetics, and safety of the elevator while reducing energy costs and electromagnetic noise. As a result, smart elevators find extensive applications across the residential, commercial, institutional, and industrial sectors.

Smart Elevator Market Trends:
The increasing demand for energy-efficient solutions due to rising concerns about energy consumption across the globe is creating a positive outlook for the market. Smart elevators have improved controls, hardware, software, and other components, such as alternating current (AC) motors, low-heat light-emitting diode (LED) lighting solutions, and touch screens, which save energy and are more efficient. In line with this, the widespread adoption of new permanent magnet synchronous (PMS) gearless traction machines that utilize less energy than conventional geared machines and are lighter and compact is favoring the market growth. Additionally, the increasing demand for efficient mobility systems due to the growing high-rise buildings, supported by the expanding working population, is propelling the market growth. Apart from this, the integration of the Internet of Things (IoT) and artificial intelligence (AI) in smart elevators to diagnose problems from a remote location, provide emergency responses, and enhance safety are providing an impetus to the market growth. Other factors, including escalating demand for modern amenities and the implementation of various government initiatives promoting smart city projects, are anticipated to drive the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart elevator market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on solution and application.

Breakup by Solution:

Control Systems
Security Control System
Elevator Control System
Access Control System
Maintenance Systems
Communication Systems
Services
Support and Maintenance
New Deployments
Modernization

Breakup by Application:

Residential
Commercial
Industrial
Institutional
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Bosch Service Solutions GmbH, Hyundai Elevator Co. Ltd., KONE Elevator India Private Limited (Kone Oyj), Mitsubishi Electric Corporation, Otis Worldwide Corporation, Schindler Holding Ltd., Thames Valley Controls Ltd, TK Elevator, and Toshiba Elevators and Building Systems Corporation (Toshiba Corporation).

Key Questions Answered in This Report

1. What was the size of the global smart elevator market in 2022?
2. What is the expected growth rate of the global smart elevator market during 2023-2028?
3. What has been the impact of COVID-19 on the global smart elevator market?
4. What are the key factors driving the global smart elevator market?
5. What is the breakup of the global smart elevator market based on the solution?
6. What is the breakup of the global smart elevator market based on the application?
7. What are the key regions in the global smart elevator market?
8. Who are the key players/companies in the global smart elevator market?