IMARC Group, a leading market research company, has recently releases report titled “Smart Elevator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global smart elevator market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the smart elevator market?
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.
What is smart elevator?
Smart elevators are technologically advanced systems that facilitate vertical transportation of passengers and goods within a building. They consist of advanced digital security systems, such as biometrics, touchscreen, and access control systems. They also incorporate real-time monitoring technology to help schedule maintenance and repairs. Smart elevators are more cost-effective than mechanical geared elevators as they consume a large amount of energy and lead to high operating costs. They are programmed to adopt multiple operating modes at different times of the day and can recognize the user by keycards, which include permission information. At present, smart elevators are installed in hotels, commercial and residential buildings, information technology (IT) parks, restaurants, and retail outlets.
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What are the growth prospects and trends in the smart elevator industry?
The increasing environmental concerns and escalating demand for energy-efficient solutions represent one of the key factors catalyzing the demand for smart elevators across the globe. In line with this, key market players are introducing permanent magnet synchronous motor (PMSM) traction machine, which results in half of the energy consumption than conventional elevators. This, in confluence with its compact size, lightweight, low noise, and high reliability, is propelling the growth of the market. Furthermore, the increasing adoption of artificial intelligence (AI) and machine learning (ML) algorithms to facilitate quick emergency response and support safety of passengers is creating a favorable market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
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 (US & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 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
- Building Systems Corporation (Toshiba Corporation)
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