Market Overview:

The Smart Elevator Market size was USD 24.50 billion in 2022. Covid-19's impacts the pandemic has also led to a decline in the demand for smart elevators in some regions, as construction projects were delayed or cancelled due to economic uncertainty and the need for social distancing measures. Between 2023 and 2031, the market is projected to grow at a CAGR of 9.1%, from USD 26.78 billion in 2023 to USD 54.67 billion in 2031. The sudden rise in CAGR is attributed to this market growth returning to the pre-pandemic level once the pandemic is over.

Market Scope and Definition:

Smart elevators refer to advanced elevator systems that use artificial intelligence, internet of things (IoT), and cloud computing technologies to enhance their functionality and efficiency. These elevators are equipped with sensors, controllers, and communication systems that allow for real-time monitoring and analysis of elevator performance, traffic patterns, and passenger behaviour. Smart elevators are designed to optimize passenger traffic, reduce wait times, and enhance safety and security.

The scope of the smart elevator market includes the analysis of various types of elevators, such as passenger, freight, and fireproof elevators, which are equipped with different technologies like sensors, security control systems, and automated features. The market also covers the analysis of software and services that are used to control and monitor the elevators, including building management systems and cloud-based solutions. The smart elevator market is further segmented based on applications, which includes residential, commercial, institutional, and industrial buildings. Several key players in the market are adopting strategies such as mergers, acquisition, partnerships, and collaboration for the expansion their product portfolio. For instance,

• in 2021, KONE Corporation announced a strategic partnership with Savioke, a provider of autonomous service robots. Through this partnership, KONE aims to expand its service robot offerings for the hospitality, healthcare, and other service industries. The service robots will be integrated with KONE's elevators and other building systems to enable smooth and safe navigation between floors and rooms.

Market Dynamics:- Market Drivers

Increasing Demand for Energy-Efficient Solutions and Advanced Safety Features Drives the Market Growth

Increasing demand for energy-efficient solutions is one of the drivers of the smart elevator market. Smart elevators are designed to optimize energy consumption and reduce overall energy costs through the use of advanced technologies such as destination control systems, regenerative drives, and power management systems. As energy costs continue to rise, building owners and operators are seeking more efficient solutions, and smart elevators are becoming an attractive option.

Smart elevators come equipped with advanced safety features such as emergency brakes, door sensors, and fire suppression systems, which provide passengers with a safe and secure ride.

Technological Advancements for the Development Drives the Market Growth

Technological advancements such as IoT, AI, and cloud computing have enabled smart elevator systems to offer advanced features such as predictive maintenance, remote monitoring, and real-time data analysis. These technologies have also enabled the integration of smart elevators with other building management systems, offering a more holistic approach to building automation and management. The use of these advanced technologies is a key driver in the growth of the smart elevator market.

KONE Corporation has also developed an IoT-enabled smart elevator system called KONE DX Class elevators, which feature an integrated digital display and touchless calling options. The system uses data analytics and machine learning to provide personalized and adaptive elevator experiences based on passenger traffic patterns and needs.

Market Trends:

The Increased Use of Machine Learning and Use of Biometric Authentication.

Machine learning is increasingly being used in the smart elevator market to analyze data on elevator usage patterns and make predictions about elevator traffic flow. This can help optimize elevator operations for improved energy efficiency and performance, as well as better user experience. Machine learning algorithms can also be used to identify potential maintenance issues before they become major problems, allowing for timely repairs and minimizing downtime.

Biometric authentication is being increasingly used in smart elevator systems for improved security and convenience. With biometric authentication, passengers can quickly and securely access their desired floor without the need for keys or access cards.

Thyssenkrupp Elevator has incorporated biometric authentication technology in its smart elevator systems. The company's ACCEL system uses facial recognition technology to identify passengers and provide them with personalized elevator services based on their individual preferences and usage patterns.

Market Restraining Factors:

Dependence on Internet Connectivity is a Restraining Factor in the Smart Elevator Market

Smart elevator systems rely on internet connectivity for communication and data transfer between different components such as sensors, controllers, and management systems. This connectivity enables real-time monitoring, analysis, and control of the elevators, which can lead to improved efficiency, safety, and user experience.

However, in the event of internet outages or disruptions, the smart elevator systems may experience downtime or reduced functionality, which can cause inconvenience and potential safety hazards for the users. Therefore, it is essential to have backup systems or alternative connectivity options in place to ensure uninterrupted operation of the elevators in such situations.

Key Players Strategies in the Market:

• On February 2023, Nomadix Inc, a leading U.S.-based manufacturer of wireless points, controllers, and LAN switches, announced a strategic partnership with Wide Computer Systems, the leading provider of solutions and services to the Middle East hospitality industry. The partnership offers significant benefits to both existing and new customers, combining a high-quality product portfolio and expertise in customer support, quality management and hotel operations.
• In April 2021, Otis and Schindler, a leading competitor in the elevator industry, announced a collaboration to create a common platform for elevator data. The platform, called "OneNiagara," aims to standardize data formats and protocols for elevator systems, making it easier for building owners and operators to manage and analyze elevator data.
• In August 2020, Otis Elevator Company, a leading Connecticut-based manufacturer of elevator and escalator systems, announced the acquisition of Bay State Elevator, including its service portfolio and operations in Massachusetts, Connecticut, Vermont and Upstate New York. The acquisition increases Otis' scale and density in the Northeast region and demonstrates.

Key Industry Developments:

• In October 2020, Hitachi Ltd. acquisition of Yungtay Engineering's shares suggests that they are interested in expanding their market presence and capabilities in the elevator and escalator industry.
• In March 2020, Thyssenkrupp AG announced that it had entered into an agreement with a consortium comprising Advent International, Cinven, and the RAG Foundation for the sale of its Elevator Technology business segment. The transaction was completed in July 2020 for a total consideration of €17.2 billion.
• In August 2020, OTIS Elevator acquired Bay State Elevator (US) was aimed at expanding Otis Elevator's footprint in the Northeastern United States. Bay State Elevator, a family-owned business, has been in the elevator industry since 1947 and is known for its service portfolio and operations in Massachusetts, Connecticut, Vermont, and upstate New York.
• In June 2021, Otis launched its newly developed Smart Gen3 elevator which enriched smart elevator product portfolio of the company. It appears that Otis is targeting the construction sector in China, which is showing a growing interest in green development. The Smart Gen3 elevator operates using cloud based IoT technology, which provides ease of operation for elevator occupants.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Smart Elevator market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Smart Elevator Market Players Analysis:

• Otis Elevator
• Kone Corporation
• Schindler Group
• Thyssenkrupp AG
• Hitachi Ltd.
• Hyundai Elevators Co., Ltd.
• Mitsubishi Electric
• Fujitec Co., Ltd.
• Honeywell International, Inc.
• Thames Valley Control
• Rimrock Corporation
• Robustel
• IBM Corporation
• Robert Bosch
• Sick AG
• Sigma Elevator Company
• Emerald Elevators
• Openpath Security
• Others

Smart Elevator Market Players & Competitor Analysis:

The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2023-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.

Smart Elevator Market Segmentation Analysis:

By Solutions

• Control Systems
• Access Control System
• Services

By Applications

• Residential
• Commercial
• Industrial
• Institutional
• Others

The report also helps in understanding Global Smart Elevator Market dynamics, structure by analyzing the market segments, and project the Global Smart Elevator Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Smart Elevator Market make the report investor’s guide.

Segmentation Analysis:

The market scope is segmented on the basis of by solutions, by end user and by region.

By Solutions

Based on the solutions the market is segmented into control system, Access Control System and services.

Control Systems: Control Systems holds the largest share in the smart elevator market, followed by Elevator Access Controls. Control Systems are an essential part of smart elevators as they help in controlling the elevator's movement and provide a seamless experience to the passengers.

Services: The services segment of the smart elevator market is expected to have the highest CAGR (compound annual growth rate) during the forecast period. This is because smart elevators require regular maintenance and support services to ensure their proper functioning and to address any technical issues that may arise.

By End User

Based on the end user of the market is segmented into residential, commercial, institutional, and industrial

Residential: the residential segment is expected to register the highest CAGR during the forecast period. This is mainly attributed to the growing demand for smart homes and the increasing adoption of smart technologies in residential buildings.

Commercial: The commercial segment holds the largest share in the global smart elevator market. This can be attributed to the increasing adoption of smart elevators in commercial buildings such as offices, hotels, and retail spaces, where there is a high volume of foot traffic.

Regional Snapshots

North America: North America is a significant market for smart elevators. The region has a developed infrastructure and has been an early adopter of advanced technologies. The demand for smart elevators in North America is driven by factors such as the increasing number of high-rise buildings.

Europe: Europe is one of the significant regions in the smart elevator market. The region has a well-established infrastructure and advanced technologies, which have significantly contributed to the growth of the market. The increasing demand for energy-efficient and sustainable buildings in Europe has driven the adoption of smart elevators.

Asia-Pacific: Asia Pacific region is expected to have the highest CAGR (Compound Annual Growth Rate) in the smart elevator market during the forecast period. Factors such as rapid urbanization, increasing construction activities, and the adoption of smart building technologies in countries like China, India, and Japan are driving the growth of the market in this region.

Middle East and Africa: The Middle East and Africa (MEA) region is also witnessing growth in the smart elevator market. The region is experiencing rapid urbanization and development, leading to increased construction of high-rise buildings and smart cities.

Smart Elevator Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions:

• How much the global Smart Elevator Market valued?
• Which region has the largest share in 2023 for the global Smart Elevator Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Smart Elevator Market:

• Historic year: 2018- 2021
• Base year: 2022
• Forecast: 2023 to 2031
• Representation of Market revenue in USD Million

Smart Elevator Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: