Smart Elevator Market Trends 2022 | Growth, Share, Size, Demand and Future Scope 2027

According to IMARC Group’s latest report, titled “Smart Elevator Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” Offers a comprehensive analysis of the industry, which comprises insights on smart elevator.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

The global smart elevatormarket size reached US$ 23.23 Billion in 2021. A smart elevator comprises new-age digital security system controls, including biometrics,  touch screens, destination dispatching, and access control systems. It enables automated vertical transportation of commuters and goods from one floor to another within a building. It is faster and reliable and assists in improving the operational efficiency and safety of the elevator while reducing energy costs as compared to the conventionally used elevator. It offers advanced controls, hardware, software, and other components, such as alternating current (AC) motors and low-heat light-emitting diode (LED) lighting solutions, which are more efficient and save energy. It can be programmed to adopt different operating modes at different times of the day and can recognize the user through keycards, which include destination and permissions information. It is ultra-sleek and modern and provides a smooth riding experience. At present, several key players are focusing on delivering customization in smart elevator systems to offer an experience that meets the need of the building and users.

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Market Trends:

The increasing requirement for advanced and aesthetically appealing elevators represents one of the major factors positively influencing the demand for smart elevators around the world. The rising demand for energy-efficient solutions on account of the growing concerns about energy consumption is also contributing to the market growth. Moreover, the increasing renovation and remodeling activities of elevators in residential, commercial, and industrial spaces are contributing to the market growth. Rapid urbanization, expanding global and working population, and rising investments in the development of smart cities by governments of numerous countries are also creating a positive outlook for the market. In addition, the expanding number of offices, shopping malls, airports, hospitals, buildings, and hotels is catalyzing the demand for smart elevators to improve safety and comfort. Besides this, the escalating demand for efficient mobility systems on account of the rising high-rise buildings is providing a thrust to the market growth. Apart from this, there is a rise in the integration of predictive maintenance, big data analytics, Internet of Things (IoT), artificial intelligence (AI), Bluetooth, Wi-Fi, and long-term evolution (LTE) in smart elevators. These technologies assist in diagnosing problems from a remote location, providing emergency responses, and enhancing safety. Along with this, the emerging adoption of a new permanent magnet synchronous (PMS) gearless traction machine that utilizes less energy is also offering lucrative growth opportunities to market players operating in the industry. Additionally, significant improvements in existing infrastructural development and extensive research and development (R&D) activities by key players are projected to impel the market growth. Looking forward, IMARC Group expects the market to reach US$ 41.85 Billion by 2027, exhibiting a growth rate (CAGR) of 9.60% during 2022-2027.

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List of Key Companies Covered in this Market Report:

  • 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)

The report has segmented the market on the basis of solution, application and geography.

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 Geography:

  • North America (U.S. & 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

Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022- 2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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