Smart Elevator Market Trends and Forecast
The future of the global smart elevator market looks promising with opportunities in the residential, commercial, and institutional construction markets. The global smart elevator market is expected to reach an estimated $77.4 billion by 2030 with a CAGR of 12.7% from 2024 to 2030. The major drivers for this market are high rise residential and commercial buildings, increasing demand for energy efficient elevator system, and rising adoption of IoT technology in smart elevators.
Smart elevators incorporate materials like steel for structural components, electrical wiring, sensors, and control. Prices for smart elevators vary significantly depending on capacity, technology integration (IoT connectivity and AI algorithms), and building requirements, ranging from $50,000 to $500,000 or more per unit. Competition influences pricing, with factors such as energy efficiency, safety features, and customization options playing crucial roles in market positioning and pricing strategies.
• Lucintel forecasts that commercial will remain the largest segment over the forecast period due to growth in commercial construction, such as retail shops, malls, warehouses, and hospitals and increasing demand for high rise commercial buildings.
• Within this market, control system will remain the largest segment due to the increasing demand in advanced security automation and access control systems.
Country wise Outlook for the Smart Elevator Market
The smart elevator market is witnessing substantial growth globally, driven by increased adoption of smart elevators for efficiency and energy savings. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major smart elevator producers in key regions: the USA, Germany, China, India, and Brazil.
Emerging Trends in the Smart Elevator Market
Emerging trends in the smart elevator market shaping its future applications and market dynamics:
• Internet of Things (IoT) Integration: Smart elevators are increasingly equipped with IoT sensors and connectivity to enable real-time monitoring of elevator performance, predictive maintenance, and remote diagnostics. This enhances operational efficiency and minimizes downtime.
• Destination Control Systems: Adoption of destination control systems (DCS) that optimize elevator dispatching based on passenger traffic patterns, reducing wait times and improving energy efficiency by grouping passengers traveling to similar floors.
• Biometric and Touchless Technologies: Integration of biometric authentication and touchless controls in smart elevators to enhance security, convenience, and hygiene, particularly in high-traffic buildings and COVID-19 pandemic response.
• Cloud-based Solutions and Connectivity: Increasing deployment of cloud-based elevator management systems for data analytics, predictive maintenance, and remote monitoring, enabling building managers to optimize elevator performance and tenant satisfaction.
• Integration with Building Automation Systems: Smart elevators are being integrated with overall building automation systems (BAS) to facilitate seamless communication and coordination between elevators, HVAC, lighting, and security systems for enhanced building
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Recent Development in the Smart Elevator Market
Ongoing innovations and advancements in various sectors of the smart elevator market which have been highlighted by recent developments:
• IoT Integration: Increasing adoption of Internet of Things (IoT) technology in elevators for real-time monitoring, predictive maintenance, and remote diagnostics, enhancing operational efficiency and reducing downtime.
• Energy Efficiency Innovations: Development of energy-efficient smart elevators with regenerative drives, LED lighting, and eco-friendly materials to minimize energy consumption and operational costs, aligning with green building certifications.
• Biometric and Touchless Technologies: Integration of biometric authentication and touchless controls in smart elevators to improve security, hygiene, and user experience, responding to heightened health and safety concerns post-pandemic.
• Destination Control Systems (DCS): Implementation of DCS to optimize elevator dispatching based on passenger traffic patterns, reducing wait times and improving overall building efficiency.
• Cloud-Based Solutions: Deployment of cloud-based elevator management systems for data analytics, predictive maintenance, and remote monitoring, enabling proactive maintenance and enhancing elevator performance.
Strategic Growth Opportunities for Smart Elevator Market
Some key strategic growth opportunities for this market include:
Commercial Buildings:
• High-Rise Developments: Increasing demand for smart elevators in tall buildings to optimize vertical transportation efficiency, reduce wait times, and enhance tenant satisfaction.
• Office Spaces: Integration of smart technologies like IoT and cloud-based systems to improve building management, energy efficiency, and user experience.
Residential Buildings:
• Luxury Apartments and Condominiums: Installation of smart elevators with personalized features, such as destination control systems and biometric access, to cater to high-end residential markets.
• Mixed-Use Developments: Deployment of smart elevators in mixed-use complexes to support diverse user needs and enhance overall building efficiency.
Healthcare Facilities:
• Hospitals and Clinics: Adoption of smart elevators with touchless controls, predictive maintenance capabilities, and emergency response features to improve patient mobility, operational efficiency, and infection control.
Hospitality Sector:
• Hotels and Resorts: Installation of smart elevators with advanced guest management systems, floor recognition, and personalized service options to enhance guest experience and operational efficiency.
These strategic growth opportunities highlight the diverse applications of smart elevators across various sectors, driven by technological advancements, urbanization trends, and increasing emphasis on sustainability, efficiency, and user experience in modern building infrastructure. Companies that innovate and customize solutions to meet specific market demands are poised to capitalize on these expanding opportunities in the smart elevator market.
Smart Elevator Market Driver and Challenges
The smart elevator market is propelled by advancements in building technology and the growing demand for efficient vertical transportation solutions in urban landscapes.
The factors responsible for driving the smart elevator market include:
1. Urbanization and High-Rise Construction: Increasing urbanization worldwide has led to the construction of more high-rise buildings, driving the demand for smart elevators that optimize space and energy efficiency.
2. Technological Advancements: Rapid advancements in IoT, cloud computing, and artificial intelligence (AI) enable smart elevators to offer features such as predictive maintenance, real-time monitoring, and personalized user experiences.
3. Energy Efficiency Regulations: Stringent regulations and incentives promoting energy-efficient building solutions encourage the adoption of smart elevators with energy-saving features like regenerative drives and LED lighting.
4. Enhanced User Experience: Demand for improved passenger safety, convenience, and comfort through features like touchless controls, biometric access, and destination control systems (DCS) drives innovation in smart elevator technology.
Challenges in the smart elevator market are:
1. High Initial Costs: The initial investment required for installing smart elevator systems, including IoT sensors and connectivity infrastructure, can be prohibitive for building owners and developers.
2. Integration Complexity: Integrating smart elevator systems with existing building infrastructure and management systems poses technical challenges, requiring expertise and coordination among multiple stakeholders.
3. Security Concerns: The adoption of IoT and cloud-based technologies in smart elevators raises cybersecurity risks, necessitating robust measures to protect data and ensure passenger safety.
4. Regulatory Compliance: Adhering to diverse and evolving regulatory standards for elevator safety, energy efficiency, and accessibility in different regions adds complexity and cost to smart elevator deployment.
Navigating these drivers and challenges requires strategic planning, collaboration among industry players, and continuous innovation to capitalize on the opportunities presented by the smart elevator market while addressing its inherent complexities.
Smart Elevator Suppliers and Their Market Shares
In this globally competitive market, several key players such as Thyssenkrupp, OTIS Elevator, KONE, Schindler Group, Hitachi Hyundai Elevator, etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players contact us.
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies smart elevator companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the smart elevator companies profiled in this report include-
• ThyssenKrupp
• OTIS Elevator
• KONE
• Schindler Group
• Hitachi Hyundai Elevator
• Hyundai Elevator
• Toshiba Elevators and Building Systems
• Mitsubishi Electric
• Fujitec
• Motion Control Engineering
These companies have established themselves as leaders in the smart elevator industry, with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the smart elevator market are evolving, with the entry of new players and the emergence of innovative smart elevator technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
Smart Elevator Market by Segment
The major segment witnessing growth in smart elevator market include commercial buildings due to increasing adoption of smart elevators in high-rise offices and mixed-use complexes to improve efficiency and user experience. Residential applications are expanding with luxury apartments and condominiums integrating advanced elevator systems for enhanced security and personalized service. Healthcare facilities are also embracing smart elevators for improved patient mobility and operational efficiency. Additionally, transportation hubs like airports and train stations are installing smart elevators to manage passenger flow effectively and ensure accessibility.
This smart elevator report provides a comprehensive analysis of the marketÄX%$%Xs current trends, growth drivers, challenges, and future prospects in all major segments like above. It covers various segments, including components, services, and end use industries. The report offers insights into regional dynamics, highlighting the major markets for smart elevator and their growth potentials.
Smart Elevator Market by Component [Value from 2018 to 2030]:
• Control System
• Maintenance System
• Communication System
Smart Elevator Market by Service [Value from 2018 to 2030]:
• New Installation
• Modernization
• Maintenance
Smart Elevator Market by End Use Industry [Value from 2018 to 2030]:
• Residential
• Commercial
• Institutional
• Others
Smart Elevator Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Features of the Global Smart Elevator Market
Market Size Estimates: Smart elevator market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Smart elevator market size by component, service, end use industry, and region in terms of value ($B).
Regional Analysis: Smart elevator market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different components, services, end use industries, and regions for the smart elevator market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the smart elevator market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What is the smart elevator market size?
Answer: The global smart elevator market is expected to reach an estimated $77.4 billion by 2030.
Q2. What is the growth forecast for smart elevator market?
Answer: The global smart elevator market is expected to grow with a CAGR of 12.7% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the smart elevator market?
Answer: The major drivers for this market are high rise residential and commercial buildings, increasing demand for energy efficient elevator system, and rising adoption of IoT technology in smart elevators.
Q4. What are the major segments for smart elevator market?
Answer: The future of the smart elevator market looks promising with opportunities in the residential, commercial, and institutional construction markets.
Q5. Who are the key smart elevator market companies?
Answer: Some of the key smart elevator companies are as follows:
• ThyssenKrupp
• OTIS Elevator
• KONE
• Schindler Group
• Hitachi Hyundai Elevator
• Hyundai Elevator
• Toshiba Elevators and Building Systems
• Mitsubishi Electric
• Fujitec
• Motion Control Engineering
Q6. Which smart elevator market segment will be the largest in future?
Answer: Lucintel forecasts that commercial will remain the largest segment over the forecast period due to growth in commercial construction, such as retail shops, malls, warehouses, and hospitals and increasing demand for high rise commercial buildings.
Q7. In smart elevator market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region over the forecast period due to high adoption of advanced and IoT based elevator systems.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the smart elevator market by component (control system, maintenance system, and communication system), service (new installation, modernization, and maintenance), end use industry (residential, commercial, institutional, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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