Rapid Technological Advancements to Drive Smart Elevator Market Growth During Forecast Period
Rapid technological advancements have revolutionized daily lives of consumers, and one area that has greatly benefited from this progress is vertical transportation. Smart elevators, equipped with cutting-edge technology and intelligent systems, have emerged as a game-changer in the industry. However, these elevators transform the vertical transportation landscape, offering improved efficiency, safety, and user experience. With their advanced features and applications in various business sectors, they are poised to become an integral part of our daily lives. As technology continues to evolve, smart elevators are expected to play a critical role in shaping the future of vertical transportation, revolutionizing how individuals move within buildings. Therefore, the demand for smart elevators is expected to increase globally during the forecast period.
Smart elevators are revolutionizing businesses’ operations with the integration of innovative technologies and intelligent systems. These elevators utilize cutting-edge features such as sensors, artificial intelligence, and connectivity to optimize traffic flow and reduce wait times. This is particularly useful in office buildings, where efficient movement of employees is crucial. These elevators minimize congestion and increase efficiency by assigning passengers to specific elevators based on their destination floor. In addition to improving traffic flow, smart elevators offer personalized experiences for users. By recognizing employees through keycards, facial recognition, or biometric authentication, these elevators can direct them to their respective floors, eliminating the need for manual selection.
Furthermore, smart elevators have a significant impact on energy consumption and sustainability. These elevators minimize energy usage and reduce operational costs by incorporating features such as LED lighting, regenerative braking, and efficient motor systems. This aligns with the increasing emphasis on environmental responsibility in the business world. With their advanced technology, personalized experiences, energy efficiency, and real-time data capabilities, smart elevators are integral to optimizing operations, improving security, and enhancing user experience in various business sectors. As businesses embrace innovation, these elevators will remain at the forefront of efficient, intelligent vertical transportation solutions. Therefore, the demand for smart elevators is anticipated to increase across the world during the forecast period.
The smart elevator market is segmented on the basis of setup, carriage, application, and region. By setup, the market is segmented into new deployment, modernization, and maintenance. By carriage, the market is bifurcated into passenger and freight. By application, the market is categorized into residential, commercial, and industrial. Geographically, the smart elevator market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The smart elevator market, by application, is categorized into commercial, residential, and industrial. The commercial segment accounted for the largest smart elevator market share in 2022. Technological advancements and high budgets have enabled offices, hospitals, retail outlets, malls, transportation systems, and other commercial buildings to modernize elevators and make them smart. In commercial elevator applications, keeping track of all people is essential for safety and security purposes. The residential segment is anticipated to register the highest CAGR during the forecast period.
Smart Elevator Market Regional Analysis:
North America held the largest share of global smart elevators market revenue in 2023. The adoption rate of new and latest technologies in all industrial and nonindustrial sectors is relatively higher in the region, and the construction of tall buildings is common. Asia Pacific is estimated to dominate the market, registering the highest CAGR of 14.3% from 2022 to 2031. The market growth is accredited to rapid urbanization.
Smart Elevator Market: Competitive Landscape
KONE Corporation; Halma PLC (Avire Trading Limited); Fujitec Co., Ltd.; Otis Worldwide Corporation; Robert Bosch GmbH; Hitachi Ltd; Mitsubishi Electric Corporation; ThyssenKrupp AG (TK Elevator); Hyundai Elevator Ltd; and Schindler Group are among the key smart elevator market players profiled in the market study. Various other companies are introducing new product offerings to contribute to the smart elevator market size proliferation. Several other important market players were also analyzed during this market research to get a holistic view of the market and its ecosystem.
- August 2023 (Collaboration): Hyundai Elevator signed a Memorandum of Understanding (MoU) with Samsung C&T to collaborate on developing modular elevators. This strategic partnership aims to enhance Hyundai Elevator’s competitive edge in securing contracts for modular construction projects abroad, specifically focusing on projects in Saudi Arabia.
- September 2022 (Launch): Hitachi unveiled an innovative touchless operating panel that revolutionized elevator technology by eliminating the need for physical floor buttons. This development offers users a unique and immersive experience, introducing a new level of convenience and ease of use.