Smart Elevator Market

Smart Elevator Market Size, Share, Growth (2023-2028)

Smart Elevator Market is envisioned to be valued at around USD 39.78 Billion by 2028 from USD 18.36 Billion, rising at a CAGR of 12% over the prediction period from 2023-2028.

Smart Elevator Market Overview

A Smart Elevator is a device that is designed to transform a simple act of travel between floors. This technology is intended to implement an efficient way to travel between floors by directing an elevator to the floor that the passenger wanted with a fewer number of stops, instead of pushing a button to travel up or down.The major factors that are driving the growth of the Global Smart Elevator Market are the rise in disposable consumer income, especially in countries like China, India, and Brazil, along with the increasing need for vertical transportation, which was faster. Also, the growth for the demand for this technology is attributed to the benefit when used as better control of elevator traffic and the growing need for improved efficiency of energy. The development of products that use renewable energy sources is expected to offer new growth avenues over the coming years. And the wide usage of these smart elevators in industrial, residential, and commercial sectors is further driving the market all these years.

Recent Developments

• Hitachi Ltd., MNC conglomerate company, and a solar energy and battery storage company, Gridserve Sustainable Energy came into a partnership agreement for developing the solar farms and solar-powered electric vehicle (EV) charging stations.

• Identive Group, Inc., a company that provides security solutions for identification that enables people to gain access to the buildings, systems, networks, information, and services they need, has announced that it has acquired the idOnDemand, Inc., which is a provider of service-based identity credential management and provisioning.

Smart Elevators Market Drivers and Restraints

Rising activities of buildings and constructions along with the deployment of IT-integrated infrastructure in urban areas of emerging economies and the growing demand for energy-efficient systems & solutions are the major drivers for the growth of the Global Smart Elevator Market. Moreover, the increasing adoption of wireless technologies and the rising investments from government and private organizations are increasing the traction in the Smart Elevations Market, all around the world. However, high initial investments for the setup of these systems, lack of interoperability, and the consolidation of entry are the barriers in this market. Nonetheless, the inclination of industries toward greener technologies is creating growth opportunities for the expansion of the global market players. Further, rapid urbanization and advanced technologies are likely to create some lucrative opportunities for the growth of the smart elevator market in the coming years.

Smart Elevators Market Segmentation

Based on the component

• Control systems

• Maintenance systems

• Communication systems

Based on the application

• Residential

• Commercial

• Industrial

• Institutional

• Automated vehicle storage

• retrieval system (AVSRS)

On the service outlook

• New Deployment

• Modernization

• Maintenance

Smart Elevators Market Regional Analysis

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

In the regional analysis of the Global Smart Elevator Market, North America's market held the largest share, accounting for more than 40% of overall sales. The growth of smart elevators in North America is credited to the sophisticated infrastructure and the rapid adoption of the latest innovations in this region.

And the Asia-Pacific's regional smart elevator market is anticipated to witness substantial growth over the forecast period owing to rapid infrastructure development and increasing urbanization in the region. Rising consumer disposable income is supporting the growth at the highest CAGR when compared to all other regional markets. The major factor that was fuelling the growth of the APAC smart elevator market is the rising technological advancements in countries like Japan, China, India, and among others.

And the market in Europe is also estimated to grow in a considerable way during the outlook period owing to the growing mandates of governments in the European Union, which are pertaining to the up-gradation of the existing elevator.

Smart Elevators Market Key Players

1. Bosch Security Systems,

2. Bio-Key International Inc,

3. Cisco Systems Inc.,

4. Hitachi Ltd.,

5. Digital persona Inc.,

6. Honeywell International Inc.,

7. Identive Group Inc.,

8. Hyundai Elevator Co. Ltd.,

9. Ingersoll-Rand Plc,

10. Keyscan Inc.,

11. Johnson Controls Inc.,

12. Kone Corporation,

13. Mitsubishi Electric

14. Corporation, Linear Llc.,

15. Otis Elevator Company,

16. Schneider Electric SA,

17.