Increasing Adoption of IoT Ensures Smooth Ride for Smart Elevator Market

Pune, India, October 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Smart Elevator Market Research Report

As per the analysis carried out by Market Research Future (MRFR), the global smart elevator is predicted to reach a value of approximately USD 30 billion by 2023. The market will grow at an astounding CAGR of 15% over the forecast period (2022-2030).

Drivers and Restraints

Various government regulations and standards for green infrastructure coupled with decreasing operational costs and automation have turned the market for smart elevators into a high yielding one. Plus, the growing concerns regarding the safety and advances towards integration of access controls is poised to expand the smart elevator market further.

In addition, advances in digital control systems like biometrics, card-based systems, touch screens, keypads, and iris recognition provide the market with massive growth opportunities. Digital control systems tighten the security of buildings; thus, the elevated adoption of these systems has positively affected the overall growth of the smart elevator market.

The market, however, is negatively impacted by the lack of funds required for implementing these smart solutions on a large scale. But the continuous incorporation of entry control systems along with elevator dispatching technology is helping to reduce the waiting time and manage the crowd flow. This factor could be another driving force that shapes the market positively in the coming years.

Key Trends

The Internet of Things (IoT) allows communication between the components and the Internet without any human-to-human or human-to-computer intervention. It also allows actionable analytics along with real-time remote monitoring. This factor is compelling elevator manufacturers to build smart elevator systems which are integrated with IoT. This helps to improve the service by decreasing downtime and improving efficiency. Thus, the integration of IoT with elevator systems can be acknowledged as one of the key trends gaining traction in the smart elevator market during the review period.

Market Segmentation

The smart elevator market is segmented on the basis of type, component, services, speed, and application.

Based on the type, the smart elevator market is segmented into passenger elevators, freight elevators, and fireproof elevators.

The segment of components consists of maintenance, control system, and communication system.

By control, the market is segmented into access, elevator, sensors, and security.

Depending on the speed, the smart elevator market is segmented into low-speed, fast-speed, high-speed, and super-speed.

The application-based smart elevator is segmented into industrial, commercial, institutional and infrastructure, residential, and others.

Regional Analysis

Based on region, the smart elevator is segmented into four primary regions, which are Europe, Asia Pacific, North America, and the Rest of the World.

Among these, North America and Europe are predicted to grow steadily in the global smart elevator market. The reason is the fact that the regions are already equipped with advanced infrastructure. Moreover, there is a surging need for energy-efficient solutions to replace the prevailing elevators with sophisticated technology.

Asia Pacific, on the other hand, is also expected to grow at the fastest rate over the forecast period. Countries in the region, such as India, Japan, and China are the leading countries contributing to the smart elevator market. This is the result of the rapid transformation of infrastructure, which is integrated with smart solutions. Also, India is touted as the fastest-growing economy on account of a review of regulation policies of foreign direct investment in real estate as well as the commercial sector.

Key Players

The key players at the forefront of the smart elevator market are Mitsubishi Electric (Japan), Schindler Group (Switzerland), Motion Control Engineering (U.S.), Johnson Controls Inc. (U.S.), Otis Elevator Company (U.S.), ThyssenKrupp AG (Germany), Fujitec (Japan), KONE Corporation (Finland), Hitachi (Japan), Hyundai Elevator (South Korea) and Hyundai Elevator Co. Ltd (Iran).

Industry Updates

October 2018 – AT&T has been chosen by KONE Americas as their Internet of Things (IoT) connectivity and service management provider. The companies are manufacturing several smart elevators and escalators across the United States (U.S), Canada and Mexico by using Internet of Things (IoT) connectivity, to improve the safety, equipment uptime and predictability for maintenance services.

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