PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364707
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364707
Smart Elevator Automation System Market size was valued at USD 18,201.7 Million in 2022, expanding at a CAGR of 10.8% from 2023 to 2030.
A Smart Elevator Automation System is a modern and advanced system that uses numerous technologies to increase the efficiency, safety, and convenience of elevator operations in buildings. These systems are intended to improve the entire elevator experience for passengers and building administrators while optimizing energy usage and maintenance efforts. Artificial intelligence (AI) is used in automated or smart elevators to facilitate vertical movement of commodities and passengers. Smart or connected elevators are rapidly being employed in a variety of structures, including hotels, houses, arenas, hospitals, sports complexes, workplaces, and airports. These are intended to reduce overall energy use while also efficiently managing passenger circulation within a facility. Smart elevators use automation technology to reduce waiting time in commercial, residential, and other facilities through effective traffic management.
The construction of high-rise buildings and urbanization are projected to drive the global market's expansion.
As economies and urban areas develop, there is a greater investment in infrastructure, particularly in commercial and residential high-rises. This pushes the market for advanced elevator systems to service these new buildings. According to Eurostat statistic, the construction of buildings sector accounted for 3.7 % of the total number of enterprises in the EU in 2020. As urban areas expand, the available acreage for construction shrinks. High-rise buildings become an obvious alternative for vertically accommodating more people and facilities. Furthermore, the integration of AI, IoT, and data analytics into elevator systems allows for predictive maintenance, user behavior predictions, and energy optimizations.it gives growth opportunity for market. However, Economic downturns or recessions may hinder construction activity, reducing demand for new elevator installations.
The Global Smart Elevator Automation System Market is segmented on the basis of Service, Component, End-User, and Region.
The market is divided into three categories based on Service: Installation Service, Repair and Maintenance Service, and Modernization Service. Installation Service dominates the market. Every structure has its own set of requirements. Installation services may include designing the elevator system to meet the individual needs of a building, assuring optimal performance and customer satisfaction.
The market is divided into two categories based on Components: Card Reader, Biometric, Touch Screen and Keypad, Security and Control System, Sensors, Motors, Automation System, and Building Management System. Security and Control System dominates the market. Integrated systems ensure that elevators are used safely for evacuation or shutdown during emergencies such as fires or power outages to prevent accidents.
The market is divided into two categories based on End-User: Residential Sector, Commercial Sector and Industrial Sector. The commercial sector dominates the market. Access to specific floors or areas of commercial premises, such as corporate offices, is frequently required. Smart elevators can allow selective access based on cards, biometrics, or codes when coupled with access control systems.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Asia pacific is expected to dominate the growth of Smart Elevator Automation System Market, due to rising population and urbanization and growing demand for residences and commercial structures from huge population in this region. As more people proceed to cities in search of greater opportunities, the demand for urban infrastructure, including residential and commercial structures, rises. These new infrastructures frequently include smart technology, such as smart elevators. According to the China Business Review, new regulations require that 70% of new urban buildings be certified green buildings by 2022. Major municipalities, including Shanghai, Beijing, and Shenzhen, plan to exceed that goal, requiring all new commercial buildings to be green buildings. Europe is expected to drive the market growth in forecast period.
The smart elevator automation system market is experiencing substantial growth as a result of urbanization, the need for energy efficiency, safety concerns, and the impact of global events like as the COVID-19 pandemic. In this competitive context, leading manufacturers are constantly innovating to create better, smarter solutions. Competitors' novel products alter the structure of the industry and the nature of competition, exposing enterprises to new competitive opportunities and risks. They are redefining industry boundaries and establishing totally new industries. Elevator service firms strive to deliver exceptional service to their customers because customer happiness is reliant on the quality of their service. The usage of IoT speeds the move from reactive to proactive service delivery; sensor data can forecast faults, allowing preventive steps to be taken before they become a failure, resulting in machine downtime and customer discontent.
On March 22, 2022, Hitachi Elevator (Thailand) Co., Ltd. a joint venture company of Hitachi, Ltd. and Siam Motors Group, which is a sole sales and service company of elevators and escalators in Thailand, currently announced that it has launched a full-scale Smart Building Solution business for the first time in Thailand and Southeast Asia, aiming to provide value to buildings with Physical Security System and Digital Service for the New Normal utilizing Lumada IoT Platform.
The scope of this report covers the market by its major segments, which include as follows: