PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1358991
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1358991
According to Stratistics MRC, the Global Smart Elevator Automation System Market is accounted for $20.82 billion in 2023 and is expected to reach $54.05 billion by 2030 growing at a CAGR of 14.6% during the forecast period. The smart elevator automation system is a new generation of control system that offers various facilities and security. It is outfitted with cutting-edge technologies. It is made to effectively manage passenger flow while consuming the least amount of energy possible. In order to improve the effectiveness, safety, and user experience of elevators inside a building or facility, it alludes to a sophisticated and technologically cutting-edge control and management system. This system makes use of a variety of sensors, data analytics, and connection technologies to enhance passenger convenience, optimize elevator operations, and lower energy usage.
According to the United Nations (UN), it has estimated that approximately 55% of the world's population lived in urban areas. By 2050, approximately 66% of the world's population is anticipated to reside in urban areas.
The growing investment in smart city initiatives around the world is mostly driven by increased migration, which has resulted in the ongoing expansion of metropolitan areas. Smart cities will offer more innovative solutions that can be used to ease the burden brought on by the expansion of the urban population. The implementation of energy-efficient road networks will result in effective public transportation systems. The growing momentum of smart cities and significant investments in their development are expected to propel the demand during the forecast period.
Smart elevators are susceptible to technological problems and breakdowns, just like any other type of technology. These problems can cause passengers inconvenience and elevator service disruption, and they necessitate prompt maintenance. The internet-connected nature of smart elevators makes them potentially vulnerable to cyber attacks. Hackers might be able to take over the elevators if they aren't properly protected, posing a risk to both safety and security. These are the elements preventing the market from expanding.
Lifts have created over the long haul to keep on with the need, using carbon fiber links and all the more durable apparatus to keep them moving. The Internet of Things has made smart elevator design even more advanced at the moment. Elevators are becoming more technologically advanced as a result of IoT. Nowadays, IoT-enabled smart elevators are used for data collection, traffic flow tracking, and even as powerful advertising tools. This is the factor propelling the growth of the market.
The beginning stage's huge investment requirement is the difficult aspect. In comparison to traditional elevators, the cost of the elevators is higher overall due to expenditures associated with installation, integration of automation and security systems, after-sale services, and timely maintenance. Due to a lack of project finance, construction companies also struggle to install these elevators in mid-rise buildings or apartments. The market is anticipated to increase slowly in the upcoming years as a result of the aforementioned issue.
The effects of COVID-19 have been catastrophic for the construction industry. Building development has been put on hold ever since lockdowns were implemented all throughout the world. People who work have gone back to their hometowns. Due to the uncertain economy and the developing financial crisis in the smart elevator market, consumers are also reluctant to invest in infrastructure properties. However, it's expected that the use of smart elevators for maintenance and repair will continue to grow.
The security and control system segment is expected to be the largest during the forecast period. Regenerative braking and lighting control are among the energy management tools that businesses operating in different nations are implementing to cut down on energy use and expenditures. The rise of this market segment's revenue is primarily being driven by significant investments in AI and the creation of ML models to optimize elevator usage, decrease wait times, and improve energy efficiency.
The commercial segment is expected to have the highest CAGR during the forecast period. The need for modernization services in business buildings is typically driven by the implementation of safety rules for escalators and elevators. Elevator control systems and cabins can be upgraded or replaced with new components and technology as part of renovation. It extends the life of the elevator, conserves energy, guarantees a comfortable and secure ride for passengers, and boosts user friendliness.
North America is projected to hold the largest market share during the forecast period owing to already well-established infrastructure and early technology adopters. Additionally, they are supplying the increasing need for energy-saving gadgets and parts, including small-size energy batteries for emergencies. Significant investments in producing and installing smart elevators across the area, as well as rising demand for high-performance elevator systems in healthcare facilities, are the main factors propelling market revenue development.
Asia Pacific is projected to hold the highest CAGR over the forecast period owing to rapid infrastructure development and increasing urbanization. The quick development of elevator control technologies, including destination selection control and others, offers profitable potential for market players. Other factors contributing to the penetration include strict government regulations and standards designed to reduce operational costs, replacing outdated elevators in buildings and cutting-edge access control technologies.
Some of the key players in Smart Elevator Automation System market include: Tyco International Limited, Hitachi Ltd., Kone Corporation, Fujitec Co. Ltd., Otis Elevator Company, ThyssenKrupp Elevator AG, Schindler Group, Mitsubishi Electric Corporation, Honeywell International Inc., Johnson Controls Inc., ThyssenKrupp Elevator Technology, Bosch Security Systems, Toshiba Elevator and Building Systems Corporation, Sigma Elevator Company and Huawei Technologies Co., Ltd.
In August 2022, Otis and Sharry announced a global partnership with its pilot program bringing elevator access integration to a modern AAA class administrative building SmichOFF located in Prague, Czech Republic.
In June 2022, TK Elevator and Infosys announced a global strategic collaboration. The global seven-year collaboration is an extension of the successful modernization of TK Elevator's IT infrastructure in Europe and Africa.
In May 2022, KONE Elevators India, a wholly-owned subsidiary of KONE Corporation announced the installation of world's largest passenger lift, which can carry over 200 people at a go, at the Jio World Centre in the city.
List of Figures
Figure 1 Smart Elevator Automation System - Market Segmentation
Figure 2 Research Methodology
Figure 3 Data Mining
Figure 4 Data Analysis
Figure 5 Data Validation
Figure 6 Research Pipeline
Figure 7 Research Approach
Figure 8 Research Sources
Figure 9 Smart Elevator Automation System Market Scenario, End User (2023) (% Market Share)
Figure 10 Smart Elevator Automation System Market Scenario, Emerging Markets (2023) (% Market Share)
Figure 11 Porter's Five Forces Analysis - Smart Elevator Automation System
Figure 12 Global Smart Elevator Automation System Market Analysis & Projection, By Service (2023 VS 2030) (US$MN)
Figure 13 Global Smart Elevator Automation System Market Analysis & Projection, By Repair & Maintenance Service (2023 VS 2030) (US$MN)
Figure 14 Global Smart Elevator Automation System Market Analysis & Projection, By Modernization Service (2023 VS 2030) (US$MN)
Figure 15 Global Smart Elevator Automation System Market Analysis & Projection, By Installation Service (2023 VS 2030) (US$MN)
Figure 16 Global Smart Elevator Automation System Market Analysis & Projection, By Other Services (2023 VS 2030) (US$MN)
Figure 17 Global Smart Elevator Automation System Market Analysis & Projection, By Component (2023 VS 2030) (US$MN)
Figure 18 Global Smart Elevator Automation System Market Analysis & Projection, By Security and Control System (2023 VS 2030) (US$MN)
Figure 19 Global Smart Elevator Automation System Market Analysis & Projection, By Biometric (2023 VS 2030) (US$MN)
Figure 20 Global Smart Elevator Automation System Market Analysis & Projection, By Building Management System (2023 VS 2030) (US$MN)
Figure 21 Global Smart Elevator Automation System Market Analysis & Projection, By Touch Screen and Keypad (2023 VS 2030) (US$MN)
Figure 22 Global Smart Elevator Automation System Market Analysis & Projection, By Sensors, Motors and Automation System (2023 VS 2030) (US$MN)
Figure 23 Global Smart Elevator Automation System Market Analysis & Projection, By Card Reader (2023 VS 2030) (US$MN)
Figure 24 Global Smart Elevator Automation System Market Analysis & Projection, By Other Components (2023 VS 2030) (US$MN)
Figure 25 Global Smart Elevator Automation System Market Analysis & Projection, By End User (2023 VS 2030) (US$MN)
Figure 26 Global Smart Elevator Automation System Market Analysis & Projection, By Residential (2023 VS 2030) (US$MN)
Figure 27 Global Smart Elevator Automation System Market Analysis & Projection, By Commercial (2023 VS 2030) (US$MN)
Figure 28 Global Smart Elevator Automation System Market Analysis & Projection, By Industrial (2023 VS 2030) (US$MN)
Figure 29 Global Smart Elevator Automation System Market Analysis & Projection, By Institutional (2023 VS 2030) (US$MN)
Figure 30 Global Smart Elevator Automation System Market Analysis & Projection, By Other End Users (2023 VS 2030) (US$MN)
Figure 31 Global Smart Elevator Automation System Market Analysis & Projection, By Geography (2023 VS 2030) (US$MN)
Figure 32 Global Smart Elevator Automation System Market Analysis & Projection, By Country (2023 VS 2030) (US$MN)
Figure 33 Global Smart Elevator Automation System Market Analysis & Projection, By North America (2023 VS 2030) (US$MN)
Figure 34 Global Smart Elevator Automation System Market Analysis & Projection, By Europe (2023 VS 2030) (US$MN)
Figure 35 Global Smart Elevator Automation System Market Analysis & Projection, By Asia Pacific (2023 VS 2030) (US$MN)
Figure 36 Global Smart Elevator Automation System Market Analysis & Projection, By South America (2023 VS 2030) (US$MN)
Figure 37 Global Smart Elevator Automation System Market Analysis & Projection, By Middle East & Africa (2023 VS 2030) (US$MN)
Figure 38 Tyco International Limited - Swot Analysis
Figure 39 Hitachi Ltd. - Swot Analysis
Figure 40 Kone Corporation - Swot Analysis
Figure 41 Fujitec Co. Ltd. - Swot Analysis
Figure 42 Otis Elevator Company - Swot Analysis
Figure 43 ThyssenKrupp Elevator AG - Swot Analysis
Figure 44 Schindler Group - Swot Analysis
Figure 45 Mitsubishi Electric Corporation - Swot Analysis
Figure 46 Honeywell International Inc. - Swot Analysis
Figure 47 Johnson Controls Inc. - Swot Analysis
Figure 48 ThyssenKrupp Elevator Technology - Swot Analysis
Figure 49 Bosch Security Systems - Swot Analysis
Figure 50 Toshiba Elevator and Building Systems Corporation - Swot Analysis
Figure 51 Sigma Elevator Company - Swot Analysis
Figure 52 Huawei Technologies Co., Ltd. - Swot Analysis