IoT in Elevators Market to be dominated by Hardware segment through 2028
Rise in Technological Developments in Construction Industry and Rising
Trend Towards Energy Efficient Products to drive Global IoT in Elevators Market
in the forecast period, 2023-2028.
According to TechSci Research report, “Global IoT
in Elevators Market - By Region, Competition, Forecast & Opportunities,
2028”, Global IoT in Elevators Market is anticipated to grow at a 14.17%
CAGR in the forecast period, 2024-2028. The Global IoT in Elevator is a
significant market, due to its advanced infrastructure, technological
advancements, and a high concentration of commercial buildings. Some key points
regarding the IoT in elevators market are Technological Advancements,
Regulatory Environment, Demand from Commercial Sector and many more.
The IoT in elevators market has been growing rapidly
in recent years due to several factors. Firstly, IoT technology provides
various benefits for elevator maintenance and operations. With IoT-enabled
sensors, elevators can collect real-time data on their performance, including
factors like speed, temperature, vibration, and usage patterns. This data can
be used to identify maintenance needs, predict failures, and optimize
maintenance schedules, resulting in improved reliability and reduced downtime.
Secondly, IoT technology enables remote monitoring and control of elevators.
Building managers and maintenance teams can access real-time information about
the status and performance of elevators from anywhere, allowing them to respond
quickly to issues and minimize disruptions.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global IoT in Elevators Market.”
Global IoT in Elevators Market is segmented based on
component, application, and end user. Based on component, the market is
segmented into Hardware, Software, Services. Based on application, the
market is segmented into Preventive Maintenance, Remote Monitoring, Fault
Diagnosis and Prediction, Advanced Reporting, Connectivity Management. Based on
End User, the market is segmented into residential, commercial, industrial.
Based on component, Hardware segment will dominate the
Global IoT in Elevators Market in the forecast period, in recent years, the
need for hardware has rapidly expanded. Based on data gathered from daily lift
usage, artificial intelligence is currently being used to help both operators
and mechanical contractors keep up with their daily routines and find ways to
better manage the flow of lift traffic and find ways to prevent problems before
they occur. Furthermore, as remote surveillance for smart lifts becomes more
popular, the hardware industry is expanding. Rising need for aesthetically
pleasing appearances in various hospitality industries and other commercial
constructions will drive market expansion for hardware components used in
lifts.
Based on Application, according to a market research
analysis, the remote monitoring segment dominated the Global IoT in lift
market. The market is anticipated to continue to rule during the forecast
period as well.
Based on End-User, the residential segment dominated
the Global IoT in lift market in terms of end user. Additionally, the segment
is anticipated to continue to rule during the projection period.
Based on Region, North America region is expected to
dominate the market for IoT in Elevators during the forecast period. North
America are mature regions of the market, owing to high awareness about IoT in
elevators among users and technological developments. Additionally, the
presence of a well-established infrastructure facility and the high number of
market players being headquartered in North America is another significant
factor that is supporting the growth of smart and connected elevators market in
these regions.
Major companies operating in the Global IoT in Elevators market are:
- ThyssenKrupp AG
- KONE Corporation
- Fujitec Co.
- Hitachi Ltd.
- Hyundai Elevator Co., Ltd.
- Otis Elevator Company
- Schindler Group
- Mitsubishi Electric Corporation
- Toshiba Elevators
Download Free Sample Report
Customers can also request for 10%
free customization on this report.
“The growth in the number of development projects in
metropolitan areas around the globe and the integration of lift systems with
smart technologies are the two main factors driving the IoT in lifts market.
Because of developments in IoT and AI, lift functions have altered dramatically
during the past ten years. Urban cities around the world are changing steadily
due to a growing preference for clean and energy-efficient technologies.
Government attempts to create and expand new smart cities, increased IoT awareness,
improved lift safety features, and real-time monitoring of anomalous activity
have all contributed to the market's expansion. The IoT in Elevators market
would expand during the projected period due to favorable government policies”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
IoT in Elevators Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast, Segmented by Component (Hardware,
Software, Services), By Application (Preventive Maintenance, Remote Monitoring,
Fault Diagnosis and Prediction, Advanced Reporting, Connectivity Management),
By End User (Residential, Commercial, Industrial), By Region, Competition,
2018-2028”, has evaluated the future growth potential of global IoT in Elevators
market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision-makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global IoT in Elevators
market.
Contact
TechSci Research LLC
420 Lexington Avenue,
Suite 300, New York,
United States- 10170
M: +13322586602
Email: [email protected]
Website: https://www.techsciresearch.com