Smart Elevator Market –Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, Segmented By Component (Control Systems, Maintenance Systems, Communication Systems), Installation (Low and Mid-rise, High Rise), Application (Residential, Commercial, Institutional), Service (New Installation Services, Modernization Services and Maintenance Services), By Region 2018-2028

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Summary

Report Description

Global Smart Elevator Market is anticipated to grow at a steady pace in the forecast period, 2024-2028, owing to the expanding infrastructure in emerging economies, the rise of smart cities, the construction of buildings using cutting-edge technology, and rising consumer expenditure on homes and office spaces.

The straightforward process of moving between levels will be transformed by intelligent elevators. Passengers first choose the floor they want to travel to before pressing the up or down button. They are then led to the elevator that has the fewest stops to get them where they need to go.

Minimum Waiting Time
Passengers in residential, or business settings, or emergency situations at hospitals are most concerned about waiting times in front of elevators. Access control and destination dispatching technology work together to efficiently regulate traffic flow inside buildings. It decreases waiting time by directing passengers to a specific elevator when they want to go to a specific floor of the building. As a result, shorter wait times are increasing the use of smart elevators across all industries and boosting the market for them.

Increasing Demand for Energy Efficient Elevators to Promote Growth
The transition from conventional to contemporary elevators is mostly due to the growing concerns over energy use. Elevator gear-integrated machines use more energy, which raises operational expenses. Since new permanent magnet synchronous (PMS) gearless traction machines use up to 50% less energy than traditional geared machines, their use is expanding in this situation. Additionally, because PMS machines are smaller, lighter, and gearbox-free, they conserve material and do not need gear oil. The energy consumption of high-end elevators is further reduced by up to 50% thanks to a regenerative drive mechanism that generates energy to feed back into the building's power supply. Due to the aforementioned factors, it is predicted that the market for smart elevators would expand, supported by growing consumer and construction industry awareness of energy use.

Technical advancements such as sensors, AI, and IoT to drive the smart elevators market
Elevators are now smart and secure thanks to the inclusion of sensors and internet connectivity elements in recent years. The installation of various sensors in elevators enables the analysis, control, and management of numerous operations, including floor traffic management and system communication. IoT and AI technologies have also improved elevator intelligence. Elevators may now connect to the cloud, where the data they collect is processed and saved, thanks to these technologies. Because the data can be exchanged to analyze performance and anticipate maintenance concerns immediately without requiring human or technical intervention, IoT is employed in elevators for preventative maintenance. Based on data gathered from daily use, AI helps building management and operators anticipate problems and regulate traffic flow through the equipment lifetime. Over the course of the forecast period, the global smart elevator market is expected to be driven by these advantages related to AI, IoT, and sensors.


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Market Segmentation
The Global Smart Elevator Market is divided into Component, Installation, Application, Service, Region and Competitive Landscape. Based on Component, the market is divided into Control Systems, Maintenance Systems, Communication Systems. Based on Installation, the market is segmented into Low and Mid-rise, High Rise.  Based on Application, the market is segmented into Residential, Commercial, Institutional. Based on Service, the market is divided into New Installation Services, Modernization Services and Maintenance Services.

Market Players
Major market players in the Global Smart Elevator Market are Hitachi, Ltd., TK Elevator Corporation, Schindler Group, Otis Worldwide Corporation, KONE Corporation, Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hyundai Elevator Co., Ltd., Honeywell International, Inc., Toshiba Corporation.

Recent Development

  • Otis introduced its newly created Smart Gen3TM elevator in June 2021, expanding the company's line-up of smart elevator products. Otis will target well-known Chinese construction industry vendors that are eager to buy elevators for their newest infrastructure projects. The corporation has intentionally targeted this particular market as a result of China's growing predilection for green development in the construction industry. The solution will function using cloud based IoT technologies and be simple for elevator users to use.
  • Hyundai Elevators and KT finalized and signed a memorandum of understanding (MoU) in June 2021 to expedite their collaborative efforts for the Elevator Digital Transformation (DX) growth business. The memorandum of understanding was properly signed in order to support the company's expansion of its elevator portfolio by incorporating speech recognition, automatic driving robots, and AI technologies. The growth of Hyundai Elevators in the smart elevator industry will depend on the development of these elevators.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, Volume and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

By Component

By Installation

By Application

By Service

Regional scope

North America, Asia-Pacific, Europe, South America, Middle East & Africa

Country scope

United States, Canada, Mexico, China, Indian, Japan, South Korea, Australia, Singapore, Malaysia, Germany, United Kingdom, France, Italy, Spain, Poland, Brazil, Argentina, Saudi Arabia, South Africa, UAE, Iraq

Key companies profiled

Hitachi, Ltd., TK Elevator Corporation, Schindler Group, Otis Worldwide Corporation, KONE Corporation, Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hyundai Elevator Co., Ltd., Honeywell International, Inc., Toshiba Corporation

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, the Global Smart Elevator Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         Smart Elevator Market, By Component:

o   Control Systems

o   Maintenance Systems

o   Communication Systems

·         Smart Elevator Market, By Installation:

o   Low and Mid-rise

o   High Rise

·         Smart Elevator Market, By Application:

o   Residential

o   Commercial

o   Institutional

·         Smart Elevator Market, By Service:

o   New Installation Services

o   Modernization Services and Maintenance Services  

·         Smart Elevator Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Asia-Pacific

§  China

§  India

§  Japan

§  South Korea

§  Australia

§  Singapore

§  Malaysia

o   Europe

§  Germany

§  United Kingdom

§  France

§  Italy

§  Poland

§  Spain

o   South America

§  Brazil

§  Argentina

o   Middle East & Africa

§  Saudi Arabia

§  South Africa

§  UAE

§  Iraq

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Smart Elevator Market.

Available Customizations:

 TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Smart Elevator Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Service Overview

2.    Research Methodology

3.    Impact of COVID-19 on Global Smart Elevator Market

4.    Executive Summary

5.    Voice of Customers

6.    Global Smart Elevator Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value & Volume

6.2.  Market Share & Forecast

6.2.1.    By Component (Control Systems, Maintenance Systems, Communication Systems)

6.2.2.    By Installation (Low and Mid-rise, High Rise)

6.2.3.    By Application (Residential, Commercial, Institutional)

6.2.4.    By Service (New Installation Services, Modernization Services and Maintenance Services)

6.2.5.    By Region

6.2.6.    By Company

6.3.  Market Map

7.    North America Smart Elevator Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value & Volume

7.2.  Market Share & Forecast

7.2.1.    By Component

7.2.2.    By Installation

7.2.3.    By Application

7.2.4.    By Service

7.2.5.    By Country

7.3.  North America: Country Analysis

7.3.1.    United States Smart Elevator Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value 

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Component

7.3.1.2.2.           By Installation

7.3.1.2.3.           By Application

7.3.1.2.4.           By Service

7.3.2.    Canada Smart Elevator Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value 

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Component

7.3.2.2.2.           By Installation

7.3.2.2.3.           By Application

7.3.2.2.4.           By Service

7.3.3.    Mexico Smart Elevator Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value 

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Component

7.3.3.2.2.           By Installation

7.3.3.2.3.           By Application

7.3.3.2.4.           By Service

8.    Asia-Pacific Smart Elevator Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value & Volume

8.2.  Market Share & Forecast

8.2.1.    By Component

8.2.2.    By Installation

8.2.3.    By Application

8.2.4.    By Service

8.2.5.    By Country

8.3.  Asia-Pacific: Country Analysis

8.3.1.    China Smart Elevator Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Component

8.3.1.2.2.           By Installation

8.3.1.2.3.           By Application

8.3.1.2.4.           By Service

8.3.2.    India Smart Elevator Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Component

8.3.2.2.2.           By Installation

8.3.2.2.3.           By Application

8.3.2.2.4.           By Service

8.3.3.    Japan Smart Elevator Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Component

8.3.3.2.2.           By Installation

8.3.3.2.3.           By Application

8.3.3.2.4.           By Service

8.3.4.    South Korea Smart Elevator Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value 

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Component

8.3.4.2.2.           By Installation

8.3.4.2.3.           By Application

8.3.4.2.4.           By Service

8.3.5.    Australia Smart Elevator Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Component

8.3.5.2.2.           By Installation

8.3.5.2.3.           By Application

8.3.5.2.4.           By Service

8.3.6.    Singapore Smart Elevator Market Outlook

8.3.6.1.        Market Size & Forecast

8.3.6.1.1.           By Value 

8.3.6.2.        Market Share & Forecast

8.3.6.2.1.           By Component

8.3.6.2.2.           By Installation

8.3.6.2.3.           By Application

8.3.6.2.4.           By Service

8.3.7.    Malaysia Smart Elevator Market Outlook

8.3.7.1.        Market Size & Forecast

8.3.7.1.1.           By Value 

8.3.7.2.        Market Share & Forecast

8.3.7.2.1.           By Component

8.3.7.2.2.           By Installation

8.3.7.2.3.           By Application

8.3.7.2.4.           By Service

9.    Europe Smart Elevator Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value & Volume

9.2.  Market Share & Forecast

9.2.1.    By Component

9.2.2.    By Installation

9.2.3.    By Application

9.2.4.    By Service

9.2.5.    By Country

9.3.  Europe: Country Analysis

9.3.1.    Germany Smart Elevator Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Component

9.3.1.2.2.           By Installation

9.3.1.2.3.           By Application

9.3.1.2.4.           By Service

9.3.2.    United Kingdom Smart Elevator Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Component

9.3.2.2.2.           By Installation

9.3.2.2.3.           By Application

9.3.2.2.4.           By Service

9.3.3.    France Smart Elevator Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value 

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Component

9.3.3.2.2.           By Installation

9.3.3.2.3.           By Application

9.3.3.2.4.           By Service

9.3.4.    Spain Smart Elevator Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value 

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Component

9.3.4.2.2.           By Installation

9.3.4.2.3.           By Application

9.3.4.2.4.           By Service

9.3.5.    Poland Smart Elevator Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.           By Value 

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.           By Component

9.3.5.2.2.           By Installation

9.3.5.2.3.           By Application

9.3.5.2.4.           By Service

9.3.6.    Italy Smart Elevator Market Outlook

9.3.6.1.        Market Size & Forecast

9.3.6.1.1.           By Value 

9.3.6.2.        Market Share & Forecast

9.3.6.2.1.           By Component

9.3.6.2.2.           By Installation

9.3.6.2.3.           By Application

9.3.6.2.4.           By Service

10. South America Smart Elevator Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value & Volume

10.2.             Market Share & Forecast

10.2.1. By Component

10.2.2. By Installation

10.2.3. By Application

10.2.4. By Service By Country

10.3.             South America: Country Analysis

10.3.1. Brazil Smart Elevator Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Component

10.3.1.2.2.         By Installation

10.3.1.2.3.         By Application

10.3.1.2.4.         By Service

10.3.2. Argentina Smart Elevator Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Component

10.3.2.2.2.         By Installation

10.3.2.2.3.         By Application

10.3.2.2.4.         By Service

11. Middle East & Africa Smart Elevator Market Outlook

11.1.             Market Size & Forecast

11.1.1. By Value & Volume

11.2.             Market Share & Forecast

11.2.1. By Component

11.2.2. By Installation

11.2.3. By Application

11.2.4. By Service

11.2.5. By Country

11.3.             Middle East & Africa: Country Analysis

11.3.1. Saudi Arabia Smart Elevator Market Outlook

11.3.1.1.     Market Size & Forecast

11.3.1.1.1.         By Value 

11.3.1.2.     Market Share & Forecast

11.3.1.2.1.         By Component

11.3.1.2.2.         By Installation

11.3.1.2.3.         By Application

11.3.1.2.4.         By Service

11.3.2. South Africa Smart Elevator Market Outlook

11.3.2.1.     Market Size & Forecast

11.3.2.1.1.         By Value 

11.3.2.2.     Market Share & Forecast

11.3.2.2.1.         By Component

11.3.2.2.2.         By Installation

11.3.2.2.3.         By Application

11.3.2.2.4.         By Service

11.3.3. UAE Smart Elevator Market Outlook

11.3.3.1.     Market Size & Forecast

11.3.3.1.1.         By Value 

11.3.3.2.     Market Share & Forecast

11.3.3.2.1.         By Component

11.3.3.2.2.         By Installation

11.3.3.2.3.         By Application

11.3.3.2.4.         By Service

11.3.4. Iraq Smart Elevator Market Outlook

11.3.4.1.     Market Size & Forecast

11.3.4.1.1.         By Value 

11.3.4.2.     Market Share & Forecast

11.3.4.2.1.         By Component

11.3.4.2.2.         By Installation

11.3.4.2.3.         By Application

11.3.4.2.4.         By Service

12. Market Dynamics

12.1. Drivers

12.1.1. demand for energy efficient solutions

12.1.2. access control systems

12.2. Challenges

12.2.1. Large Initial Investments

12.2.2. Top Winning Strategies

13. Market Trends & Developments

13.1.      advanced security automation

13.2.   rising spending capabilities for construction

13.3.   global economic improvement

14. Company Profiles

14.1.             Hitachi, Ltd.

14.1.1. Business Overview

14.1.2. Key Revenue and Financials

14.1.3. Recent Developments

14.1.4. Key Personnel

14.1.5. Key Product/Services

14.1.6. SWOT Analysis

14.2.             TK Elevator Corporation

14.2.1. Business Overview

14.2.2. Key Revenue and Financials

14.2.3. Recent Developments

14.2.4. Key Personnel

14.2.5. Key Product/Services

14.2.6. SWOT Analysis

14.3.             Schindler Group

14.3.1. Business Overview

14.3.2. Key Revenue and Financials

14.3.3. Recent Developments

14.3.4. Key Personnel

14.3.5. Key Product/Services

14.3.6. SWOT Analysis

14.4.             Otis Worldwide Corporation

14.4.1. Business Overview

14.4.2. Key Revenue and Financials

14.4.3. Recent Developments

14.4.4. Key Personnel

14.4.5. Key Product/Services

14.4.6. SWOT Analysis

14.5.             KONE Corporation

14.5.1. Business Overview

14.5.2. Key Revenue and Financials

14.5.3. Recent Developments

14.5.4. Key Personnel

14.5.5. Key Product/Services

14.5.6. SWOT Analysis

14.6.             Mitsubishi Electric Corporation

14.6.1. Business Overview

14.6.2. Key Revenue and Financials

14.6.3. Recent Developments

14.6.4. Key Personnel

14.6.5. Key Product/Services

14.6.6. SWOT Analysis

14.7.             Fujitec Co., Ltd.

14.7.1. Business Overview

14.7.2. Key Revenue and Financials

14.7.3. Recent Developments

14.7.4. Key Personnel

14.7.5. Key Product/Services

14.7.6. SWOT Analysis

14.8.             Hyundai Elevator Co., Ltd.

14.8.1. Business Overview

14.8.2. Key Revenue and Financials

14.8.3. Recent Developments

14.8.4. Key Personnel

14.8.5. Key Product/Services

14.8.6. SWOT Analysis

14.9.             Honeywell International, Inc.

14.9.1. Business Overview

14.9.2. Key Revenue and Financials

14.9.3. Recent Developments

14.9.4. Key Personnel

14.9.5. Key Product/Services

14.9.6. SWOT Analysis

14.10.          Toshiba Corporation

14.10.1.              Business Overview

14.10.2.              Key Revenue and Financials

14.10.3.              Recent Developments

14.10.4.              Key Personnel

14.10.5.              Key Product/Services

14.10.6.              SWOT Analysis

15. Strategic Recommendations

15.1.   Key focus on Asia Pacific

15.2.   Key segment in Application

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Figures and Tables

Frequently asked questions

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The key players profiled in the Global Smart Elevator Market include Hitachi, Ltd., TK Elevator Corporation, Schindler Group, Otis Worldwide Corporation, KONE Corporation, Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hyundai Elevator Co., Ltd., Honeywell International, Inc., Toshiba Corporation and many more.

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A smart elevator allows passengers to first choose the floor they want to travel to before pressing the up or down button and then they are told to board the elevator that will take them there with the fewest stops possible.

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When assigning landing calls to the elevators, the system uses fuzzy logic and artificial intelligence. From statistical forecasts, traffic patterns and peaks are recognized using fuzzy logic. Measurements of the building's passenger traffic are used to create statistical forecasts.

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The main challenges faced by the Global Smart Elevator Market are large initial investments, top winning strategies and trained person to install it and to do maintenance.

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Srishti Verma

Business Consultant
Press Release

Smart Elevator Market is Expected to Register a high CAGR through 2028

Apr, 2023

Rising spending capabilities for construction and demand for energy efficient solutions are expected to drive the demand for Global Smart Elevator Market through the forecast period.

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