Smart Elevators Market to Reach $31.8 Billion by 2028 — Exclusive Report by Meticulous Research®

Smart Elevator Market by Offering (Solution [Control System {Security Control, Elevator Control, Access Control}, Maintenance System, Communication System], Services [New Installation, Modernization, Maintenance]), and End Use – Global Forecast to 2028


London, June 08, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled Smart Elevators Market by Offering (Solution [Control System {Security Control, Elevator Control, Access Control}, Maintenance System, Communication System], Services [New Installation, Modernization, Maintenance]), and End Use– Global Forecast to 2028’, published by Meticulous Research®, the smart elevators market is expected to grow at a CAGR of 11.4% from 2021 to 2028 to reach $31.8 billion by 2028.

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Smart elevators include intelligent elevator solutions for automated vertical transportation. These elevators enable state monitoring, remote management, data statics, and maintenance & fault alarming. They are faster and more efficient as compared to conventional elevators and reduce maintenance costs. These elevators use smart grouping technology for grouping passengers based on their floor preference. Smart elevators are being used in the residential and commercial sectors to reduce waiting time in lobbies and achieve energy efficiency.

The major factors driving the smart elevators market include increased construction of high-rise buildings, the need for intelligent elevator solutions for low power consumption, consumer demand for smart technologies in residential and commercial infrastructure, rapid urbanization in the developing countries, and growing number of smart cities. Also, consumer willingness to spend more on technically advanced building solutions to gain security, energy efficiency, and vertical commuting are other factors propelling the market growth in recent years. However, high initial investment costs required for smart elevator solutions and issues occurring in the installation of smart components with conventional elevators are the key factors restricting the market growth to some extent.

Moreover, technical upgrades such as the development of intuitive elevator technologies to increase the commuting experience and elevator access through a smartphone app are also driving the growth of the smart elevators market. Intuitive technologies include smart grouping and a destination-based model, which reduces overall traveling time and energy consumption and offers user comfort compared to conventional elevators.

The Impact of COVID-19 on the Smart Elevators market

The COVID-19 pandemic outbreak has caused a widespread economic downturn and imposed a huge impact on the global construction industry. The ongoing and upcoming construction plans across the public and private sectors were halted in the first and second quarters of 2020. The nationwide lockdowns in several countries resulted in the temporary suspension of several construction and infrastructure projects, and governments focused on preventing the further spread of the virus. Several countries faced huge economic losses and financial crises compelling consumers to spend on essential commodities and healthcare services compared to modern infrastructure. However, the industry has started recovering in 2021, and consumers in the construction sector are expected to create a demand for touchless elevator access systems that will prevent them from touching on elevator panels and surfaces. This trend is expected to emerge in the coming years due to the need for the least interaction and contact at public places.

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The smart elevators market is segmented based on offering, end use, and geography. The study also evaluates industry competitors and analyzes the market at the country level.

Based on offering, the solutions segment is expected to account for the largest share of the overall smart elevators market in 2021. The large share of this segment is mainly attributed to the increasing adoption of the control system solutions in modern elevators. These systems allow users and owners to gain benefits such as less waiting time, enhanced security, and low power spending. Access control systems work on biometrics and card-based solutions to restrict the entry of unauthorized personnel in commercial buildings, such as offices and government institutions. Additionally, the maintenance systems in smart elevators offer predictive maintenance benefits that analyze the complete functioning of elevator systems and predict the potential failure and maintenance requirements in elevators. These benefits associated with smart elevators are expected to support the demand over the forecast timespan.

The services segment is expected to witness high growth from 2021 to 2028 due to the increasing demand for modernizing the existing elevators across the public and private infrastructure. This is attributed to the rising awareness of consumers related to intelligent building technologies and the demand for low power consuming elevator systems. Players offer highly efficient modernization services, including complete modernization of the existing elevators and installing intelligent solutions depending on consumer requirements. These factors, along with the transformation of residential and commercial buildings, are driving market growth.

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Based on end use, the residential segment is poised to grow at a high CAGR from 2021 to 2028. The fast growth of this segment is mainly attributed to the increasing investments for the adoption of intelligent solutions in homes and residential buildings. The rise in construction of high-rise and well-equipped residential buildings in urban areas due to the need for accommodating and a high urban population is a key factor driving the market growth. Additionally, the urban residents have high knowledge of operating and using the smart building solutions that provide security and ease of living, which will add to the demand for smart elevators across the residential segment.

Geographically, the Asia-Pacific region is expected to account for the largest share of the global smart elevators market in 2021. The large share of this region is primarily attributed to increased construction of high-rise buildings, rise in consumer spending on intelligent building technology, availability of new elevator solutions, presence of major market players, and trend of urbanization in the developing countries. The Asian countries, including China, Japan, India, and South Korea, have a major share in the Asian elevator industry resulting in high installations.

The key players operating in the overall smart elevators market are Hitachi, Ltd. (Japan), TK Elevator Corporation (U.S.), Schindler Group (Switzerland), Otis Worldwide Corporation (U.S.), KONE Corporation (Finland), Mitsubishi Electric Corporation (Japan), Fujitec Co., Ltd.(Japan), Hyundai Elevator Co., Ltd. (South Korea), Honeywell International, Inc. (U.S.), Toshiba Corporation (Japan), Bosch Group (Germany), Huawei Technologies Co., Ltd. (China), Thames Valley Controls Ltd (U.K.), Motion Control Engineering Inc. (U.S.), and Sigma Elevator Company (South Korea) among others.

These companies develop efficient intelligent elevator solutions, expand the regional presence, and collaborate with other players to gain a high market share. For instance, in February 2020, Huawei Technologies Co., Ltd. (China) and Shenzhen Wanglong Intelligent Technology Co, Ltd. (China) collaborated and launched a contactless intelligent smart elevator solution. This solution uses mobile APP/WeChat Mini-Program/Mobile Bluetooth for remote calling to elevators. Smart elevator market players install elevators depending on the consumer needs and offer related services, thereby increasing market competitiveness.

To gain more insights into the market with a detailed table of content and figures, click here:  

Scope of the Report

Smart Elevators Market, by Offering

  • Solutions
    • Control Systems
      • Security Control Systems
        • Camera Systems
        • Fire Alarm Systems
        • Visitor Management Systems
      • Elevator Control Systems
      • Access Control Systems
        • Biometrics Access Control Systems
        • Card-based Access Control Systems
        • Touch Screen & Keypad-based Access Control Systems
        • Smartphone-based Access Control Systems
    • Maintenance Systems
    • Communication Systems
  • Services
    • New Installation
    • Modernization
    • Maintenance & Repair

Smart Elevators Market, by End Use

  • Residential
  • Commercial
  • Industrial
  • Institutional
  • Other End Uses

Smart Elevators Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia-Pacific (APAC)
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of the MEA

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Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here-

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