Global Smart Elevator Market to Accrue USD 38.04 Billion by 2030, Growing at an 8.40% CAGR, Fueled by Technological Advancements, States Kings Research

The global smart elevator market is likely to grow at a robust 8.40% CAGR from 2023 to 2030. This growth can be attributed to several factors such as technological advancements, growing product demand in commercial spaces, and surging building construction activities.

Dubai, UAE, Nov. 09, 2023 (GLOBE NEWSWIRE) -- As per the recent report published by Kings Research, the global Smart Elevator Market size was recorded at USD 21.50 billion in 2022 and is estimated to grow to USD 38.04 billion by 2030, exhibiting 8.40% CAGR through the projection period of 2023-2030. A surge in building construction and a rise in the demand for green buildings are two significant drivers boosting smart elevator market growth. Furthermore, the increased demand for smart elevators is related to the wide range of features that distinguish them from conventional elevators and place them in a higher class. Traditional elevators lack efficiency due to limited computing power, leading to prolonged user wait times. They also fall short in energy efficiency and lack real-time system monitoring. In contrast, smart elevators, with their advanced technology and multifunctionality, are highly favored by building developers.

Smart elevators have emerged as a game changer in the vertical transportation business, providing greater efficiency, safety, and user experience. These lifts, which are equipped with cutting-edge technology and intelligent systems, are transforming the way organizations function. Smart elevators optimize traffic flow and reduce wait times by utilizing cutting-edge technology such as sensors, artificial intelligence, and networking. This is especially effective in office buildings where employee mobility is critical. Smart elevators reduce congestion and boost efficiency by routing passengers to specific lifts based on their destination floor.

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Competitive Analysis

Leading companies in the global smart elevator market are focusing on collaboration as their primary strategy to gain a competitive edge. For instance, Hyundai Elevator and Samsung C&T signed a Memorandum of Understanding (MOU) in August 2023 to work on the development of modular elevators. This strategic alliance intends to strengthen Hyundai Elevator's competitive position in gaining contracts for modular building projects abroad, with a particular emphasis on projects in Saudi Arabia.

Leading participants in the global smart elevator market include:

  • Kone Corporation
  • Nidec Americas Holding Corporation
  • Schindler
  • TK Elevator GmbH
  • Hitachi, Ltd.
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • Otis Elevator Company

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Trending Now: Otis Introduces Upgraded Gen3 Smart Elevator with Enhanced Features

Otis India has introduced the latest Gen3 line of intelligent elevators, offering continuous real-time monitoring of elevator performance.

According to the company, the Gen3 elevators empower individuals to connect and flourish in a taller, faster, and smarter India.

Having installed India's inaugural elevator in 1892, Otis pioneered the Gen3 connected elevator, which features advanced Otis ONE IoT technology for two-way data, voice, and video connectivity.

The global Smart Elevator Market is segmented as:

By Setup

  • New Deployment
  • Renovation
  • Maintenance

High Uptake of Smart Elevators in Renovation Setup Due to Technological Advancements

On the basis of setup, the renovation segment accounted for the largest share of the global smart elevator market in 2022. Renovation entails replacing outdated elevator systems with modern technologies in order to convert them into smart elevators. As technologies and regulations advance, it becomes vital to modernize building amenities such as elevators. Traditional elevators can be upgraded with advanced features including real-time monitoring, cloud-based predictive maintenance solutions, upgraded user interfaces and infotainment systems, and enhanced security measures through renovation services.

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By Application

  • Residential
  • Commercial
  • Industrial

Surging Demand for Modernizing Elevator Systems in Commercial Spaces to Boost Demand

In terms of application, the commercial segment experienced significant growth in the global smart elevator market in 2022. This surge was mainly attributed to the rising urban infrastructure development and a growing need for tailored elevators equipped with advanced control systems such as IoT, AI, motion sensors, and voice controllers.

With significant technological progress and ample financial resources, various commercial spaces such as offices, hospitals, retail stores, malls, and transportation hubs have been able to modernize their elevator systems. In these applications, prioritizing the safety and security of individuals is paramount, necessitating accurate tracking of people's movements within these premises.

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Widespread IoT Integration to Drive Smart Elevator Market Growth

The convergence of the digital world and the Internet of Things (IoT) on a global scale has witnessed significant expansion, contributing to the increasing demand for smart elevators. This upsurge in popularity is mainly attributable to the successful implementation of sensor technology in elevators, greatly enhancing their connectivity. These sensors have the capability to measure and identify crucial factors such as door functionality, shaft alignment, motor temperature, and cab speed. As a result, technicians now have the ability to detect issues at an earlier stage, allowing for prompt repairs.

Moreover, the inclusion of in-cab sensors has made it possible to introduce advanced features such as an automated sleep mode. When activated, this function intelligently turns off lights, ventilation, music, video, and other non-essential services. This not only improves energy efficiency but also leads to a smoother and more enjoyable user experience.

Rising Adoption of Advanced Technologies to Drive Smart Elevator Demand in North America

North America led the global smart elevator market in 2022 driven by the increasing adoption of new and advanced technologies in both the industrial and commercial sectors. This trend is expected to boost the demand for smart elevators in various types of buildings. The regional market growth is propelled by the construction of new buildings and the abundance of tall structures. This expansion spans across both the new installation and maintenance/modernization sectors.

It is further influenced by the modernization efforts in existing building structures and the adoption of intelligent building concepts. Furthermore, the ongoing development of high-rise residential buildings, office spaces, and residential areas continues to bolster the market's progress.

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Key Points from TOC:

Chapter 1 Introduction of the Global Smart Elevator Market 
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions

Chapter 2 Executive Summary

Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach

Chapter 4 Global Smart Elevator Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis

Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Smart Elevator Market, By Setup
Chapter 7 Global Smart Elevator Market, By Application
Chapter 8 Global Smart Elevator Market, By Geography
Chapter 9 North America 
Chapter 10 Europe 
Chapter 11 Asia Pacific 
Chapter 12 Middle East & Africa 
Chapter 13 Latin America 
Chapter 14 Global Smart Elevator Market Competitive Landscape

Chapter 15 Company Profiles
15.1 Kone Corporation
15.1.1 Key Facts
15.1.2 Financial Overview
15.1.3 Application Benchmarking
15.1.4 Recent Developments
15.1.5 Winning Imperatives
15.1.6 Current Focus & Strategies
15.1.7 Threat from competition
15.1.8 SWOT Analysis

15.2 Nidec Americas Holding Corporation
15.2.1 Key Facts
15.2.2 Financial Overview
15.2.3 Application Benchmarking
15.2.4 Recent Developments
15.2.5 Winning Imperatives
15.2.6 Current Focus & Strategies
15.2.7 Threat from competition
15.2.8 SWOT Analysis

15.3 Schindler
15.3.1 Key Facts
15.3.2 Financial Overview
15.3.3 Application Benchmarking
15.3.4 Recent Developments
15.3.5 Winning Imperatives
15.3.6 Current Focus & Strategies
15.3.7 Threat from competition
15.3.8 SWOT Analysis

15.4 TK Elevator GmbH
15.4.1 Key Facts
15.4.2 Financial Overview
15.4.3 Application Benchmarking
15.4.4 Recent Developments
15.4.5 Winning Imperatives
15.4.6 Current Focus & Strategies
15.4.7 Threat from competition
15.4.8 SWOT Analysis

15.5 Hitachi, Ltd.
15.5.1 Key Facts
15.5.2 Financial Overview
15.5.3 Application Benchmarking
15.5.4 Recent Developments
15.5.5 Winning Imperatives
15.5.6 Current Focus & Strategies
15.5.7 Threat from competition
15.5.8 SWOT Analysis

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