[188 Pages Report] The Smart Elevators Market size was estimated at USD 22.90 billion in 2023 and expected to reach USD 25.13 billion in 2024, at a CAGR 10.79% to reach USD 46.95 billion by 2030.
Smart elevators are integrated with advanced technologies such as artificial intelligence (AI), the Internet of Things (IoT), and virtual reality (VR) to transform the simple act of traveling between floors. Integrating technologies in elevators allows for predictive maintenance and real-time data sharing, enhances security, and allows users to move efficiently, especially during busy hours. Smart elevators are operated by the user by selecting a button, setting their destination, and then an indicator directs them to the elevator, taking them to the desired location in the shortest time. The increasing number of tall and high-rise residential and commercial buildings globally is the rising installation of smart elevators. Additionally, the growing trend of smart and green buildings is increasing the demand for smart elevators. The high cost associated with the maintenance and installation of smart elevators impedes market growth. However, the introduction of technologically advanced smart elevators and government mandates to install advanced lifts are expected to fuel the growth of the global smart elevators market.
Regional Insights
The Americas represent a highly developing landscape for the smart elevators market characterized by the rising number of tall buildings, skyscrapers, and the increasing introduction of new smart buildings. The increasing emphasis on green building construction is adding to the growth of the smart elevators market in the Asia-Pacific. The International Finance Corporation (IFC) has implemented a new initiative called Excellence in Design for Greater Efficiencies (EDGE), focusing on enhancing designs and products to advance green building construction in Asia’s real estate markets. The Green Building Council of Australia (GBCA) also supports the construction of sustainable and green buildings in the region. The real estate business for retail, restaurants, and commercial buildings is one of Asia-Pacific’s most well-known and fastest-growing industries. Increasing office spaces, rising corporate environment, and growing urban and semi-urban lodging in South Korea, China, Thailand, Vietnam, Malaysia, Australia, Singapore, and Indonesia have expanded the need for smart elevators in Asia-Pacific. Smart buildings are becoming increasingly popular in the economies of Europe as the countries aim to adopt innovative building technologies to reduce energy consumption and greenhouse gas (GHG) emissions, upholding sustainable goals. The German government is assisting municipalities by sponsoring the creation and implementation of integrated smart city policies worth approximately EUR 350 million (~USD 399.93 million). With the 2020 Smart City Model Initiatives Program, 32 projects, including cities, inter-municipal consortiums, and counties, are being funded. The growing number of smart and green buildings in EMEA and APAC is expected to increase the adoption and installation of smart elevators.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Smart Elevators Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Smart Elevators Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Smart Elevators Market, highlighting leading vendors and their innovative profiles. These include AVIRE Ltd. by Halma PLC, Brivo Systems LLC, Emerald Elevators, Fujitec Co., Ltd., HID Global Corporation by ASSA ABLOY AB, Hitachi, Ltd., Honeywell International Inc., Hyundai Elevator Co., Ltd., International Business Machines Corporation, Kambar Technologies, Kintronics, Inc., Kisi Incorporated, Kone Corporation, Liftimsight, Matrix Comsec Pvt Ltd., Mitsubishi Electric Corporation, Motion Control Engineering, Nidec Corporation, Openpath Security Inc. by Motorola Solutions, Inc., Otis Worldwide Corporation, Pepperl+Fuchs SE, Rimrock Corporation, Robert Bosch GmbH, Robustel, Schindler Holding Ltd., Sick AG, Siemens AG, Sigma Elevator Company, Spectra Technovision Pvt. Ltd., Swiftlane, Inc., Taoping Inc., Thames Valley Controls Ltd. by VANTAGE ELEVATION, LLC, Thyssenkrupp AG, TK Elevator GmbH, Toshiba Corporation, and ZKTeco Co., Ltd.
Market Segmentation & Coverage
This research report categorizes the Smart Elevators Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Services
- Maintenance Services
- Modernization & Update Services
- New Installation Services
- Component
- Communication System
- Control System
- Access Control System
- Elevator Control System
- Security Control System
- Sensor
- Maintenance System
- Application
- Commercial
- Industrial
- Institutional
- Residential
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Smart Elevators Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Smart Elevators Market?
- What are the technology trends and regulatory frameworks in the Smart Elevators Market?
- What is the market share of the leading vendors in the Smart Elevators Market?
- Which modes and strategic moves are suitable for entering the Smart Elevators Market?
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