[185 Pages Report] The Connected Elevator Market size was estimated at USD 11.49 billion in 2023 and expected to reach USD 12.60 billion in 2024, at a CAGR 10.35% to reach USD 22.91 billion by 2030.
Connected elevators are a pivotal advancement in vertical transportation, equipped with Internet of Things technology, enabling real-time data exchange between the elevator system and operators and service teams. They form part of smart building ecosystems by integrating advanced sensors, microprocessors, and communication interfaces. Connected elevators find applications across various segments, including residential complexes, commercial buildings, hotels, and healthcare facilities. Increasing urbanization and the resultant rise in high-rise buildings drive the demand for advanced elevator solutions. In addition, the need for reduced downtime and cost-effective maintenance supports the adoption of connected technologies. However, the high cost of integrating IoT technologies limits the deployment of connected elevators. Increased connectivity raises concerns about data privacy and cybersecurity risks. The complexity of installing and maintaining connected systems can deter potential adopters. Furthermore, connected elevators can be integrated with smart building management systems to further enhance building efficiency and occupant experience. Additionally, progress in IoT and related technologies underpin the market expansion.
In the Americas, the United States leads the demand for connected elevator solutions, particularly in urban areas with high-rise buildings. Consumer needs in this region are driven by integrating advanced technologies to enhance the user experience and increase operational efficiency. Customer purchasing behavior is anchored on reliability, safety, energy efficiency, and IoT implementations for predictive maintenance. Canada shows significant potential, focusing on sustainable living and green building initiatives promoting the adoption of smart elevators. The European Union, the Middle East, and Africa encompass diverse markets with varying degrees of technological adoption. The EU is at the forefront, with stringent energy efficiency and safety regulations driving the demand for connected elevator systems. European countries are increasing their investments, focusing on innovation and smart city projects. In the Middle East, the rich infusion of capital in infrastructure development, primarily within the framework of smart cities, is laying the groundwork for expansion. Africa is emerging as a potential growth area, with urbanization and smart city initiatives sprouting in major urban centers. The Asia Pacific region is burgeoning with opportunities due to rapid urbanization and extensive construction sector growth, which has resulted in an elevated demand for connected elevators. APAC countries' sophisticated approach to technology integration plays a key role in refining the usability and functions of connected elevators.
Communication systems in connected elevators are integral to the functionality of smart elevators. These systems enable real-time data transfer between the elevator and the control center, providing critical information about elevator operations, diagnostics, and maintenance. As such, high-rise buildings with multiple elevators might prefer more robust and faster communication systems to efficiently manage elevator traffic. Need-based preferences for communication systems may depend on factors such as building height, number of elevators, and traffic patterns. Control systems form the brain of connected elevators, handling operations such as speed control, floor selection, and door operation. Modern control systems improve efficiency by optimizing elevator routing based on real-time traffic and user demand. Buildings with higher complexity and tenant volumes may favor more intelligent and adaptive control systems. The maintenance systems of a connected elevator ensure the reliability, safety, and longevity of the elevator system. These systems often use predictive analytics to foresee and prevent potential issues before they arise. For buildings where elevator downtime can significantly disrupt operations, such as in hospitals or large office buildings, the need for advanced maintenance systems is high.
A speed range of 1.6 - 3.0 m/s caters to buildings with moderate height, typically mid-rise residential and commercial structures that require a balance between cost-efficiency and speed. Elevators within this range provide a quick and comfortable ride suitable for occupants and visitors who may have to traverse several floors multiple times a day. The need-based preference here revolves around providing reliable and efficient vertical transportation without incurring the high costs associated with faster, more advanced elevators. The speed range above 3.0 m/s category is tailored for high-rise and skyscraper applications where speed is crucial for minimizing travel time over numerous floors. These elevators are typically installed in premium commercial buildings, luxury residences, and hotels. The need-based preference is towards minimizing wait and travel time while maximizing passenger throughput and comfort. Speed range below 1.5 m/s primarily serves low-rise residential buildings, small office buildings, and boutique hotels. Here, the focus is on basic functionality and cost-effectiveness over speed. These types of elevators meet the requirements for accessibility and basic comfort without the additional features of their faster counterparts.
New installations refer to the incorporation of connected elevator systems during the construction phase of buildings. This deployment type is usually preferred in new, modern structures that aim to integrate smart building solutions from the onset. Greenfield projects, smart cities, and contemporary real estate developments often prioritize new installations to ensure a seamless blend of the elevators with the building's architecture and digital infrastructure. The retrofit involves upgrading existing elevator systems with modern, connected functionalities. This option is often chosen for older buildings where the existing elevators require modernization to improve their efficiency, safety, and compliance or to bridge the gap between the building’s capabilities and occupants' expectations. New Installations, while costlier upfront, offer greater energy optimization and holistic integration within smart building ecosystems. Retrofits, on the other hand, are less disruptive and require significantly lower initial investment, presenting a viable option for building owners who seek to prolong the lifespan of their existing elevator systems and introduce elements of connectivity for enhanced performance.
Commercial buildings, such as offices, shopping malls, and hotels, have a high footfall and, consequently, a significant demand for efficient vertical transportation. Connected elevators in these establishments prioritize features such as energy efficiency, speed, and customization capabilities for branding purposes. Real-time monitoring and predictive maintenance capabilities are essential to minimize downtime and enhance user experience. Infrastructural buildings such as airports, subway stations, and train stations place a premium on the reliability and durability of connected elevators due to the critical nature of transportation infrastructure. Key considerations include robustness, high capacity, and resilience to heavy usage. Accessibility and safety features are also crucial, given the wider range of users and potential emergency situations. For institutional buildings, including hospitals, universities, and government facilities, connected elevators must cater to a diverse set of needs. In healthcare facilities, elevators need to accommodate stretchers and provide smooth and accurate stops. For educational institutions, high throughput during class changes is necessary. Security and access control are vital features across all institutional buildings. Residential connected elevators are aimed at providing convenience, comfort, and safety to residents. Features such as noise reduction, smooth operation, and integration with smart home systems are often sought after. Aesthetics also play a significant role, as elevators contribute to the overall appeal and value of residential properties.
The market dynamics represent an ever-changing landscape of the Connected Elevator Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Connected Elevator Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Connected Elevator Market.
The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Connected Elevator Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.
The value chain of the Connected Elevator Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.
The pricing analysis comprehensively evaluates how a product or service is priced within the Connected Elevator Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Connected Elevator Market.
The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Connected Elevator Market.
The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Connected Elevator Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.
The trade analysis of the Connected Elevator Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.
The regulatory framework analysis for the Connected Elevator Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Connected Elevator Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment 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, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Connected Elevator Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. 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 these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Otis Unveils Connected Gen3 Core Elevator for North America
Otis Worldwide Corp. launched its cutting-edge Gen3 Core elevator, specifically engineered for North America's rapidly expanding two-to-six-story building sector. The Gen3 Core capitalizes on the established, flat-belt technology inherent in Otis' Gen2 elevators, renowned for their seamless, tranquil journeys, as well as their longevity and eco-friendliness. [Published On: 2023-06-08]
TK Elevator Launches New-Generation AGILE Destination Control Kiosks
TK Elevator enhanced its AGILE line by introducing advanced Destination Control kiosks in Asia Pacific, poised to leave a lasting impression on users. These modern kiosks complement TK Elevator's leading Destination Selection Control (DSC) system, ideal for both new and existing structures, efficiently streamlining passenger movement with up to a 25% improvement in travel time and a 30% increase in handling capacity. [Published On: 2023-05-18]
Sharry and Otis Announce Global Partnership to Bring Elevator Access Integration to SmichOFF Building in Prague
Sharry partnered with Otis Worldwide Corp., debuting an elevator access integration in Prague's AAA-class SmichOFF building. The Sharry-powered mobile application enables users to summon elevators and select floors directly from their personal devices, enhancing the user experience with effortless, touch-free elevator control. [Published On: 2022-08-22]
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Connected Elevator Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
The report delves into recent significant developments in the Connected Elevator Market, highlighting leading vendors and their innovative profiles. These include Canny Elevator Co., Ltd., Delta Elevator Co., Ltd., Dewhurst Ltd, Eito & Global Inc., Fujitec Co., Ltd., Hitachi Ltd., Honeywell International Inc., Hyundai Elevator Co., Ltd., Kone Corporation, L&T Technology Services Limited, Lui Elevators Pvt Ltd., Mitsubishi Electric Corporation, Orona Group, Otis Worldwide Corporation, Robert Bosch GmbH, Robustel, Savaria Corporation, Schindler Group, Siemens AG, Subaru Corporation, Thyssenkrupp AG, TK Elevator GmbH, Toshiba Corporation, and Vantage Elevation, LLC.
This research report categorizes the Connected Elevator Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Component
- Communication Systems
- Control Systems
- Access Control Systems
- Biometric Access Control Solutions
- Card-Based Access Control Systems
- Touch Screen & Keypad-Based Access Control Systems
- Security Control System
- Fire Alarm Systems
- Intruder Alarm Systems
- Surveillance Cameras
- Visitor Management Systems
- Access Control Systems
- Maintenence Systems
- Speed Range
- 1.6 - 3.0 m/s
- Above 3.0 m/s
- Below 1.5 m/s
- Elevator Type
- Freight Elevator
- Passenger Elevator
- Service Elevator
- Load Capacity
- 1001-2000 Kgs
- Below 1000 Kgs
- Over 2000 Kgs
- Price Range
- Entry-Level
- High-End
- Mid-Range
- Installation Type
- Machine Room Elevator
- Machine Roomless Elevator
- Deployment Type
- New Installation
- Retrofit
- End-User
- Commercial Buildings
- Infrastructural Buildings
- Institutional Buildings
- Residential Buildings
- 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
- Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
- Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
- Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
- Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
- Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.
- What is the current market size and projected growth?
- Which products, segments, applications, and regions offer promising investment opportunities?
- What are the prevailing technology trends and regulatory frameworks?
- What is the market share and positioning of the leading vendors?
- What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Connected Elevator Market, by Component
- Connected Elevator Market, by Speed Range
- Connected Elevator Market, by Elevator Type
- Connected Elevator Market, by Load Capacity
- Connected Elevator Market, by Price Range
- Connected Elevator Market, by Installation Type
- Connected Elevator Market, by Deployment Type
- Connected Elevator Market, by End-User
- Americas Connected Elevator Market
- Asia-Pacific Connected Elevator Market
- Europe, Middle East & Africa Connected Elevator Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 32]
- List of Tables [Total: 1004]
- List of Companies Mentioned [Total: 24]
Enhanced Safety:
A connected elevator can provide an additional layer of safety for passengers. With real-time monitoring, building owners can gain insights into potential safety hazards such as door malfunctions, power outages, and emergency situations. In addition, connected elevators can also operate more efficiently, reducing the likelihood of malfunctions and potentially dangerous situations.
Improved Performance:
Connected elevators can provide a wealth of performance data that can be used for predictive maintenance and repair, reducing downtime and costly repairs. In addition, by analyzing usage patterns and traffic flow, building owners can optimize elevator performance to lower wait times and improve overall user experience.
Maintenance Notifications:
With connected elevators, building owners can receive real-time notifications of preventative maintenance needs and other issues that require attention. This can reduce downtime, save money on costly repairs, and ensure a safer and more efficient elevator experience for users.
Customized User Experience:
Connected elevators can provide a more personalized experience for users. For example, some connected elevators offer mobile apps that allow users to summon elevators and access building amenities from their smartphones. These features ultimately enhance the user experience for both tenants and visitors.
Energy Efficiency:
Connected elevators can also improve energy efficiency in buildings. By analyzing usage patterns, building owners can optimize elevator operations during peak and non-peak hours to reduce energy usage. Additionally, connected elevators can also be programmed to shut down during off-hours, further reducing energy consumption.
A connected elevator can significantly improve the efficiency of a building while also providing an enhanced user experience and additional safety measures. Building owners and managers should consider this technology as part of their overall smart building strategy to improve building performance, reduce costs, and increase safety. As wireless technology continues to evolve, connected elevators are likely to become an increasingly common feature in commercial buildings.
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