[194 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.
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.
The market dynamics represent an ever-changing landscape of the Smart Elevators 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.
- Market Drivers
- Rise in the number of high-rise and tall buildings globally
- Government mandates pertaining to the deployment of advanced elevators
- Increasing demand for energy-efficient and, secure & safe elevators
- Market Restraints
- High cost and maintenance of smart elevators
- Market Opportunities
- Introduction of technologically advanced smart elevators
- Rising focus towards energy-efficient and green buildings
- Market Challenges
- Issues related to the interoperability of smart elevators
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 Smart Elevators 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 Smart Elevators 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 Smart Elevators 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 Smart Elevators 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 Smart Elevators 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 Smart Elevators 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 Smart Elevators 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 Smart Elevators 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 Smart Elevators 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 Smart Elevators 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 Smart Elevators 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 Smart Elevators 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.
Bear Robotics Bets on Elevator Interoperability with a Strategic Investment in M2MTech
Bear Robotics, Inc., a company specializing in creating food-serving robots, has recently invested in M2MTech, a firm that focuses on connecting smart elevators. The investment aims to improve smart elevator interoperability, enhancing efficiency while improving customer experience. M2MTech’s solution is expected to have a huge impact on the market due to the increasing demand for smart elevators worldwide. It is helping people with improved functionality of buildings and enhancing people’s daily lives. Bear Robotics’ investment in M2MTech is a step toward the future of smart buildings. [Published On: 2023-04-19]
Otis Unveils Gen3 Smart Elevator with Enhanced Capability
Otis Worldwide Corporation, one of the significant manufacturers of elevators, unveiled their latest innovation - the Gen3 smart elevator. This new technology enhances user experience by providing a more efficient and seamlessly connected ride. The Gen3, with features such as predictive maintenance and real-time performance monitoring, offers increased safety and reliability for passengers. The demand for smart elevators has steadily risen in recent years, and Otis is keeping up with the market by continuously innovating the technologies in elevators. [Published On: 2022-12-02]
3Phase Elevator & Elevator Industries Announce Merger
3Phase Elevator and Elevator Industries merged to further enhance this market by combining their expertise and resources to develop innovative solutions, setting new standards for the industry. Elevators, with the advancement of technology, have no longer been simple means of transportation from one floor to another. Smart elevators have transformed the industry, providing users a faster, more efficient, and safer experience. This merger marks a crucial step in meeting the needs of consumers in the modern age due to the continuously growing demand for smart elevators. [Published On: 2022-11-08]
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 Smart Elevators 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 Smart Elevators Market, highlighting leading vendors and their innovative profiles. These include Pepperl+Fuchs SE, Hyundai Elevator Co., Ltd., Thyssenkrupp AG, Brivo Systems LLC, Kisi Incorporated, Liftimsight, Spectra Technovision Pvt. Ltd., Openpath Security Inc. by Motorola Solutions, Inc., Taoping Inc., Schindler Holding Ltd., Fujitec Co., Ltd., ZKTeco Co., Ltd, Mitsubishi Electric Corporation, Nidec Corporation, AVIRE Ltd. by Halma PLC, Siemens AG, Hitachi, Ltd., Robustel, Rimrock Corporation, Kambar Technologies, Matrix Comsec Pvt Ltd., Sigma Elevator Company, Emerald Elevators, Thames Valley Controls Ltd. by VANTAGE ELEVATION, LLC, Sick AG, Kintronics, Inc., Motion Control Engineering, Robert Bosch GmbH, HID Global Corporation by ASSA ABLOY AB, Kone Corporation, Toshiba Corporation, Otis Worldwide Corporation, Honeywell International Inc., TK Elevator GmbH, Swiftlane, Inc., and International Business Machines Corporation.
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
- 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
- Smart Elevators Market, by Services
- Smart Elevators Market, by Component
- Smart Elevators Market, by Application
- Americas Smart Elevators Market
- Asia-Pacific Smart Elevators Market
- Europe, Middle East & Africa Smart Elevators Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 22]
- List of Tables [Total: 380]
- List of Companies Mentioned [Total: 36]
What are Smart Elevators?
The term "smart elevator" refers to elevators that are connected to the internet and equipped with sensors, algorithms, and software that enable them to be more efficient, reliable and responsive. Smart elevators can be divided into two main categories: destination control and predictive maintenance.
Destination control elevators use algorithms to group passengers by their desired floor, minimizing the number of stops and reducing wait and travel times. They also allow passengers to input their destination floor from an elevator call panel, eliminating the need for floor buttons inside the elevator. This not only increases efficiency but also reduces the likelihood of overcrowding.
Predictive maintenance elevators use sensors to monitor the elevator's condition and detect potential faults before they become serious problems. This means that maintenance can be scheduled and performed proactively before a breakdown occurs, reducing downtime and service costs.
How do Smart Elevators work?
Smart elevators use a variety of technologies, such as sensors, cameras, and machine learning algorithms to optimize their performance. Destination control elevators use occupancy sensors to determine how many people are in the elevator, while predictive maintenance elevators use vibration sensors to detect early signs of wear and tear in the elevator's components.
Smart elevators also often come with a mobile app that allows users to call an elevator, input their destination floor, and receive an estimate of how long it will take for the elevator to arrive. Building managers can also use the app to monitor the elevator's performance, receive alerts about any issues, and schedule maintenance remotely.
What are the Benefits of Smart Elevators?
Smart elevators offer a range of benefits to building owners, managers, and users alike. For building owners and managers, smart elevators can increase efficiency and reduce costs by minimizing the number of stops and reducing wait times. They can also help to increase security by allowing only authorized users to access certain floors, and by providing a record of who has entered and exited the building.
For elevator users, smart elevators can reduce wait times, minimize overcrowding, and provide a more personalized experience. They can also be more accessible by allowing users to input their destination floor from outside the elevator, reducing the need for physical buttons inside the elevator that can be difficult to see or reach.
The introduction of smart elevators represents a significant step forward in vertical transportation technology. With their ability to increase efficiency, reduce costs, and provide a more secure and personalized experience for users, it is likely that smart elevators will become increasingly common in both residential and commercial buildings in the coming years. To stay competitive, building owners and managers should consider upgrading their elevators to smart elevators to avail the benefits that this technology can offer.
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