Austin, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Smart Elevator Industry Growth Analysis:
“According to SNS Insider Research, The Smart Elevator Market size was estimated at US$ 14.75 billion in 2023 and is expected to reach US$ 32.58 billion by 2032 at a CAGR of 9.21% during the forecast period of 2024-2032.”
Smart Elevators: Pioneering Energy Efficiency and Enhanced User Experience
The Smart Elevator Market has witnessed significant advancements driven by the increasing demand for enhanced building management systems and a growing emphasis on energy efficiency. Smart elevators integrate cutting-edge technologies such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning, enabling them to operate more efficiently and provide a better user experience. These elevators are designed to optimize traffic flow, reduce waiting times, and enhance overall operational performance.
One of the key trends influencing the Smart Elevator Market is the adoption of IoT technology. IoT-enabled elevators can collect real-time data on usage patterns, maintenance needs, and energy consumption. This data allows for predictive maintenance, which minimizes downtime and improves safety. The manufacturers can monitor elevator systems remotely, identifying potential issues before they escalate into major failures. As a result, maintenance costs are reduced, and the longevity of the equipment is extended. Additionally, the growing focus on sustainability and energy efficiency is propelling the market forward. Smart elevators are equipped with energy-efficient technologies, such as regenerative drives, which convert excess energy into reusable power. According to research, smart elevators can reduce energy consumption by up to 30% compared to traditional systems. This not only lowers operational costs but also aligns with global initiatives to promote green building practices.
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Major Players Analysis Listed in this Report are:
- KONE Corporation
- Otis Elevator Company
- Schindler Group
- Thyssenkrupp Elevator Technology
- Hitachi Ltd.
- Mitsubishi Electric Corporation
- Bosch Security Systems
- Fujitec Co. Ltd.
- Toshiba Elevator and Building Systems Corporation
- HYUNDAI ELEVATOR CO., LTD.
- Johnson Controls
- Sigma Elevator Company
- Orona Group
- Savaria Corporation
- Express Lifts Ltd.
- Kleemann Group
- Motion Control Engineering
- Shanghai Mechanical & Electrical Industry Co., Ltd.
- Thames Valley Controls
- ZIEHL-ABEGG & Other Players
Smart Elevator Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 14.75 billion |
| Market Size by 2032 | USD 32.58 billion |
| CAGR | CAGR of 9.21% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Technological advancements in IoT, AI, and machine learning are revolutionizing smart elevators by improving their efficiency, enabling predictive maintenance, and enhancing the overall user experience. |
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A significant development in the market is exemplified by TK Elevator (TKE), selected as the technology and service provider for the Sydney Metro City Line, marking a milestone in Australia’s public transport landscape. This ambitious project, officially opened in August 2024, features 190 state-of-the-art TKE elevator and escalator units designed to improve urban mobility and streamline commuter experiences. With an expected daily ridership of around 200,000 passengers, the Sydney Metro City Line aims to transform transportation across the city, ensuring efficient and accessible travel for all. TKE's advanced mobility solutions will play a crucial role in supporting this infrastructure, enhancing connectivity and convenience for commuters as they transition between different modes of transport.
Market Segmentation: The Smart Elevator Market dominance of Communication Systems and Commercial Applications in 2023
By Component: In 2023, communication systems emerged as the leading segment of the Smart Elevator Market, accounting for a substantial revenue share of 36.09%. The incorporation of IoT technology has been pivotal in transforming these systems by enabling smooth connections for real-time monitoring, data gathering, and analysis. This interconnected nature greatly improves operational predictability, simplifying issue diagnosis and optimizing processes.
By Application: In 2023, the commercial segment was the leading force in the Smart Elevator Market, capturing 47.6% of total revenue. This segment includes a diverse range of properties, such as office buildings, shopping centers, hotels, and other large facilities. Currently, approximately 30% of commercial buildings are fitted with high-capacity elevators that utilize advanced technologies, including destination control systems, which greatly enhance traffic management and overall user experience.
Smart Elevator Market Key Segmentation:
By Component
- Control System
- Maintenance System
- Communication System
- Others
By Application
- Residential
- Commercial
- Institutional
- Industrial
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Key Regional Development: Smart Elevators on the Rise: Asia Pacific Leads the Market
The Asia Pacific Smart Elevator Market has emerged as a leader in the global landscape, capturing a substantial revenue share of 44.30% in 2023. This dominance can be attributed to various factors, including swift urbanization, a rising population, and significant infrastructure development in countries like China, India, and Japan. The growing urban population in the region boosts the demand for high-rise buildings, resulting in an increased need for advanced elevator solutions that optimize space and improve efficiency.
North America is the fastest-growing region in the Smart Elevator Market, experiencing a transformative phase from 2024 to 2032, driven by a mix of economic growth, urban development, and technological progress. As urban areas expand and population densities rise, the need for effective vertical transportation systems is growing. The region's dedication to sustainability is reflected in the increasing number of buildings that feature smart elevators, which are designed to lower energy consumption and improve accessibility.
Future Growth of the Smart Elevator Market
| Factor | Description |
| Urbanization | Continuous urbanization and the rise of smart cities are increasing the demand for efficient vertical transportation systems, especially in high-rise buildings. |
| Technological Innovations | Integration of artificial intelligence (AI) and machine learning (ML) will enhance smart elevators' ability to analyze data and make real-time decisions, improving performance and user experience. This will drive adoption across residential, commercial, and industrial sectors. |
| Sustainability | Growing global awareness of environmental issues is prompting building owners to seek energy-efficient solutions. Smart elevators with regenerative drives and energy-efficient technologies are aligned with green building initiatives. |
| Advancements in Connectivity | Expansion of 5G networks will enable smarter and more efficient elevator systems by enhancing predictive maintenance capabilities and ensuring smooth operation, thus reducing downtime. |
Recent Development
- In October 2024: TK Elevator (TKE) has been announced as the technology and service provider for the newly inaugurated Sydney Metro City Line, one of Australia's largest public transport projects. This initiative features 190 new TKE elevator and escalator units, aiming to enhance urban mobility and efficiency for approximately 200,000 daily commuters.
- In 2024: KONE showcased its DX Class elevators, which emphasize advanced technology and sustainability. These elevators feature a range of smart technologies that improve user experience and operational efficiency. Key aspects include an open API that allows for easy integration with various building systems and services.
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Table of Contents - Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Smart Elevator Market Segmentation, By Component
8. Smart Elevator Market Segmentation, By Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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