Smart Elevator Market Worth $43.91 Billion, Globally, by

US & Canada, Sept. 03, 2024 (GLOBE NEWSWIRE) -- The global smart elevator market is expanding due to growing urbanization, rising demand for energy-efficient systems, growing demand for security, and surge in wireless technology adoptions. Furthermore, the Smart Elevator Market Growth, Size, and Analysis by 2031 is expected to witness lucrative opportunities during the projected period due to the increased demand for eco-friendly technologies. In addition to extended stability and consistency, the increasing use of digital systems due to security-related technological advancements is expected to present growth prospects for market participants. The market is also driven by the rise in construction activities, the growing interest in smart cities, and the focus on lowering the impact of energy costs on businesses. Cloud predictive maintenance and smart elevator technologies are among the other recent innovations that are anticipated to fuel the market growth during the forecast period.

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Global Smart Elevator Market

Global Smart Elevator Market, US$ Billion

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Smart elevators. are more functional and operate better than the traditional elevators due to the use of sensors, algorithms, and networking features. These elevators are useful in busy buildings where effective vertical movement is essential.

Key Features

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Key Factors Impacting the Market:

Market Dynamics

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Technological Advantages of Smart Elevators over Conventional Elevators: Traditional elevators lack real-time elevator system monitoring and are not as energy-efficient as contemporary elevators. Further, smart elevators' autonomous technologies help optimize elevator operations, which reduce wait times and result in more efficient passenger transportation. Owing to the multitude of features, building contractors are increasingly favoring smart elevators. Elevators have become more user-friendly with features such as gesture control, voice commands, touchscreen interface, and mobile app controllability. Real-time operating data from smart elevators is sent to the cloud, where qualified staff members can view it at any time and use it to help solve issues quickly. Smart elevators employ cutting-edge security features such as biometrics, facial recognition, and other technologies to prevent unauthorized entry. Additionally, the sensors continuously monitor anomalous elevator behavior, such as excessive vibration, electrical problems, and other issues. Modern elevators are increasing in demand due to their low maintenance, long lifespan, energy economy, space and time savings, cost, and safety.

Growing Vertical Transportation Industry: The most recent advancements and advances in the vertical transportation sector led to the advent of smart elevators with the integration of Al and extended reality technology. Smart elevators revolutionize the vertical transportation sector by providing enhanced effectiveness, security, and user satisfaction. Smart elevators are anticipated to have a significant impact on the future of vertical transportation and completely transform how people move within buildings as technology develops.
Technological Advancements in the Elevator Industry: Elevators maximize traffic flow and cut down on wait times by utilizing cutting-edge technology such as sensors, artificial intelligence, and connection. Intelligent elevators reduce traffic and boost productivity by allocating users to designated elevators according to the floor. Smart elevators provide users with individualized experiences and eliminate the need for human selection by directing personnel to their designated floors based on facial recognition, biometric verification, or keycard recognition.

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Regional Overview:

The geographic scope of the smart elevator market entails five major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South and Central America. In 2023, North America led the market, followed by Europe and Asia Pacific.

Global Smart Elevator Market, Regional Share (%)

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North America dominated the market in 2023 and is expected to register a significant CAGR during the forecast period. The US market for smart elevators is expanding as a result of the nation's strong emphasis on the creation of cutting-edge infrastructure, the need for energy-efficient solutions and intelligent buildings, and the presence of major industry players such as Johnson Controls Inc. and Otis Elevator Co. Moreover, the expanding construction industry is driving the demand for smart elevators. According to an article published in June 2023 in the Economic Times, a notable surge has been seen in new home development in the US over the past 30 years. On similar lines, the demand for construction has surged across Canada following the COVID-19 pandemic, according to a March 2021 article released by BuildForce Canada. As per the BuildForce Canada's forecast, a long list of projects related to public transportation, education, healthcare, road construction, and other civil infrastructure projects is expected to propel the nonresidential sector growth between 2021 and 2023. As a result, the demand for smart elevators has increased substantially across North America.

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Recent Developments by Region

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Competitive Landscape:

The smart elevator market is highly fragmented owing to the presence of several local and international players. The manufacturers either offer their products directly or through different agencies, suppliers, distributors, and dealers. Also, these products are offered through online channels. A few key players operating in the smart elevator market are Fujitec Co., Ltd.; Otis Worldwide Corporation; KONE Corporation; Hyundai Elevator Ltd; ThyssenKrupp AG (TK Elevator); Schindler Group; and Mitsubishi Electric Corporation.

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Major Players in the Smart Elevator Market:

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Smart Elevator Market Worth $43.91 Billion, Globally, by 2031 - Exclusive Report by The Insight Partners

The smart elevator market is projected to reach US$ 43.91 billion by 2031 from US$ 18.70 billion in 2023 to register a CAGR of 11.3% during 2023–2031.

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