Rockville, MD , Oct. 24, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global Contactless Elevator Market is estimated to reach a valuation of US$ 2,202.6 million in 2024 and is expected to grow at a CAGR of 8.7% during the forecast period of (2024 to 2034).
Growing urbanization continues to mould cities. Thus, with new methods of employment, lifestyles, and transportation, the need for residential and commercial space will increase. Intelligent technology will be at the core of IR 4.0, mainly automation. Examples of such systems include a Manufacturing Execution System. As part of smart factory technology, MES helps manufacturers adapt to the various changes in the environment through bettered and automated production.
The same is expected to accelerate the growth of the Industrial contactless elevator market in the forecast period. Contactless elevator systems have gained good traction in commercial and residential sectors for their ease of use and efficiency. With the rise in smart cities, which comes along with the building of smart buildings, lucrative opportunities for contactless elevator manufacturers are most likely to emerge in the near future.
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Key Takeaways from Market Study:
- The global Contactless elevator market is projected to grow at 8.7% CAGR and reach US$ 5,072.6 million by 2034
- The market created an opportunity of US$ 618.4 million growing at a CAGR of 7.6% between 2019 to 2023
- North America is a prominent region that is estimated to hold a market share of 24.3% in 2034
- Predominating market players include TK Elevator Corporation, and Schindler
- Traction elevators under elevator type are estimated to grow at a CAGR of 8.8% creating an absolute $ opportunity of US$ 876.9 million between 2024 and 2034
- North America and East Asia are expected to create an absolute $ opportunity of US$ 1,384.6 million collectively
“Contactless elevators gained significant traction during the pandemic and are expected to see increased adoption across the overall elevator market.” says a Fact.MR analyst.
Leading Players Driving Innovation in the Contactless Elevator Market
Key players in the contactless elevator market are Bosch, FUJITEC CO., LTD, Hitachi, Honeywell International, Inc., Hyundai Elevator, Johnson Controls, Kleemann, Kone, Mitsubishi Electric, Otis, Schindler, TK Elevator Corporation, Toshiba & Others.
Market Development:
Manufacturers are enhancing cost competitiveness and addressing customer needs by developing high-speed contactless elevators. This approach allows them to increase their market share in remodelling projects by reducing construction timelines.
Additionally, companies are driving innovation across processes by stabilizing Product Lifecycle Management (PLM) systems and improving design automation for contactless elevators. To strengthen their market presence, leading manufacturers are forming partnerships with governments and the construction industry. These collaborations aim to expand their global footprint and build a solid consumer base in the growing contactless elevator market.
Contactless Elevator Industry News:
- To define the future of urban mobility and address sustainability concerns, TK Elevator unveiled EOX, a new eco-efficient and digitally native elevator platform, in May 2024. The platform's main goals are to increase accessibility, especially in existing buildings, and to satisfy sustainability targets. As a result, the EOX system will be able to incorporate the idea of using embodied carbon in the modernization projects with ease, fitting right into pre-existing structures. This initiative, which cited TK Elevator's third sustainability report, which concentrated on lowering greenhouse gas emissions and raising the use of renewable energy in operations, actually bolstered the company's commitment to sustainability.
- In the first part of 2024, Schindler unveiled a new, standardized modular elevator platform, which was well-received by consumers in the chosen European markets where it was initially introduced. Currently, this platform is being used by more than 70% of the new elevator units ordered in those regions. This modular design satisfies growing demand in both commercial and residential applications with unique requirements by providing greater flexibility and efficiency in installation and maintenance.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global contactless elevator market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of the elevator type (Hydraulic Elevators, Traction Elevators, Machine-Room-Less (MRL) Elevators, Pneumatic Elevators), capacity (Up to 1500 Lbs, 1500-3000 Lbs, 3000-4500 Lbs, 4500-6000 Lbs, Above 6000 Lbs), technology type (Buttons (Hand Buttons (Air Push, Motion Call) Foot Buttons), Voice Assistance, Mobile Control), application (Residential, Commercial, Industrial, Mix Block) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
Segmentation of Contactless elevator Industry Research:
- By Elevator Type :
- Hydraulic Elevators
- Traction Elevators
- Machine-Room-Less (MRL) Elevators
- Pneumatic Elevators
- By Capacity :
- Up to 1500 Lbs
- 1500-3000 Lbs
- 3000-4500 Lbs
- 4500-6000 Lbs
- Above 6000 Lbs
- By Technology Type :
- Buttons
- Hand Buttons (Air Push, Motion Call)
- Foot Buttons
- Voice Assistance
- Mobile Control
- Buttons
- By Application :
- Residential
- Commercial
- Industrial
- Mix Block
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