Elevator Automation Market Size and Competitive Analysis till 2031

Automated elevators make use of advance technology for enhancing efficiency, achieving proper vertical movement of elevators and enhancing traffic management. Smart elevator help to achieve increased energy efficiency and advanced destination dispatch solution. These systems further provide latest digital security measure (such as access control systems), and touch screens. Embedded with automated features, automated elevators have more benefits over the traditional lifts.

These elevators come with pre-fitted automated features that significantly contribute in reduction of waiting time, hence fueling the global elevator automation market. The growing need for energy efficient elevators for conservation of energy wasted during operations has led to implementation of automated elevators. Furthermore, increasing concern for development and security of the constructed (residential, commercial & institutional) premises has fueled the demand for the elevator automation market globally. Additionally, rapid urbanization and increased expenditure on constructional projects has triggered the need of automated elevators and associated control systems.

The major factor hindering the global elevator automation market is high manufacturing cost of automated elevators. Additionally, the huge installation cost of automated elevators into buildings restraint the growth of global elevator automation market. Due to above mentioned reasons, the adoption rate of automated elevators is very low and it is expected the impact of this factor will subside during the forecast period.

Furthermore, owing to the rapid advancement in computer and automation technology, the concept of smart elevators is expected to be soon casted into products (smart automated elevators), thereby anticipated to boost the global elevator automation market. Security being the main concern to propel the demand for more advanced and sophisticated elevators, thus, smart elevators are deployed at entry point systems to prevent unauthorized access and tailgating. They also provide adequate safeguards through various identification and validation techniques. Moreover, energy efficiency and centralized controls are expected to be key factors for the adoption of smart elevators. The regulations and standards made regarding increased efficiency and energy conservation are expected to add to the growth of the global elevator automation market.

The global elevator automation market has been segmented based on services into installation services, repair & maintenance services, and modernization services. Additionally, the global elevator automation market is fragmented on the basis of products such as elevator access controls & security, automation and controls, biometrics, touchscreens and keypads, card reader, security controls, sensors, and elevator modernization. In addition, the global elevator automation market is segmented based on applications which includes residential sector, commercial sector, industrial sector, institutional sector, and infrastructure sector.

Geographically, the global elevator automation market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America (SAM). Currently, developed regions such as North America and Europe aiming for better infrastructure and launch of technologically advanced products are leading the global elevator automation market. Owing to large number of potential users, the elevator automation market in APAC is expected to grow significantly during the forecast period. The key players of global elevator automation market includes KONE Corporation, Hitachi, Ltd., Bosch Security Systems, Fujitec, Thyssenkrupp AG, Mitsubishi Electric Corporation, Hyundai Elevator Co., Ltd., Otis Elevator Company, Schindler, Honeywell International Inc., and Tyco among others.

Elevator Automation Report Scope