In contrast to traditional elevators, smart elevators use progressive security measures such as facial recognition, biometrics, and other technologies to avoid unauthorized access. Furthermore, smart elevators integrate sensors and other systems that continually monitor the irregular behavior shown by the elevators, which includes excessive vibration, electrical faults, and others. Thus, the demand for smart elevators is anticipated to increase during the forecast period.
Smart elevators are equipped with modern technology such as artificial intelligence (AI), the Internet of Things (IoT), cloud computing, hardware, and software. Together, these systems allow for condition-based analysis, proactive, real-time data sharing, predictive maintenance, enhanced security, destination prediction, and other features. The smart elevators are user-friendly, energy-efficient, safe, and secure and experience minimum downtime. Freight and passenger elevator systems have smart features; however, enhanced interior design, infotainment systems, and other precise passenger features do not exist in a smart freight elevator.
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Smart Elevator Market: Strategic Insights
The upsurge in building construction and the increase in demand for green buildings are major drivers for the smart elevator market growth. Moreover, the increase in demand for these elevators is attributed to the several features that set them apart from conventional elevators. Conventional elevators are ineffective since their basic computing power cannot improve users' waiting time. Furthermore, they are not energy efficient compared to modern elevators and do not include real-time monitoring of the elevator system. On the other hand, smart elevators are technically advanced and have various functions that contribute to their application among building contractors. The usage of autonomous systems in these elevators aids in optimizing elevator actions, which, in turn, helps lessen wait time, eventually leading to effective passenger transportation during busy hours. Thus, the demand for smart elevators is projected to increase during the forecast period.
The “smart elevator analysis” has been performed by considering the following segments: setup, carriage, application, and geography.
The geographic scope of the smart elevator market report is mainly divided into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America.
In 2022, North America held the major smart elevator market share. However, Asia Pacific is estimated to register the highest CAGR during the forecast period. The US and Canada are affluent nations with high urban living standards. Moreover, the rate of implementation of novel and latest technologies in all nonindustrial and industrial sectors is comparatively higher than in other parts of the globe, which is anticipated to boost the demand for elevators in buildings. Novel building construction and the availability of a higher number of tall buildings are playing a major role in boosting the smart elevator market growth for the new installation segment and modernization and maintenance segments in North America.
Furthermore, the high CAGR of Asia-Pacific is attributed to wide economic growth and a rise in urbanization and population in countries such as India, China, Indonesia, and Vietnam. The global population has amplified significantly in the past few years and is anticipated to increase rapidly in the coming years. According to the data published by United Nations projections, at the end of 2022, the worldwide population reached 8 billion and is projected to rise to 8.5 billion by 2030. Moreover, it is projected to become 9.7 billion by 2050. Africa and Asia, particularly countries such as China and India, are estimated to contribute majorly to the increase in urbanization in the next 30 years. These factors are likely to have a significant impact on the smart elevator market forecast in the next few years.
The smart elevator market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. Following is a list of developments in the market:
The regional trends and factors influencing the Smart Elevator Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Smart Elevator Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 18.70 Billion |
| Market Size by 2031 | US$ 43.91 Billion |
| Global CAGR (2023 - 2031) | 11.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Carriage
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Smart Elevator Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Smart Elevator Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The “Smart Elevator Market Size and Forecast (2023-2031)” report provides a detailed analysis of the market covering below areas:
The List of Companies - Smart Elevator Market
The smart elevator market is expected to reach US$ 43.91 billion by 2031.
Technological advancements in elevator industry are expected to set the future trend for the smart elevator market in the coming years.
The smart elevator market was estimated to be valued at US$ 18.70 billion in 2023 and is projected to reach US$ 43.91 billion by 2031; it is expected to grow at a CAGR of 11.3% during the forecast period.
Rise in building construction activities, technological advantages of smart elevators over conventional elevators are driving factors of smart elevator market.
The key players holding majority shares in the smart elevator market include Accenture Plc, Tata Consultancy Services Ltd., Capgemini SE, Larsen & Toubro Ltd., and Wipro Ltd
Passenger segment led the smart elevator market with a significant share in 2023 and freight segment is expected to grow with the highest CAGR.
Asia Pacific is anticipated to grow with the highest CAGR over the forecast period.