Companies Initiatives in Developing IoT in Elevators and Government Support for Smart City Development to Provide Growth Opportunities for IoT in Elevators Market During 2022–2028
According to our latest market study on "IoT in Elevators Market Forecast to 2028 –COVID-19 Impact and Global Analysis – by Component, Application, and End-User," the market is expected to grow from US$ 1514.88 million in 2022 to reach US$ 58,843.69 million by 2028; it is anticipated to grow at a CAGR of 4.9% from 2022 to 2028.
The "smart cities" developments are gaining traction across the world. The IoT in elevator manufacturing companies, several escalator companies, and market players are increasingly focusing on integrating IoT into their products and new lines of escalators to capture a larger market share and establish a solid foothold. Artificial intelligence and IoT have played a key role in transforming the elevator and escalator market landscape in recent years. Furthermore, predictive, and tailored elevator maintenance, aided by IoT, is gradually gaining traction. Moreover, over the last a few years, advancements in application programming interfaces (API) have increased the adoption of IoT in elevators which in turn Is impacting the overall IoT in elevators market.
In February 2021, the 'Smart City Mission' for Thiruvananthapuram, Kerala, was announced by NEC Corporation India. The smart city project is expected to be completed by 2022. The 'Smart City Mission' totaled US$ 28.31 billion in 2020. In 2020, 5,331 projects worth US$ 24.31 billion were tendered, accounting for 86% of total investments. In addition, in 2020, work orders for 4,540 projects worth US$ 19.33 billion were issued, accounting for 68% of the total, and 2,122 projects worth US$ 4.83 billion were completed, accounting for 17% of the total investment of US$ 28.31 billion. The government initiatives are positively impacting the development of smart cities, which would create lucrative opportunities for the IoT in elevators market growth during the forecast period.
Europe holds a large portion of the IoT in elevators market share. Rapid pace of industrialization and the increase in the adoption of IoT, AI, and machine learning in electronic components is driving the Europe IoT is elevators market. Technological specializations that have developed over decades are changing rapidly. In IoT, the European Research Cluster on the Internet of Things (IERC) concentrates on strengthening the connections between projects, companies, organizations, people, and information at the European level to make initiatives innovative and competitive. The rise in uptake of smart connected IoT-enabled electronics across Europe due to improved living standards is propelling the demand for smart elevators from commercial building complexes in the region and therefore fueling the IoT in elevators market.
The IoT in elevators market size in Asia Pacific is primarily attributed to the demand for communications systems, such as routers, modems, wired and wireless electronics systems, and other peripherals, for providing strong network connections. In addition, the rapidly growing construction industry in China and India favors the adoption of automated solutions. As per Cisco's annual Internet report 2018–2023, by 2023, Asia Pacific will have 3.1 billion Internet users and 3.1 billion mobile users. Also, there will be 13.5 billion networked devices/connections by 2023. Among these, 49% of networked devices in APAC will be mobile-connected, and 51% will be wired or connected via Wi-Fi. This trend shows the rising adoption of internet, computers, and other peripherals devices and connections. As a result, the need for advanced high-speed internet has increased, creating many lucrative opportunities for IoT in elevators market vendors operating in the Asia Pacific. In 2021, Mitsubishi Electric Corporation announced that its subsidiary Mitsubishi Elevator India Private Limited (IMEC) received a signed contract to deliver elevators to the Commerzone Madhapur and Altimus luxury complexes, owned by K RAHEJA CORP, a renowned developer in India. Also, in 2019, Mitsubishi Electric Corporation and its wholly-owned subsidiary Mitsubishi Electric Building Techno-Service Co., Ltd. launched the M's BRIDGE global remote-maintenance service for the continuous monitoring, inspection, and data analysis of elevators via an IoT platform. The respective service was available in Hong Kong and Singapore before expanding to other Asian countries, Europe, and the Americas, and it is expected to launch in 15 countries by the end of 2022. Thus, the rising construction of smart cities and surging investments in the adoption of automated solutions are contributing to the growth of the IoT in elevators market in Asia Pacific.
The IoT in elevators market size is segmented based on component, application, and end-user. Based on component, the IoT in elevators market is segmented into hardware, software, and services. The IoT in elevators market, by application, is segmented into preventive maintenance, remote monitoring, fault diagnosis and prediction, advanced reporting, and connectivity management. The IoT in elevators market, by end-user, is segmented into residential, commercial, and industrial.
IoT in Elevators Market - by Region, 2021
IoT in Elevators Market Size, Share and Growth Report 2028
Download Free SampleIoT in Elevators Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Services), Application (Preventive Maintenance, Remote Monitoring, Fault Diagnosis and Prediction, Advanced Reporting, and Connectivity Management), and End-User (Residential, Commercial, and Industrial)
OTIS; Schindler Group; KONE Corporation; Hyundai Elevator Co., Ltd.; and Fujitec are among the key IoT in elevators market players profiled during this study on the. In addition, several other important market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The report provides detailed market insights, which helps the key players strategize the growth.
The COVID-19 pandemic had a significant impact on the global economy. The pandemic was at its peak in 2020, which led many manufacturing companies to a financial crisis and posed numerous challenges to business operations. Before the COVID-19 outbreak, the IoT in elevators market witnessed exponential growth owing to increased urbanization, surged demand for secure and energy-efficient systems, increased demand for residential and commercial amenities, and advancement of the Internet of Things (IoT). Before the pandemic, there were significant investments in the pipeline of IoT adoption in small, medium, and large enterprises and energy-efficient buildings. However, the eruption of the COVID-19 pandemic slowed down the deployment of IoT and AI, which hampered the IoT in elevator companies' businesses. During the initial phase of the outbreak, collaborations, partnerships, and all business deals were restricted, which significantly shattered the IoT in elevators market.
With the ease in restrictions and reopening of business units, the adoption of AI and IoT platforms in building smart cities is growing rapidly. During the first quarter of 2021, for improved security and safety, many residential and commercial amenities and smart cities builders invested significantly in the adoption of energy-efficient advanced technologies, which helped the IoT in elevators market to expand. Furthermore, the pandemic has invoked a rising need for clean and green energy-efficient products and services in various industrial verticals. Therefore, although the global IoT in elevators market plummeted initially due to supply chain disruptions and stringent government regulations, the market has achieved a strong recovery from the pandemic and is expected to grow in the coming years owing to rising consumer awareness regarding energy-efficient products and services across the globe. Huawei cloud IoT and Wanglong introduced a contactless elevator ride during the COVID-19 pandemic crisis. Thus, gradually the demand for IoT in elevators will increase across the region during the forecast period.
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