SMART ELEVATOR AUTOMATION SYSTEM MARKET ANALYSIS

The global Smart Elevator Automation System market size was valued at US$ 18.17 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 12.6% from 2023 to 2030. The Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and a variety of hardware and software are all features of smart elevators. Proactive, condition-based analysis, predictive maintenance, real-time data sharing, destination prediction, enhanced security, and numerous other features are made possible by these systems as a whole. A smart elevator uses less energy, is easy to use, safe, and secure, and doesn't break down often. Smart features are present in both passenger and freight elevator systems, but a smart freight elevator lacks infotainment systems, improved interior design, and other passenger-specific features.

Global Smart Elevator Automation System Market: Regional Insights

In terms of volume, North America (the Region) held the top spot by accounting for 44% share in the global market for smart elevator automation systems in 2020, followed by Europe and the rest of the world. During the forecast period, North America's rapid infrastructure development and growing number of smart city projects are driving the region's growth.

Figure 1. Global Smart Elevator Automation System Market Value (US$ Bn), by Region, 2022

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Global Smart Elevator Automation System Market Drivers:

Growing urbanization is expected to propel the global smart elevator automation system market growth over the forecast period.

Global urbanization has recently increased significantly. The United Nations (UN) estimated that approximately 55% of the world's population lived in urban areas. By 2050, approximately 66% of the world's population is anticipated to reside in urban areas, according to the same source. As a result, more high-rise buildings are being built to accommodate the growing urban population in both developed and developing economies. As a result, demand for smart elevator systems is rising. The Real Estate Institute says that in all of Japan's cities, 262 super high-rise residential buildings should be finished by 2015 end. As a result, the global smart elevator automation system market is anticipated to expand rapidly as a result of these factors.

Smart Elevator Automation System and Market Driven by Use of IoT Solutions for Management   

Lifts have created over the long haul to keep on with the need, using carbon fiber links and all the more durable apparatus to keep them moving. The Internet of Things has made smart elevator design even more advanced at the moment. Elevators are becoming more technologically advanced as a result of IoT. Nowadays, IoT-enabled smart elevators are used for data collection, traffic flow tracking, and even as powerful advertising tools. In order to assist elevator manufacturers and maintenance companies in effectively managing their machines' performance, numerous vendors now offer elevator IoT solutions.

Internet of Things elevator solutions offer a number of advantages, including the ability to facilitate upgrades that save time and money, provide an emergency response, enhance safety, reduce user wait times, identify issues from afar, and offer energy-efficient systems.

Global Smart Elevator Automation System Market: Opportunities.

Installation, repair, maintenance, and modernization services can provide major business opportunities in the global smart elevator automation system market.

Increasing demand for the smart elevator automation system is expected to fuel installation services during the forecast period, driven by a significant rise in the construction of high-rise buildings. Repair and maintenance services are in high demand in developed countries such as the U.S., the U.K, etc., driven by growing demand and deployment of smart elevators. Modernization services segment across the globe is expected to witness the highest CAGR of 18.1% during the forecast period. This is largely attributed to increasing demand for replacement of aging components in conventional elevators with advanced components and technology.

Global Smart Elevator Automation System Market: Trends

Sensors, motors, and automation system

Key players are introducing cutting-edge automation and sensor technologies that can be used in elevators to improve energy efficiency and speed of travel. Sending of safety and control frameworks, for example, alarm, interruption caution framework, and reconnaissance frameworks is on the ascent across the globe, pushed by developing security concerns. For improving the way passengers and elevators interact, there is a significant increase in demand for touchscreens and keypads, particularly in developed regions.

Commercial sector, residential sector, and hotels

When compared to other industries, the commercial sector is currently ahead in terms of how smart elevator automated systems are used in high-rise buildings in North America, Eastern Europe, Japan, and the Middle East. Due to the limited potential for further penetration, the commercial sector is anticipated to experience relatively slow market growth in the not-too-distant future. Existing residential elevators are increasingly incorporating smart elevator automation systems, particularly in Asia Pacific, Western Europe, and Latin America. This is because new high-rise buildings are being built to accommodate the growing number of people living in cities. The lodging portion is supposed to enrol the second-most elevated CAGR during the figure time frame, driven by the need to diminish traveller holding up time in tall building lodgings.

Global Smart Elevator Automation System Market - Restraints

High capital cost is expected to restrain growth of the global smart elevator automation system market during the forecast period

Capital expense connected with obtainment and establishment of the brilliant lift framework is essentially high since lift makers contribute exceptionally to consolidate new innovations and add progressed elements to new items. Every building owner cannot afford such a large investment, which reduces adoption. As a result, the global smart elevator automation system market is anticipated to experience growth restraints during the forecast period.

Low awareness in emerging regions is expected to hamper the global smart elevator automation system market growth over the forecast period

There is an absence of mindfulness across business and private areas in arising economies in regards to shrewd lifts. Smart elevator systems can be used to travel through time and improve the experience of passengers, but not many people are aware of these benefits. As a result, it is anticipated that a lack of awareness will impede the expansion of the global smart elevator automation system market in the near future.

Figure 2. Global Smart Elevator Automation System Market Share, By End User, 2022

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Global Smart Elevator Automation System Market Segmentation:

The brilliant lifts market is ordered into residential, commercial, and industrial. In 2022, the commercial sector held a larger share of the smart elevators market. Offices, hospitals, shopping malls, transportation systems, and other commercial buildings have been able to modernize and make smart elevators thanks to high budgets and technological advancements. For reasons of safety and security, it is essential to keep track of all passengers in commercial elevator applications. However, the market forecast predicts that residential sales will expand at a higher CAGR.

Global Smart Elevator Automation System Market: Key Developments

For instance, in March 2021, Otis expanded its smart elevator product line when it introduced its newly developed Smart Gen3TM elevator. Otis will target prominent Chinese construction industry vendors looking to acquire elevators for their upcoming infrastructure projects. Due to the growing trend of green development in China's construction industry, the company has strategically targeted this particular market. The product will operate with ease for elevator occupants thanks to cloud-based Internet of Things technology.

June 2021, In order to speed up their collaboration on the Elevator Digital Transformation (DX) Expansion business, Hyundai Elevators and KT completed and signed a memorandum of understanding (MoU). In order to boost their elevator portfolio development by incorporating AI technology, automatic driving robots, and voice recognition into its elevators, the memorandum of understanding was duly signed. The improvement of these lifts will direct development of Hyundai Lifts in savvy lift market.

In April 2021, For the purpose of synchronizing the design and development of elevators and delivery robots, Hyundai Elevators has entered into a partnership with Woowa Brothers. A wide range of industries, including hotels, residential apartments, and commercial facilities, will benefit from these elevators and delivery robots.

In March 2021, digitally connected elevators have been introduced by Kone Elevator India, a wholly owned subsidiary of the Finland-based KONE Corporation to offer a novel product known as a smart elevator. In the world's second-largest and most lucrative elevator market, the product has the potential to entice a large number of buyers. The product improves elevator person flow management and offers enhanced built-in connectivity.

Global Smart Elevator Automation System Market: Key Companies Insights

Key players operating in the global Smart Elevator Automation System market are Fujitec Co. Ltd., Honeywell International Inc., Mitsubishi Electric Corporation, Tyco International Limited, Hitachi Ltd., Schindler Group, Kone Corporation, ThyssenKrupp Elevator AG, and Otis Elevator Company

*Definition: The user presses a button to set their destination in a smart elevator, and then an indicator points them to the elevator that will get them there in the shortest amount of time. This is quicker and more effective, resulting in savings on costs as well as potential reductions in the number, size, or speed of elevators required.