Smart Elevator Automation System Market Size and Trends

Smart Elevator Automation System Market, By Service (Installation Service, Repair & Maintenance Service, Modernization Service), By Component (Card Reader, Biometric, Touch Screen and Keypad, Security and Control System, Sensors, Motors and Automation System, Building Management System), By End User (Residential Sector, Commercial Sector), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

Published In : May 2023

Code : CMI4832

Pages :170

Formats :

Excel and PDF

Industry : Smart Technologies

Smart Elevator Automation System MarketSize and Trends

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.

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

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.