The latest report by IMARC Group, titled “ Smart Elevator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global smart elevator market size reached US$ 25.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 42.2 Billion by 2028, exhibiting a growth rate (CAGR) of 9.1% during 2023-2028.
Smart elevators are a revolutionary advancement in vertical transportation systems, designed to enhance efficiency, convenience, and safety within buildings and skyscrapers. Unlike traditional elevators, smart elevators incorporate cutting-edge technologies and intelligent systems to optimize passenger experiences. These elevators are equipped with sensors, connectivity solutions, and advanced algorithms that enable them to make real-time decisions regarding passenger routing, energy consumption, and maintenance needs. Smart elevators are rapidly gaining traction across the globe, reshaping the urban landscape and improving the way people move within modern structures.
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Smart Elevator Market Trends and Drivers:
The demand for smart elevators is surging due to their ability to significantly enhance energy efficiency. These elevators intelligently manage passenger traffic, reducing waiting times and energy consumption. Furthermore, they often incorporate regenerative drives, harnessing energy during descent and channeling it back into the building's power grid. This focus on sustainability aligns with global initiatives to reduce carbon footprints in urban environments, making smart elevators a compelling choice for green building projects. Additionally, these elevators can adapt to various emergency scenarios, ensuring swift and secure evacuations when necessary. The integration of security measures within smart elevator systems is addressing modern safety concerns and bolstering their adoption in commercial and residential buildings alike. Moreover, the ongoing trend of urbanization, particularly in fast-growing cities, has fueled the construction of high-rise buildings. Smart elevators are essential in these towering structures, where efficient vertical transportation is crucial. As cities continue to expand vertically, the demand for smart elevators is projected to surge. This trend aligns with the broader transformation of urban landscapes and the need for innovative solutions to address the challenges of crowded, high-density environments.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Solution:
- Control Systems
- Security Control System
- Elevator Control System
- Access Control System
- Maintenance Systems
- Communication Systems
- Services
- Support and Maintenance
- New Deployments
- Modernization
Breakup by Application:
- Residential
- Commercial
- Industrial
- Institutional
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Bosch Service Solutions GmbH
- Hyundai Elevator Co. Ltd.
- KONE Elevator India Private Limited (Kone Oyj)
- Mitsubishi Electric Corporation
- Otis Worldwide Corporation
- Schindler Holding Ltd.
- Thames Valley Controls Ltd
- TK Elevator
- Toshiba Elevators
- Building Systems Corporation (Toshiba Corporation).
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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