US Smart Elevators Market Industry Analysis, Trends, Growth, Size, Share and Forecast 2025

US smart elevators market is estimated to grow modestly at a CAGR of 14.3% during the forecast period. The market for smart elevators in the US has several driving factors, which includes the keen focus of the country towards the deployment of advanced infrastructure, demand for energy-efficient solutions and intelligent buildings and the presence of major market players such as Otis Elevator Co., Johnson Controls Inc., and Motion Control Engineering, Inc., among others. Cities in the US are in the middle of a multi-year expansion in construction. The skylines of cities are changing in the US. Supertall skyscrapers measuring over 984 feet are currently under construction or have recently debuted in Los Angeles, Chicago, New York, and San Francisco, while other cities, such as Austin, Boston, and Philadelphia, are prepping for new high-rises of their own. For instance, Vista Tower in Chicago has architecturally topped out construction, measuring to 362.9 m with 101 floors. It will be used for residential and hotel purpose and the construction is expected to get completed by 2020.

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The companies which are contributing to the growth of the US smart elevators market include ThyssenKrupp Elevator AG, Schindler Holding AG, KONE Corp., Hyundai Elevator Co. Ltd., and OTIS Elevator Corp.

The US administration launched its Smart Cities Initiative in Sep 2015, committing $160 million in funding ($105 million in new spending as well as reprogrammed funds) to a wide array of IoT applications. The smart cities Initiative includes support for a range of programs including the National Institute of Standards and Technology's Global City Teams challenge. The smart city projects also include the construction of buildings of over a hundred floors, which definitely needs an elevator to reach the desired floor. Integration of AI and IoT through smart city projects offers a way of delivering an enhanced experience to the users. KONE Americas has chosen AT&T as an IoT connectivity and service management provider for KONE 24/7 Connected Services, which enables monitoring and analysis of real-time data from elevators and escalators.

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Both the companies are making thousands of elevators and escalators smarter across the US, Canada and Mexico using IoT connectivity that will assist in improving the safety, equipment uptime and predictability for maintenance services. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market.

Market Segmentation

US Smart Elevators Market by Type

o Passenger
o Freight

US Smart Elevators Market by Application

o Residential
o Commercial
o Industrial
o Others

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