Smart Elevator Market Technological Innovations and Future Opportunities 2025 by Top Companies - "Bosch Security and Safety Systems, Hitachi, Honeywell, KONE Corporation, Mitsubishi Electric, Otis Elevator Co., Schindler Group, thyssenkrupp Elevator, Tosh

The global smart elevator market share is on the rise lately owing to the product's growing adoption in emerging markets like India and China, coupled with growth in the construction and infra sectors worldwide. Smart elevators are estimated to make big strides in the global elevator market owing to the new wave of technology and advancements that are transforming the global landscape.

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Moreover, leveraging excellent technologies such as IoT, Edge Computing, M2M and Intelligent data analytics can also enhance an occupant's experience and create more attractive and desirable places to work. According to the annual Energy Efficiency Indicator survey, over 75% of companies and organizations in the U.S. are paying more attention to investments in energy efficiency and smart buildings technology with a focus on buildings systems integration and building controls.

The Major Key Players in the Smart Elevator Market are as follows:
"Bosch Security and Safety Systems
Hitachi
Honeywell
KONE Corporation
Mitsubishi Electric
Otis Elevator Co.
Schindler Group
thyssenkrupp Elevator
Toshiba"

The construction industry is slated to witness a huge boom owing to the rapidly growing population. Latest data from Timetric's Construction Intelligence Center projects the construction industry to be one of the fastest growing industries in 2020. The population in the U.S. alone is estimated to surge to over 335 billion, which could lead to a rise in residential housing. Smart lift within a residential setting offer residents with high safety, prevent the entry of unwanted persons along with energy efficiency and advanced maintenance systems. The smart elevator market share from the residential application will grow at a CAGR of more than 13% over 2019-2025.

Meanwhile, construction of commercial buildings will also continue to grow considering increased consumer spending and governmental investment in tourism, retail space, and office buildings. Increasing integration of smart technologies will thus drive the adoption graph of smart elevator market.

Smart lift is witnessing a heavy demand owing to the need for smart modular modernizations like intelligent features, passenger security, and minimum malfunctioning benefits in existing lift systems across the world. Recently, the owner of Raymond James Tower announced it is getting its lift system modernized by German firm ThyssenKrupp for $3 million. The company will be installing a new intelligent system called AGILE, which has the highest level of upgrades available to enhance efficiency, ride comfort and reliability. Increase in similar efforts to enhance existing lift systems will further support the smart elevator market growth.

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Furthermore, the construction of technically advanced structures and green buildings would spark a technological revolution, thereby boosting the smart elevator market share in the future. This market is anticipated to be worth more than $25 billion by 2025.

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