IoT in Elevators Market to hit $2022.13 Million, Globally, by 2028 at 4.9% CAGR: The Insight Partners

According to the new research report published by The Insight Partners, titled "IoT in Elevators Market Forecast to 2028 -COVID-19 Impact and Global Analysis - by Component, Application, and End-User," the market is expected to grow from US$ 1514.88 million in 2022 to reach US$ 2,022.13 million by 2028; it is anticipated to grow at a CAGR of 4.9% from 2022 to 2028.

In February 2021, the 'Smart City Mission' for Thiruvananthapuram, Kerala, was announced by NEC Corporation India. The smart city project is expected to be completed by 2022. The 'Smart City Mission' totaled US$ 28.31 billion in 2020. In 2020, 5,331 projects worth US$ 24.31 billion were tendered, accounting for 86% of total investments. In addition, in 2020, work orders for 4,540 projects worth US$ 19.33 billion were issued, accounting for 68% of the total, and 2,122 projects worth US$ 4.83 billion were completed, accounting for 17% of the total investment of US$ 28.31 billion. The government initiatives are positively impacting the development of smart cities, which would create lucrative opportunities for the IoT in elevators market growth during the forecast period.

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The IoT in elevators market size in Asia Pacific is primarily attributed to the demand for communications systems, such as routers, modems, wired and wireless electronics systems, and other peripherals, for providing strong network connections. In addition, the rapidly growing construction industry in China and India favors the adoption of automated solutions. As per Cisco's annual Internet report 2018-2023, by 2023, Asia Pacific will have 3.1 billion Internet users and 3.1 billion mobile users. Also, there will be 13.5 billion networked devices/connections by 2023. Among these, 49% of networked devices in APAC will be mobile-connected, and 51% will be wired or connected via Wi-Fi. This trend shows the rising adoption of internet, computers, and other peripherals devices and connections.

As a result, the need for advanced high-speed internet has increased, creating many lucrative opportunities for IoT in elevators market vendors operating in the Asia Pacific. In 2021, Mitsubishi Electric Corporation announced that its subsidiary Mitsubishi Elevator India Private Limited (IMEC) received a signed contract to deliver elevators to the Commerzone Madhapur and Altimus luxury complexes, owned by K RAHEJA CORP, a renowned developer in India. Also, in 2019, Mitsubishi Electric Corporation and its wholly-owned subsidiary Mitsubishi Electric Building Techno-Service Co., Ltd. launched the M's BRIDGE global remote-maintenance service for the continuous monitoring, inspection, and data analysis of elevators via an IoT platform. The respective service was available in Hong Kong and Singapore before expanding to other Asian countries, Europe, and the Americas, and it is expected to launch in 15 countries by the end of 2022. Thus, the rising construction of smart cities and surging investments in the adoption of automated solutions are contributing to the growth of the IoT in elevators market in Asia Pacific.

The "smart cities" developments are gaining traction across the world. The IoT in elevator manufacturing companies, several escalator companies, and market players are increasingly focusing on integrating IoT into their products and new lines of escalators to capture a larger market share and establish a solid foothold. Artificial intelligence and IoT have played a key role in transforming the elevator and escalator market landscape in recent years. Furthermore, predictive, and tailored elevator maintenance, aided by IoT, is gradually gaining traction. Moreover, over the last a few years, advancements in application programming interfaces (API) have increased the adoption of IoT in elevators which in turn Is impacting the overall IoT in elevators market.

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Europe held the largest IoT in elevators market share in 2021 and is also expected to dominate the market during the forecast period. The adoption of 5G and investments by companies in improving 5G infrastructure drive the market growth in the region. Germany has a long history of investing and innovating in industrial IoT over the years. The country is also a leader in the usage of 5G to expand the use of industrial IoT. The growing demand for industrial imaging systems across the industrial manufacturing sector and for advanced automotive infotainment parts, driver monitoring devices, and driver control units from the automotive sectors further influence the demand for IoT in elevators from the manufacturing and automotive sectors. The rapidly growing construction in the commercial sector across the country is also increasing the demand for IoT-based elevator systems. These factors are boosting the growth of the IoT in elevators market in Europe.

North America held the second largest share of the IoT in elevators market in 2020. The market in the US is anticipated to retain its robust growth outlook during the forecast period. In the US, the rising disposable income and improving living standard propel the demand for smart electronics. The demand for miniature devices is high owing to the growing popularity of AI and 4.0 industrial revolution. Also, many manufacturers are investing massive capital of capital in the development of smart electronics digitization's systems such as for infrastructure's automation applications. The US government has taken many initiatives to boost the electronics industry. On May 6, 2022, the government proposed new bipartisan proposal in the US to fuel the country's printed circuit board (PCB) sector. Many established electronics manufacturing industry companies in the country welcomed the proposal. The bill will support the CHIPS Act of 2021 and American Printed Circuit Boards Act of 2022. As a result, there are many lucrative opportunities for the key operating in the IoT in elevators market.

The List of Companies - IoT in Elevator Market

OTIS; Schindler Group; KONE Corporation; Hyundai Elevator Co., Ltd.; and Fujitec are among the key IoT in elevators market players profiled during this study on the. In addition, several other important market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The report provides detailed market insights, which helps the key players strategize the growth.

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In December 2021, KONE, a multinational elevator and escalator manufacturer, partnered with Amazon Web Services (AWS), the world's most comprehensive and widely used cloud platform. AWS will deliver worldwide cloud capabilities to KONE, including Internet of Things (IoT) and analytics. In addition, the firms will collaborate to create new technologies that will improve the scalability and performance of KONE's connected services and solutions.

In April 2021, Mitsubishi Electric Corporation announced that its subsidiary Mitsubishi Elevator India Private Limited (IMEC) received a signed contract to deliver elevators to the Commerzone Madhapur and Altimus luxury complexes owned by K RAHEJA CORP, a renowned developer in India.

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