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Smart Elevators Market worth $46.95 billion by 2030, growing at a CAGR of 10.79% - Exclusive Report by 360iResearch
Smart Elevators Market | 360iResearch
The Global Smart Elevators Market to grow from USD 22.90 billion in 2023 to USD 46.95 billion by 2030, at a CAGR of 10.79%.
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Smart elevators are integrated with advanced technologies such as artificial intelligence (AI), the Internet of Things (IoT), and virtual reality (VR) to transform the simple act of traveling between floors. Integrating technologies in elevators allows for predictive maintenance and real-time data sharing, enhances security, and allows users to move efficiently, especially during busy hours. Smart elevators are operated by the user by selecting a button, setting their destination, and then an indicator directs them to the elevator, taking them to the desired location in the shortest time. The increasing number of tall and high-rise residential and commercial buildings globally is the rising installation of smart elevators. Additionally, the growing trend of smart and green buildings is increasing the demand for smart elevators. The high cost associated with the maintenance and installation of smart elevators impedes market growth. However, the introduction of technologically advanced smart elevators and government mandates to install advanced lifts are expected to fuel the growth of the global smart elevators market.
The Americas represent a highly developing landscape for the smart elevators market characterized by the rising number of tall buildings, skyscrapers, and the increasing introduction of new smart buildings. The increasing emphasis on green building construction is adding to the growth of the smart elevators market in the Asia-Pacific. The International Finance Corporation (IFC) has implemented a new initiative called Excellence in Design for Greater Efficiencies (EDGE), focusing on enhancing designs and products to advance green building construction in Asia's real estate markets. The Green Building Council of Australia (GBCA) also supports the construction of sustainable and green buildings in the region. The real estate business for retail, restaurants, and commercial buildings is one of Asia-Pacific's most well-known and fastest-growing industries. Increasing office spaces, rising corporate environment, and growing urban and semi-urban lodging in South Korea, China, Thailand, Vietnam, Malaysia, Australia, Singapore, and Indonesia have expanded the need for smart elevators in Asia-Pacific. Smart buildings are becoming increasingly popular in the economies of Europe as the countries aim to adopt innovative building technologies to reduce energy consumption and greenhouse gas (GHG) emissions, upholding sustainable goals. The German government is assisting municipalities by sponsoring the creation and implementation of integrated smart city policies worth approximately EUR 350 million (~USD 399.93 million). With the 2020 Smart City Model Initiatives Program, 32 projects, including cities, inter-municipal consortiums, and counties, are being funded. The growing number of smart and green buildings in EMEA and APAC is expected to increase the adoption and installation of smart elevators.
Market Segmentation & Coverage:
This research report categorizes the Smart Elevators Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Services, market is studied across Maintenance Services, Modernization & Update Services, and New Installation Services. The Modernization & Update Services is projected to witness significant market share during forecast period.
Based on Component, market is studied across Communication System, Control System, and Maintenance System. The Control System is further studied across Access Control System, Elevator Control System, Security Control System, and Sensor. The Communication System is projected to witness significant market share during forecast period.
Based on Application, market is studied across Commercial, Industrial, Institutional, and Residential. The Institutional is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Americas is projected to witness significant market share during forecast period.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Smart Elevators Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Smart Elevators Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Smart Elevators Market, highlighting leading vendors and their innovative profiles. These include AVIRE Ltd. by Halma PLC, Brivo Systems LLC, Emerald Elevators, Fujitec Co., Ltd., HID Global Corporation by ASSA ABLOY AB, Hitachi, Ltd., Honeywell International Inc., Hyundai Elevator Co., Ltd., International Business Machines Corporation, Kambar Technologies, Kintronics, Inc., Kisi Incorporated, Kone Corporation, Liftimsight, Matrix Comsec Pvt Ltd., Mitsubishi Electric Corporation, Motion Control Engineering, Nidec Corporation, Openpath Security Inc. by Motorola Solutions, Inc., Otis Worldwide Corporation, Pepperl+Fuchs SE, Rimrock Corporation, Robert Bosch GmbH, Robustel, Schindler Holding Ltd., Sick AG, Siemens AG, Sigma Elevator Company, Spectra Technovision Pvt. Ltd., Swiftlane, Inc., Taoping Inc., Thames Valley Controls Ltd. by VANTAGE ELEVATION, LLC, Thyssenkrupp AG, TK Elevator GmbH, Toshiba Corporation, and ZKTeco Co., Ltd.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Smart Elevators Market, by Services
7. Smart Elevators Market, by Component
8. Smart Elevators Market, by Application
9. Americas Smart Elevators Market
10. Asia-Pacific Smart Elevators Market
11. Europe, Middle East & Africa Smart Elevators Market
12. Competitive Landscape
13. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Smart Elevators Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Smart Elevators Market?
3. What is the competitive strategic window for opportunities in the Smart Elevators Market?
4. What are the technology trends and regulatory frameworks in the Smart Elevators Market?
5. What is the market share of the leading vendors in the Smart Elevators Market?
6. What modes and strategic moves are considered suitable for entering the Smart Elevators Market?
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