Smart Elevators Market growing at a CAGR of 12.1% & industry projected to reach $57.3 billion by 2031

smart elevators market was valued at $18.5 billion in 2021 and is projected to reach $57.3 billion by 2031, growing at a CAGR of 12.1% from 2022 to 2031. Smart elevators are equipped with cutting-edge technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and various hardware and software systems. These technologies enable features like proactive condition-based analysis, predictive maintenance, real-time data sharing, destination prediction, enhanced security, and more. Smart elevators are energy-efficient, user-friendly, secure, and experience minimal downtime. Both passenger and freight elevators have smart features, although passenger elevators often include infotainment systems and enhanced interior designs, which are not present in smart freight elevators.

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Market Dynamics
Drivers
The market for smart elevators is driven by increased building construction and rising demand for green buildings. The features of smart elevators, such as optimized wait times, energy efficiency, and real-time monitoring, make them more appealing than conventional elevators. Conventional elevators lack the advanced computing power to optimize user wait times, are not energy-efficient, and do not offer real-time system monitoring. In contrast, smart elevators use autonomous systems to optimize movements, reducing wait times and enhancing passenger transportation efficiency during peak hours.

Additionally, smart elevators employ advanced security measures like biometric and facial recognition technologies to prevent unauthorized access. They also incorporate sensors to monitor abnormal behavior, including electric faults, excessive vibrations, fires, and sabotage. These monitoring systems schedule maintenance at convenient times to minimize disruptions. Features like touch screen interfaces, voice commands, gesture control, and mobile app controllability enhance the user experience. Real-time data sharing with the cloud allows authorized personnel to resolve issues promptly, driving market growth. The rise in high-rise building construction, due to increasing urbanization and population growth, further boosts demand for smart elevators.

Restraints
The high cost of smart elevators can deter builders with limited budgets from installing them, potentially restraining market growth.

Opportunities
Technological advancements present lucrative opportunities for the smart elevators market. For instance, Otis Elevator introduced the Gen3™ digitally connected elevator in March 2023, featuring 24/7 real-time equipment monitoring and an in-car infotainment display. Innovations in IoT, AI, spatial technologies, cameras, and sensors significantly contribute to market growth.

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Impact of COVID-19
The COVID-19 pandemic significantly impacted the construction industry, leading to a halt in smart elevator demand. The pandemic reduced elevator usage due to social distancing norms and economic slowdowns, which diverted government funding to healthcare. However, the introduction of vaccines has led to the reopening of businesses and increased construction activities. Despite recent increases in COVID-19 cases, companies have shown signs of recovery, though market players must protect their workforce and supply chains against future disruptions.

Segmental Overview
By Setup
The market is divided into new deployment, modernization, and maintenance. The modernization segment dominated in 2021, while the maintenance segment is expected to grow at a higher CAGR. Modernization involves upgrading old elevator systems with new technologies, while maintenance ensures the longevity and reliability of smart elevators.

By Carriage
The market is bifurcated into passenger and freight elevators. The passenger segment held a higher market share in 2021, driven by increased population and the need for safe, reliable elevators. The freight segment is anticipated to grow faster due to rising industrial and commercial building construction.

By Application
The market is categorized into residential, commercial, and industrial. The commercial segment accounted for a larger market share in 2021, with technological advancements and high budgets enabling the modernization of elevators in offices, hospitals, malls, and other commercial buildings. The residential segment is expected to grow at a higher CAGR during the forecast period.

By Region
In 2021, North America held the highest market share, driven by high standards of urban living and rapid adoption of new technologies. However, Asia-Pacific is anticipated to grow at a higher CAGR, driven by economic growth, population increase, and urbanization in countries like China and India.

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Competition Analysis
Key players in the smart elevators market include Hitachi Ltd., KONE Corporation, Otis Worldwide Corporation, Fujitec Co., Ltd., Robert Bosch GmbH, Halma PLC, Mitsubishi Electric Corporation, thyssenkrupp AG, Hyundai Elevator Ltd., and Schindler Group. These companies adopt strategies like product launches and development to stay competitive. For example, TK Elevators installed 22 TWIN elevator systems at 50 Hudson Yards in New York, featuring advanced safety and intelligent destination selection control.

Key Benefits for Stakeholders
The report offers extensive analysis of current and emerging market trends, in-depth market estimations, and comprehensive regional analysis. It includes smart elevators market forecasts and competitive profiles of key players, providing valuable insights into the market dynamics and opportunities.

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