Smart Elevators Global Market Analysis, Trends, Growth, Research And Forecast 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Smart Elevators Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $38.92 billion In 2028 At A CAGR Of 9.8% :

The smart elevators market size has grown rapidly in recent years. It will grow from $24.28 billion in 2023 to $26.82 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to urbanization and high-rise construction, energy efficiency concerns, safety and security requirements, iot integration, elevator traffic management.

The smart elevators market size is expected to see strong growth in the next few years. It will grow to $38.92 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to smart building ecosystem integration, rise in sustainable building practices, ai and machine learning implementation, touchless and biometric solutions, smart city initiatives. Major trends in the forecast period include remote monitoring and maintenance, technological advancements, biometric and touchless technologies, enhanced user experience and personalization, integration with smart building ecosystems.

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Smart Elevators Market Major Segments
The smart elevators market covered in this report is segmented -

1) By Setup: Modernization, Maintenance, New Deployments
2) By Carriage: Passenger, Freight
3) By Installation: Low And Mid Rise, High-Rise
4) By Application: Residential, Commercial, Industrial

Key Driver - Impact of Increased Construction of High-Rise Buildings on Smart Elevators Market Growth

The increased construction of high-rise buildings is expected to propel the growth of the smart elevator market going forward. A high-rise building is a multistorey building tall enough to require the use of a system of mechanical vertical transportation, such as elevators. Smart elevators are useful to high-rise buildings as they provide a means of vertical transportation and smart elevator systems are equipped with advanced technologies that enhance efficiency, safety, and user experience within these buildings. For instance, in 2021, according to the Council on Tall Buildings and Urban Habitat, a US-based international body in the field of tall buildings, the total number of buildings with 200 meters or greater height increased from 1,922 in 2021 to 2,000 building in 2022. Further, supertall buildings (300 meters or taller) constructed in 2021 reached 200 buildings. Therefore, the increased construction of high-rise buildings is driving the growth of the smart elevator market.

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Prominent Trend - Advancement In Smart Elevators With Gen3 and Gen360 Technology

Major companies operating in the smart elevator market are developing innovative technologies, such as connected elevator platforms, to gain a competitive advantage. Connected elevator platforms are designed to work with the growing collection of smart technologies used in low- to mid-rise residential and commercial buildings. For instance, in June 2021, Otis Worldwide Corporation, a US-based appliance company, launched Gen3 and Gen360. The Gen3 elevator is a brand-new, digitally native elevator platform that incorporates connection features such as LED illumination and sleep mode to lower energy consumption and the elevator's carbon impact, together with the tried-and-true Gen2 elevator architecture. The Gen360 elevator is constructed on a completely new electronic architecture that establishes new benchmarks for proactive digital technologies, offering improved experience, support, safety, design, and service in addition to all the advantages of the Gen3 elevator.

Smart Elevators Market Players
Major companies operating in the smart elevators market report are Hitachi Ltd., International Business Machines Corporation, Thyssenkrupp AG, Mitsubishi Electric, Honeywell International Inc., Johnson Controls Inc., KT Corporation , Otis Elevator Company, Schindler Group, Kone Corporation, Bosch Security and Safety Systems, SICK AG, Hyundai Elevators Co. Ltd., Fujitec Co. Ltd., Sigma Elevator Company, Toshiba Elevator and Building Systems Corporation, Nidec Elevator Group, Guangzhou Robustel Ltd, Brivo Inc., Kisi Inc., Openpath Security, Thames Valley Controls Ltd., Rimrock Corporation, Kintronic Laboratories Inc., Emerald Elevators

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Largest And Fastest Growing Region In The Market
North America was the largest region in the smart elevators market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart elevators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Elevators Market Report Structure
3. Smart Elevators Market Trends And Strategies
4. Smart Elevators Market - Macro Economic Scenario
5. Smart Elevators Market Size And Growth
…..
27. Smart Elevators Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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