According to a new market research report titled “Smart Elevator Market by Offering (Solution [Control System {Security Control, Elevator Control, Access Control}, Maintenance System, Communication System], Services [New Installation, Modernization, Maintenance]), and End Use – Global Forecast to 2028’, published by Meticulous Research®, the smart elevator market is expected to grow at a CAGR of 11.4% from 2021 to 2028 to reach $31.77 billion by 2028.

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According to this latest publication, factors such as increasing demand for energy-efficient solutions, growing construction of smart residential and commercial buildings in developed countries, and rising number of high-rise buildings are driving the growth of the smart elevators market. However, the high initial investment is likely to hinder the market’s growth. Implementation of AI and analytics in building infrastructure and innovation in touch-less elevator operations are projected to provide significant growth opportunities for vendors operating in this market. On the other hand, challenges in deploying smart components in the existing elevators and security risks are restricting the growth of this market.

The Impact of COVID-19 on the Smart Elevator Market

The COVID-19 pandemic has posed a huge impact on the smart elevators industry due to the halt of the construction of new buildings across several countries. The sudden outbreak of COVID-19 resulted in an immediate halt of the construction and infrastructure sector as nationwide lockdowns were imposed. The demand for smart elevators in 2020 reduced due to the low investment in the building infrastructure industry. The market is also expected to suffer in 2021 as several funds and plans to transform old buildings have been canceled due to the sudden economic downturn in many countries. In these two years, consumers are expected to spend on essential products and services compared to the building technologies as their high risk of low income during the pandemic.

The elevator manufacturers have experienced a decline in revenue and smart elevator business loss in 2020 due to the high impact of the COVID-19 pandemic. The construction plans in several countries across the globe have been pushed forward due to financial crises and investment in essential activities. These factors have negatively impacted the deployment of smart elevators in 2020 and the first quarter of 2021. However, the market is expected to recover by the end of 2021, reducing COVID-19 cases globally and improving economic conditions.

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Key Findings in the Smart Elevators Market Study:

To provide efficient analysis, Meticulous Research® has segmented this market based on Offering (Solution [Control Systems {Security Control Systems , Elevator Control Systems, Access Control Systems }, Maintenance Systems, Communication Systems], Services [New Installation Services, Modernization Services, Maintenance Services]), Application (Commercial Buildings, Residential Buildings, Institutional Buildings, Industrial Buildings, Other Applications), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)

Based on offering, the smart elevators market is segmented into solutions and services. In 2021, the solutions segment is expected to account for a larger share of the smart elevators market. The large share of this segment is mainly attributed to the rising construction of high-rise buildings due to urbanization. Also, the growing demand for efficient people flow, safe, and secure vertical transportation is driving the installation of smart elevators.

Based on application, the smart elevators market is segmented into commercial buildings, residential buildings, industrial buildings, institutional buildings, and other applications. In 2021, the commercial buildings segment is expected to account for the largest share of the smart elevators market. The large share of this segment is mainly attributed to technical advancements to modernize existing buildings in the commercial sector. Better energy efficiency by smart elevators is driving the demand in the commercial sector.

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Based on region, the smart elevators market is segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. In 2021, Asia-Pacific accounted for the largest share of the global smart elevators market, followed by North America, Europe , Latin America, and the Middle East & Africa. Rapid urbanization and construction of smart residential and commercial buildings are driving the Asia-Pacific smart elevators market. Additionally, countries in Asia-Pacific are investing in new integrated, internet-connected smart cities, which are expected to promote smart buildings with efficient vertical transportation solutions in the region.

The key players operating in the global smart elevators market are Hitachi, Ltd. (Japan), TK Elevator Corporation (U.S.), Schindler Holding Ltd. (Switzerland), Otis Worldwide Corporation (U.S.), KONE Corporation (Finland), Mitsubishi Electric Corporation (Japan), FUJITEC CO., LTD. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Honeywell International, Inc. (U.S.), Toshiba Corporation (Japan), Bosch.IO GmbH (Germany), Huawei Technologies Co., Ltd. (China), Thames Valley Controls Ltd (U.K.), Motion Control Engineering Inc. (U.S.), and Sigma Elevator Company (China).