Meticulous Research® – a leading global market research company published a 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”.

According to this latest publication from Meticulous Research®, the global smart elevators market is expected to reach $31.77 billion by 2028, growing at a CAGR of 11.4% during the forecast period. The smart elevators market is witnessing growth due to the growing adoption of intelligent building solutions, advanced security, increased construction of high-rise buildings, growing demand for reducing energy consumption solutions, growing number of smart cities, and need for energy efficiency tools. Growing demand for energy-efficient building solutions drives the smart elevators market. This vertical transportation solution reduces waiting and traveling time, integrates access control, and provides better traffic control management. However, the deployment of smart components in existing elevators and security risks associated with smart elevator systems are challenges for the smart elevators market.

The smart elevators market is gaining a high pace due to several strategic developments adopted by the industry leaders to develop their smart elevator solution portfolio & gain a higher share. Huge R&D investments, collaborations & partnerships, and the development of new smart elevator solutions are the strategies adopted by the market players in recent years. For instance, in February 2021, Fujitec Co., Ltd. (Japan) launched the destination floor guidance system EZ SHUTTLE. This system is developed to improve and optimize the operation of existing and new elevators. This system can be used in super high-rise public buildings due to its advantages, such as reduce congestion, reduce unnecessary parking floors, and 50% less service time.

The global smart elevators market study presents historical market data in terms of value (2019 & 2020), estimated current data (2021), and forecasts for 2028. The market is segmented based on offering (solution [control system {security control system , elevator control system, access control system }, maintenance system, communication system], services [new installation, modernization, maintenance & repair]), and end use (residential, commercial, industrial, institutional, other end uses). The study also evaluates industry competitors and analyses the market at a country level.

Based on offering, the smart elevators market is segmented into solutions and services. The solutions segment comprises control, maintenance, and communication systems. The control systems segment is expected to account for the largest share of the smart elevators market in 2021. The need for the smooth and safe operation of smart elevator systems is one of the major drivers for the growth of this segment. These control systems provide expertise to manage and control problems that occur in the access and safety during the operation of the smart elevator.

Based on end use, the market is segmented into residential, commercial, industrial, institutional, and other end uses. The commercial segment is expected to account for the largest share of the global smart elevators market in 2021 due to the need for safe and energy efficient solutions. The smart elevator provides an access control system that provides safety by limiting the entry of personnel on several restricted floors. This solution allows business managers to control and monitor building structures. Also, the recent trend of Building Internet of Things (BIoT) is boosting the demand for smart building solutions for the commercial sector.

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (U.K., Germany, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), the Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of the Middle East & Africa).

The Asia-Pacific region is expected to account for the largest share of the global smart elevators market in 2021 due to the rapid urbanization in the region. This region is witnessing the growing construction of smart residential and commercial buildings, further boosting the demand for smart elevators. Also, the construction of high-rise buildings in developed countries is boosting the smart elevators market. These factors, along with the availability of the latest & innovative smart elevator solutions, are expected to drive market growth in Asia-Pacific.

The key players operating in the global smart elevators market are Hitachi, Ltd. (Japan), TK Elevator Corporation (U.S.), Schindler Group (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 Group (Germany), Huawei Technologies Co., Ltd. (China), Thames Valley Controls Ltd (U.K.), Motion Control Engineering Inc. (U.S.), and Sigma Elevator Company (South Korea).

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