Smart Elevators Market Growth Trajectory Through 2024-2033

The Smart Elevators Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Smart Elevators Global Market Report 2024, 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.

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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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

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.

The smart elevators market report table of contents includes:

1. Executive Summary
2. Smart Elevators Market Characteristics
3.Smart Elevators  Market Trends And Strategies
4.Smart Elevators Market analysis
5.Smart Elevators  Market Size And Growth
6.Smart Elevators  Segmentation
7.Smart Elevators  Regional And Country Analysis
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27.Smart Elevators  Competitive Landscape And Company Profiles
28.Smart Elevators  Key Mergers And Acquisitions
29.Smart Elevators  Future Outlook and Potential Analysis

TOP MAJOR PLAYERS:

• Hitachi Ltd.
• International Business Machines Corporation
• Thyssenkrupp AG
• Mitsubishi Electric
• Honeywell International Inc.

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