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Add to CartGlobal Smart and Connected Elevators and Elevators Control System Market Growth, Share, Size, Trends and Forecast (2024 - 2030)
By Components;
Control System, Maintenance System and Communication System.By Services;
New Installation, Modernsization, Maintenance and Repair.By Application ;
Residential, Commercial and Institutional.By Geography;
North America, Europe, Asia Pacific, Middle East and Africa and Latin America - Report Timeline (2020 - 2030).Introduction
Global Smart and Connected Elevators and Elevators Control System Market (USD Million), 2020 - 2030
In the year 2023, the Global Smart and Connected Elevators and Elevators Control System Market was valued at USD 28,727.98 million. The size of this market is expected to increase to USD 52,347.47 million by the year 2030, while growing at a Compounded Annual Growth Rate (CAGR) of 9.0%.
The global smart and connected elevators and elevator control system market is experiencing robust growth, fueled by advancements in technology and the increasing demand for efficient vertical transportation solutions in urban environments. Smart and connected elevators leverage Internet of Things (IoT) technology, data analytics, and automation to enhance functionality, improve energy efficiency, and provide a seamless experience for users. These elevators are equipped with sensors, communication systems, and predictive maintenance capabilities, enabling real-time monitoring, remote diagnostics, and proactive maintenance to minimize downtime and optimize performance.
One of the key drivers behind the growth of the global smart and connected elevators market is the rapid urbanization and vertical expansion of cities worldwide. As urban populations continue to grow, the need for high-rise buildings and skyscrapers escalates, driving the demand for advanced elevator solutions that can efficiently transport people and goods within tall structures. Smart and connected elevators offer innovative features such as destination control systems, traffic management algorithms, and personalized user interfaces, enhancing convenience, speed, and safety in vertical transportation.
Moreover, sustainability and energy efficiency considerations are increasingly influencing the adoption of smart and connected elevator systems. With growing awareness of environmental issues and the need to reduce carbon emissions, building owners and operators are seeking energy-efficient solutions to minimize the environmental impact of their properties. Smart elevators incorporate features such as regenerative drives, energy-efficient motors, and intelligent dispatching algorithms to optimize energy consumption and reduce operating costs, aligning with sustainability goals and regulatory requirements.
Additionally, the COVID-19 pandemic has underscored the importance of hygiene and touchless interactions in public spaces, including elevators. Smart and connected elevator systems integrate touchless interfaces, voice-activated controls, and UV disinfection technologies to enhance safety and hygiene for passengers. These features reduce the risk of virus transmission, instill confidence among building occupants, and address evolving health and safety concerns in the post-pandemic era. As a result, the global smart and connected elevators market is witnessing increased adoption as building owners prioritize solutions that prioritize both efficiency and health.
Global Smart and Connected Elevators and Elevators Control System Market Report Snapshot
| Parameters | Description |
|---|---|
| Market | Global Smart and Connected Elevators and Elevators Control System Market |
| Study Period | 2020 - 2030 |
| Base Year (for Smart and Connected Elevators and Elevators Control System Market Size Estimates) | 2023 |
| Drivers |
|
| Restraints |
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| Opportunities |
|
Segment Analysis
This report extensively covers different segments of Global Smart and Connected Elevators and Elevators Control System Market and provides an in depth analysis (including revenue analysis for both historic and forecast periods) for all the market segments. In this report, the analysis for every market segment is substantiated with relevant data points and, insights that are generated from analysis of these data points (data trends and patterns).
The global smart and connected elevators and elevator control system market is segmented based on components, services, application, and geography, offering a comprehensive view of the diverse aspects of this rapidly evolving industry. In terms of components, the market includes various hardware and software elements such as sensors, controllers, actuators, communication systems, and user interfaces. These components form the backbone of smart and connected elevator systems, enabling functionalities like real-time monitoring, data analytics, and remote control for enhanced performance and user experience.
Additionally, services play a crucial role in the smart elevator market, encompassing installation, maintenance, repair, and modernization services. Service providers offer comprehensive solutions to ensure the seamless operation and longevity of smart and connected elevator systems. Maintenance and modernization services are particularly important for ensuring optimal performance, reliability, and safety of elevators throughout their lifecycle, while repair services address any malfunctions or issues that may arise.
Furthermore, the segmentation by application highlights the diverse use cases and environments where smart and connected elevators find application. These include residential buildings, commercial complexes, healthcare facilities, hotels, airports, and other public infrastructure. Each application segment has unique requirements and demands tailored solutions to optimize space utilization, improve energy efficiency, and enhance passenger experience based on specific usage patterns and regulatory standards.
Geographically, the market segmentation reflects the global distribution of demand and adoption of smart and connected elevator systems across different regions and countries. While developed economies like North America and Europe lead in terms of technological innovation and adoption, emerging markets in Asia Pacific and Latin America present significant growth opportunities due to rapid urbanization, infrastructure development, and increasing investments in smart building solutions. Understanding regional dynamics and market trends is crucial for stakeholders to capitalize on growth prospects and expand their presence in the global smart and connected elevators and elevator control system market.
Global Smart and Connected Elevators and Elevators Control System Segment Analysis
In this report, the Global Smart and Connected Elevators and Elevators Control System Market has been segmented by Components, Services, Application and Geography.
Global Smart and Connected Elevators and Elevators Control System Market, Segmentation by Components
The Global Smart and Connected Elevators and Elevators Control System Market has been segmented by Components into Control System, Maintenance System and Communication System.
The segmentation of the global smart and connected elevators and elevator control system market by components provides a detailed breakdown of the essential systems and technologies that comprise these advanced vertical transportation solutions. One of the key segments is the control system, which serves as the central nervous system of smart and connected elevators. This component encompasses the hardware and software responsible for managing elevator operations, including destination control, floor selection, speed regulation, and door operations. Advanced control systems leverage algorithms, sensors, and real-time data processing to optimize elevator performance, minimize energy consumption, and enhance passenger comfort and safety.
Another critical component segment is the maintenance system, which includes tools and technologies for monitoring, diagnosing, and servicing elevators proactively. Maintenance systems leverage predictive analytics, remote monitoring, and condition-based maintenance techniques to detect potential issues before they escalate into costly breakdowns. By continuously monitoring elevator performance metrics such as motor vibrations, door operations, and component wear, maintenance systems enable timely interventions, reduce downtime, and prolong the lifespan of elevator equipment, ultimately enhancing reliability and reducing operational costs for building owners and operators.
The communication system represents another important segment within the smart and connected elevator market, encompassing the hardware and software infrastructure for data exchange and connectivity. Communication systems enable seamless integration and interoperability between elevator components, building management systems, and external networks, facilitating real-time monitoring, remote diagnostics, and centralized control. These systems may utilize wired or wireless communication protocols, such as Ethernet, Wi-Fi, or cellular networks, to transmit data between elevators, control rooms, maintenance teams, and building occupants, ensuring efficient operations and timely response to maintenance and service needs.
Overall, the segmentation of the smart and connected elevators and elevator control system market by components highlights the diverse technological elements that contribute to the functionality and performance of these advanced vertical transportation solutions. By understanding the role of control systems, maintenance systems, and communication systems, stakeholders can develop comprehensive solutions that address the evolving needs of building owners, operators, and occupants, driving innovation, efficiency, and safety in the global elevator market.
Global Smart and Connected Elevators and Elevators Control System Market, Segmentation by Services
The Global Smart and Connected Elevators and Elevators Control System Market has been segmented by Services into New Installation, Modernsization, Maintenance and Repair.
The segmentation of the global smart and connected elevators and elevator control system market by services provides a comprehensive overview of the various offerings tailored to meet the diverse needs of building owners, operators, and occupants throughout the lifecycle of elevator systems. New installation services represent a crucial segment, catering to the demand for modern and technologically advanced elevators in newly constructed buildings. Service providers offer expertise in designing, installing, and commissioning smart and connected elevator systems that align with the architectural, functional, and aesthetic requirements of modern buildings, ensuring seamless integration and optimal performance from the outset.
Modernization services constitute another significant segment within the market, addressing the need to upgrade and retrofit existing elevator systems with smart and connected technologies. With advancements in elevator technology and changing regulatory requirements, many building owners seek to modernize outdated elevator equipment to enhance efficiency, safety, and user experience while extending the lifespan of their investments. Modernization services encompass a range of solutions, including replacing obsolete components, upgrading control systems, improving energy efficiency, and enhancing accessibility to comply with modern building codes and standards.
Maintenance services play a critical role in ensuring the reliable and efficient operation of smart and connected elevators throughout their lifecycle. Service providers offer preventive and predictive maintenance programs designed to monitor elevator performance, detect potential issues, and perform proactive interventions to prevent downtime and costly breakdowns. By leveraging remote monitoring, condition-based maintenance, and predictive analytics, maintenance services optimize elevator uptime, reduce repair costs, and prolong equipment lifespan, ultimately delivering a superior level of reliability and performance for building owners and occupants.
Repair services represent an essential segment within the smart and connected elevators market, addressing the occasional need for corrective interventions due to equipment failures, malfunctions, or accidents. Service providers offer timely response and expert repair solutions to diagnose and rectify elevator issues efficiently, minimizing disruption to building operations and ensuring passenger safety. With rapid response times, skilled technicians, and access to genuine replacement parts, repair services restore elevator functionality quickly and effectively, maintaining high levels of satisfaction among building occupants and stakeholders while upholding safety and regulatory standards.
Global Smart and Connected Elevators and Elevators Control System Market, Segmentation by Application
The Global Smart and Connected Elevators and Elevators Control System Market has been segmented by Application into Residential, Commercial and Institutional.
The segmentation of the global smart and connected elevators and elevator control system market by application provides insight into the diverse usage scenarios and environments where these advanced vertical transportation solutions find application. Residential buildings represent a significant segment within this market, where smart and connected elevators enhance convenience, accessibility, and safety for residents. In residential settings, these elevators offer features such as personalized user interfaces, remote monitoring, and access control, catering to the specific needs of homeowners while providing peace of mind and improving overall property value.
Commercial applications constitute another vital segment, encompassing a wide range of settings such as office buildings, shopping malls, hotels, and mixed-use complexes. In commercial environments, smart and connected elevators play a crucial role in optimizing traffic flow, improving energy efficiency, and enhancing user experience for tenants, employees, and visitors. These elevators may incorporate advanced features like destination control systems, predictive maintenance, and integration with building management systems to streamline operations and ensure seamless vertical transportation within bustling commercial spaces.
Institutional settings such as hospitals, educational institutions, government buildings, and airports represent another important application segment for smart and connected elevators. In these environments, elevators must meet stringent requirements for accessibility, safety, and reliability to accommodate diverse user groups, including patients, students, employees, and travelers. Smart elevator systems in institutional settings may include features like priority dispatching for emergency situations, real-time occupancy monitoring for crowd management, and integration with security and access control systems to ensure compliance with regulatory standards and enhance overall safety and security.
Overall, the segmentation of the smart and connected elevators and elevator control system market by application reflects the versatility and adaptability of these advanced vertical transportation solutions across different usage scenarios and environments. Whether in residential, commercial, or institutional settings, smart and connected elevators offer benefits such as improved efficiency, enhanced user experience, and increased safety, driving their adoption and proliferation in diverse sectors worldwide. Understanding the unique requirements and preferences of each application segment is essential for stakeholders to tailor solutions that meet the specific needs of end-users and capitalize on growth opportunities in the global market.
Global Smart and Connected Elevators and Elevators Control System Market, Segmentation by Geography
In this report, the Global Smart and Connected Elevators and Elevators Control System Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
Global Smart and Connected Elevators and Elevators Control System Market Share (%), by Geographical Region, 2023
The global smart and connected elevators and elevator control system market exhibits varying regional dynamics, with different geographical regions contributing to its growth and adoption at different rates. North America holds a significant share of the market, driven by robust technological innovation, high demand for smart building solutions, and stringent regulatory standards. The presence of major elevator manufacturers and smart building technology providers further bolsters market growth in this region. Additionally, increasing investments in infrastructure modernization projects, particularly in the commercial and institutional sectors, contribute to North America's substantial market share.
Europe represents another prominent region in the global smart and connected elevators market, characterized by a strong focus on sustainability, energy efficiency, and smart building initiatives. Countries within the European Union prioritize green building certifications and regulations, driving the adoption of energy-efficient and environmentally sustainable elevator solutions. Moreover, stringent data privacy regulations such as the GDPR influence the implementation of smart elevator systems, ensuring robust privacy protections for building occupants. These factors, combined with the region's high urbanization rate and aging building stock, contribute to Europe's significant market share.
Asia Pacific emerges as a key growth region in the global smart and connected elevators market, fueled by rapid urbanization, infrastructure development, and the proliferation of smart cities. Countries like China, Japan, and South Korea are at the forefront of technological innovation and adoption, driving demand for advanced vertical transportation solutions in high-rise buildings and urban developments. Moreover, increasing investments in commercial real estate, hospitality, and healthcare sectors further stimulate market growth in the region. Asia Pacific's expanding middle class, rising urbanization rates, and government initiatives to promote sustainable development contribute to its growing market share.
The Middle East and Africa region also show promising growth prospects in the global smart and connected elevators market, driven by urbanization, infrastructure investments, and a focus on smart building solutions. Countries in the Middle East, such as the United Arab Emirates and Saudi Arabia, invest heavily in infrastructure projects, including smart buildings and sustainable urban development initiatives. The rapid expansion of airports, hotels, and commercial complexes in the region creates opportunities for smart elevator installations. Additionally, increasing awareness of energy efficiency and sustainability drives the adoption of smart elevator systems in both commercial and residential buildings, contributing to the region's market share.
Market Trends
This report provides an in depth analysis of various factors that impact the dynamics of Global Smart and Connected Elevators and Elevators Control System Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.
Drivers, Restraints and Opportunity Analysis
Drivers:
- Technological Advancements
- Urbanization and High-Rise Construction
- Energy Efficiency and Sustainability Focus-Energy efficiency and sustainability are increasingly significant considerations in the global smart and connected elevators and elevator control system market. With the growing awareness of environmental issues and the need to reduce carbon emissions, building owners, developers, and occupants are placing greater emphasis on adopting eco-friendly solutions that minimize energy consumption and environmental impact. Smart and connected elevators offer several features and technologies geared towards improving energy efficiency and promoting sustainability across various aspects of elevator operations.One key aspect of energy efficiency in smart elevators is the integration of regenerative drives, which capture and convert kinetic energy generated during elevator descent into electrical energy that can be reused or fed back into the building's electrical grid.
By harnessing this energy and reducing the need for external power sources, regenerative drives help lower energy consumption and operating costs while reducing the carbon footprint of buildings. Additionally, smart elevators employ energy-efficient motors, LED lighting, and advanced control algorithms to further optimize energy usage and minimize wastage.Furthermore, smart and connected elevators leverage data analytics and predictive maintenance capabilities to optimize elevator usage patterns, streamline traffic flow, and reduce energy consumption.
These systems analyze passenger traffic, usage trends, and operational data to adjust elevator operations dynamically, such as optimizing elevator dispatching algorithms to minimize wait times and energy usage during peak hours. Additionally, predictive maintenance algorithms identify potential issues before they escalate into major failures, enabling proactive maintenance interventions that prevent downtime and reduce energy-intensive emergency repairs.Moreover, the focus on sustainability extends beyond energy efficiency to encompass materials selection, construction practices, and end-of-life considerations in smart elevator systems.
Manufacturers are increasingly using eco-friendly materials, such as recycled steel and low-emission coatings, in elevator construction to reduce environmental impact and enhance sustainability credentials. Additionally, smart elevator systems are designed for durability and longevity, with modular components and upgradeable software to extend the lifespan of elevators and minimize waste generation.
Restraints:
- High Initial Costs
- Integration Challenges
- Security and Privacy Concerns-Security and privacy concerns represent significant challenges in the global smart and connected elevators and elevator control system market. With the integration of IoT devices, sensors, and communication systems in smart elevators, there is an increased risk of cyber threats, unauthorized access, and data breaches. Elevator systems connected to building networks and the internet are susceptible to cyberattacks, potentially compromising passenger safety, building security, and privacy.
Vulnerabilities in elevator control systems could enable malicious actors to gain unauthorized access, manipulate elevator operations, or extract sensitive data, posing serious security risks for building occupants and stakeholders.Moreover, the collection and storage of personal data by smart elevator systems raise privacy concerns among building occupants and regulatory authorities. Elevator systems equipped with biometric sensors, surveillance cameras, and access control features may collect and process sensitive information about passengers' identities, movements, and behaviors. Without adequate privacy safeguards and data protection measures in place, there is a risk of unauthorized surveillance, data misuse, or privacy violations, infringing on individuals' rights to privacy and confidentiality.
Regulatory compliance with data privacy laws, such as the GDPR in Europe and similar regulations worldwide, is essential to address these concerns and ensure responsible data handling practices in smart elevator operations.Furthermore, the interconnected nature of smart building systems amplifies security and privacy risks, as vulnerabilities in one system could potentially compromise the entire building infrastructure. Elevators connected to building automation systems, access control systems, and other IoT devices create a complex network of interconnected systems that increase the attack surface for cyber threats. Building owners and operators must implement robust cybersecurity measures, such as encryption, authentication, and intrusion detection systems, to safeguard smart elevator systems from cyber threats and mitigate the potential impact of security breaches on building operations, occupant safety, and data privacy.
Opportunities:
- Urbanization and Infrastructure Development
- Retrofitting Existing Buildings
- Emerging Technologies Integration-The integration of emerging technologies is revolutionizing the global smart and connected elevators and elevator control system market, paving the way for enhanced functionality, efficiency, and user experience. One of the key emerging technologies driving innovation in this sector is artificial intelligence (AI). AI-powered algorithms and machine learning techniques enable smart elevators to analyze vast amounts of data in real-time, predict usage patterns, and optimize elevator operations dynamically.
By leveraging AI, smart elevators can adapt to changing traffic flows, anticipate passenger demands, and minimize wait times, ultimately improving efficiency and passenger satisfaction.Another crucial emerging technology in the smart elevator market is the Internet of Things (IoT). IoT sensors, embedded in elevator components and connected to building networks, enable remote monitoring, predictive maintenance, and data-driven insights into elevator performance. These sensors collect real-time data on elevator usage, operational parameters, and environmental conditions, allowing building operators to proactively identify issues, schedule maintenance tasks, and optimize elevator performance.
IoT integration enhances the connectivity, intelligence, and efficiency of smart elevators, enabling seamless integration with other smart building systems and providing valuable insights for building management and optimization.Furthermore, the adoption of edge computing technology is revolutionizing the processing and analysis of data in smart elevator systems. Edge computing allows data to be processed and analyzed locally, within the elevator system itself, rather than relying solely on centralized cloud-based servers.
This approach reduces latency, improves responsiveness, and enhances data privacy and security by minimizing the need to transmit sensitive data over the network. By leveraging edge computing capabilities, smart elevators can perform real-time analytics, make autonomous decisions, and adapt to changing conditions rapidly, ensuring optimal performance and reliability in various operating environments.
Competitive Landscape Analysis
Key players in Global Smart and Connected Elevators and Elevators Control System Market include:
- Hyundai Elevator Co
- Hitachi Ltd
- Schindler Group,
- Kone Corporation,
- OTIS Elevator Company
- ThyssenKrupp Elevator AG
- Mitsubishi Electric Corporation
- Fujitec Co., Ltd.
- Hitachi, Ltd.
- Toshiba Corporation
- Hyundai Elevator Co., Ltd.
- LG Electronics Inc.
In this report, the profile of each market player provides following information:
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Introduction
- Research Objectives and Assumptions
- Research Methodology
- Abbreviations
- Market Definition & Study Scope
- Executive Summary
- Market Snapshot, By Components
- Market Snapshot, By Services
- Market Snapshot, By Application
- Market Snapshot, By Region
- Global Smart and Connected Elevators and Elevators Control System Market Dynamics
- Drivers, Restraints and Opportunities
- Drivers
- Technological Advancements
- Urbanization and High-Rise Construction
- Energy Efficiency and Sustainability Focus
- Restraints
- High Initial Costs
- Integration Challenges
- Security and Privacy Concerns
- Opportunities
- Urbanization and Infrastructure Development
- Retrofitting Existing Buildings
- Emerging Technologies Integration
- Drivers
- PEST Analysis
- Political Analysis
- Economic Analysis
- Social Analysis
- Technological Analysis
- Porter's Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitutes
- Threat of New Entrants
- Competitive Rivalry
- Drivers, Restraints and Opportunities
- Market Segmentation
- Global Smart and Connected Elevators and Elevators Control System Market, By Components, 2020 - 2030 (USD Million)
- Control System
- Maintenance System
- Communication System
- Global Smart and Connected Elevators and Elevators Control System Market, By Services, 2020 - 2030 (USD Million)
- New Installation
- Modernization
- Maintenance
- Repair
- Global Smart and Connected Elevators and Elevators Control System Market, By Application, 2020 - 2030 (USD Million)
- Residential
- Commercial
- Institutional
- Global Smart and Connected Elevators and Elevators Control System Market, By Geography, 2020 - 2030 (USD Million)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Nordic
- Benelux
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia & New Zealand
- South Korea
- ASEAN(Association of South East Asian Countries)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- North America
- Global Smart and Connected Elevators and Elevators Control System Market, By Components, 2020 - 2030 (USD Million)
- Competitive Landscape
- Company Profiles
- Hyundai Elevator Co
- Hitachi Ltd
- Schindler Group,
- Kone Corporation,
- OTIS Elevator Company
- ThyssenKrupp Elevator AG
- Mitsubishi Electric Corporation
- Fujitec Co., Ltd.
- Hitachi, Ltd.
- Toshiba Corporation
- Hyundai Elevator Co., Ltd.
- LG Electronics Inc.
- Company Profiles
- Analyst Views
- Future Outlook of the Market
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