Smart Elevator Automation System Market accounted for US$ 18,169.1 Mn in 2021 and is expected to grow at a CAGR of 18.9 % over the forecast period (2021-2030).
Smart elevators or automated elevators use artificial intelligence (AI) to provide vertical transportation of passengers and goods. Smart elevators are commonly used in hotels, hospitals, offices, sports facilities, and homes. These elevators are designed to reduce overall energy consumption and effectively handle the movement of passengers within a building. Different types of technologies are integrated into smart elevators, such as biometrics, digital security control systems, destination access and dispatch control systems, and touchscreen controls. Along with this, door interlock, battery backup, levelling device, brake system with alarm and speed sensor, and fire emergency return are other important control systems for smart elevators.
Market Dynamics:
Drivers:
The increasing number of infrastructure project developments, especially in emerging regions such as Latin America, APEJ, and MEA, has increased the adoption of smart elevator systems. For example, in 2013, the Indian government launched a USD XX billion infrastructure development project called the 'Gift City Project'. These projects include SEZs, housing colonies, corporate housing, and more. Additionally, the aforementioned regions are expected to account for a large share of global infrastructure development spending.
Restraints:
The capital costs associated with the procurement and installation of smart elevator systems are quite high as elevator manufacturers invest heavily to incorporate new technologies and add advanced features to new products. This high investment is not something all building owners can afford, which reduces adoption rates. Therefore, these factors are expected to restrain the growth of the global smart elevator automation system market over the forecast period.
There is a lack of awareness in the commercial and residential sectors of emerging economies for smart elevators. Smart elevator systems can be deployed for time travel and improved passenger experience, but the majority of poor consumers are unaware of these benefits. Therefore, such low awareness is expected to hamper the growth of the global smart elevator automation system market in the near future.
Key players:
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Fujitec Co., Ltd.
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Mitsubishi Electric Corporation
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Hitachi Ltd
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Kone Corporation
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Otis Elevator Company (I). ltd.
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ThyssenKrupp AG
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Schindler Group
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Honeywell International Inc.
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Robert Bosch GmbH
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Hyundai Elevator
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Sigma Elevator Company
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Toshiba Elevator and Building Systems Corporation
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Huawei Technologies Co., Ltd.
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TK Elevators
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Others
Market Segmentation:
Smart Elevator Automation System Market, By Component:
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Card Reader
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Biometric
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Touchscreen and Keypad
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Security and Control System
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Sensors, Motors, and Automation System
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Building a Management System
Smart Elevator Automation System Market, By Service:
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Installation Service
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Maintenance and Repair
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Modernization Service
Smart Elevator Automation System Market, By End-User:
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Commercial Sector
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Residential Sector
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Industrial Sector
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Others
Smart Elevator Automation System Market, By Region:
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North America
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Latin America
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Europe
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East Asia
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South Asia & Pacific
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Middle East and Africa (MEA)
Regional Analysis:
Asia Pacific dominates the smart elevator automation system market owing to population growth and urbanization in countries such as India, China, South Korea, and Thailand, and the region's huge population is driving the demand for residential and commercial structures.
The country section of the Smart Elevator Automation System market report also provides individual market influencers and domestic market regulatory changes that are influencing current and future trends in the market. Data points such as downstream and upstream value chain analysis, technology trends, Porter's five forces analysis, and case studies are some pointers used to predict market scenarios in individual countries. It also considers the presence and availability of global brands, the challenges faced by large or rare competition with domestic and domestic brands, the impact of domestic tariffs and trade routes, and provides predictive analysis of country data.
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Report Metric |
Details |
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Market Size Available for Years |
2020–2030 |
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Base Year Considered |
2020 |
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Forecast Period |
2021–2030 |
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Forecast Unit |
Value (USD) |
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Segments Covered |
Offering, Technology, Application, End-User, and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, and LAMEA |
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Companies Covered |
Fujitec Co., Ltd., Mitsubishi Electric Corporation, Hitachi Ltd, Kone Corporation, Otis Elevator Company (I). ltd., ThyssenKrupp AG, Schindler Group, Honeywell International Inc., Robert Bosch GmbH, Hyundai Elevator, Sigma Elevator Company, Toshiba Elevator, and Building Systems Corporation, Huawei Technologies Co., Ltd., TK Elevators, Others |
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Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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