The smart elevators global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Smart Elevators Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
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.
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Scope Of Smart Elevators Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Smart Elevators Market Overview
Market Drivers -
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.
Market Trends -
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 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
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Regional Insights -
North
America was the largest region in the smart elevators market in 2023.
Asia-Pacific is expected to be the fastest-growing region in the
forecast period. The regions covered in the smart elevators market
report are Asia-Pacific, Western Europe, Eastern Europe, North America,
South America, Middle East, Africa.
Key Companies -
Major
companies operating in the smart elevators market report are Hitachi
Ltd., International Business Machines Corporation, Thyssenkrupp AG,
Mitsubishi Electric, Honeywell International Inc., Johnson Controls
Inc., KT Corporation , Otis Elevator Company, Schindler Group, Kone
Corporation, Bosch Security and Safety Systems, SICK AG, Hyundai
Elevators Co. Ltd., Fujitec Co. Ltd., Sigma Elevator Company, Toshiba
Elevator and Building Systems Corporation, Nidec Elevator Group,
Guangzhou Robustel Ltd, Brivo Inc., Kisi Inc., Openpath Security, Thames
Valley Controls Ltd., Rimrock Corporation, Kintronic Laboratories Inc.,
Emerald Elevators
Table of Contents
1. Executive Summary
2. Smart Elevators Market Report Structure
3. Smart Elevators Market Trends And Strategies
4. Smart Elevators Market – Macro Economic Scenario
5. Smart Elevators Market Size And Growth
…..
27. Smart Elevators Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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