Smart Elevator Market Size By Solution (Control Systems [Security Control System, Elevator Control System, Access Control System], Maintenance Systems, Communication Systems, Services [Support & Maintenance, New Deployments, Modernization]), By End-Use (Residential, Commercial, Institutional, Industrial), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025

Published Date: Mar 2019  |  Report ID: GMI1593  |  Authors: Preeti Wadhwani, Prasenjit Saha

Report Format: PDF   |   Pages: 180   |   Base Year: 2018

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Smart Elevator Market size valued at over USD 11 billion in 2018 and is anticipated to grow at a CAGR of 13% from 2019 to 2025.

UK smart elevator market by application

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Increasing residential & commercial structure transformation activities through the integration of intelligent technologies are driving the global smart elevator market growth. The intelligent solutions are increasingly deployed to gain high energy efficiency, advanced security, and automation as compared to conventional lifts. Additionally, rising construction & infrastructure spending across the globe is a major factor supporting the industry development. This is attributed to the government & private investments in transforming the existing infrastructure and constructing technically-equipped structures. New buildings across all industry verticals are deploying technically-advanced & building automation systems to facilitate low energy costs, user comfort, and reduce the waiting time, contributing to the smart elevator market size.

High initial investments and deployment costs associated with these systems are challenging the smart elevator market size. However, aging conventional systems and requirement of faster commuting solutions are supporting the high deployment of these lifts, facilitating rapid industry developments. The solutions also face malfunctioning issues due to complex building structures, the emergence of a huge crowd at peak times, and unavailability of continuous energy supply in some cases. The issue can be overcome by providing more connected solutions and maintaining efficient power backups to eliminate electricity cut-out situations.

Smart Elevator Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 11 Billion (USD)
Historical Data for: 2014 to 2018 Forecast Period: 2019 to 2025
Forecast Period 2019 to 2025 CAGR: 13% 2025 Value Projection: 25 Billion (USD)
Pages: 180 Tables, Charts & Figures: 225
Geographies covered (15): U.S., Canada, UK, Germany, France, Italy, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa
Segments covered: Solution and Region
Companies covered (12): Bosch Security Systems, Fujitec Co. Ltd., Hitachi Ltd., Honeywell International, Inc., Hyundai Elevator Co. Ltd., Kone Corporation, Mitsubishi Electric Corporation, OTIS Elevator Company, Schindler Group, Thames Valley Controls, Thyssenkrupp AG, Toshiba Elevators and Building Systems Corporation
Growth Drivers:
  • Increasing construction & infrastructure transformation activities across the globe
  • Rapid urbanization trend in China and India
  • Several energy efficiency initiatives in European Union
  • Proliferation of smart cities in MEA and Singapore
  • Emergence of a robust commercial sector in Mexico and Brazil
  • High popularity of energy efficient & intelligent buildings in North America
Pitfalls & Challenges:
  • High initial investments
  • Increasing operational costs

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Smart Elevator Market, By Solution

Global smart elevator market by service

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In the smart elevator market, control systems are expected to grow at around 15% CAGR from 2019 to 2024. These systems are gaining popularity owing to the enhanced management & security provided in crowded buildings. By deploying access control systems, efficient crowd management is achieved. These systems comprise video surveillance, advanced access control, and fast connectivity parameters that ensure high elevator security and passenger comfort. In commercial settings, the access control systems facilitate IT data & resource security by restricting the entry of unauthorized personnel and building occupants on restricted floors. These features aid in securing IT resources and allowing business managers to monitor & control building structures. In residential buildings, these systems are used to restrict the entry of tenants, salespersons, etc., on floors they are not allowed. These control systems act as deterrents against criminal activities, property damages, and theft activities in both commercial & residential settings.

In the smart elevator market, new deployments are gaining rapid traction owing to the construction of several new structures in the residential & commercial segments and high demand for intelligent building automation technologies. Growing urbanization trend and consumption of digital technologies across the globe are the key reasons for the adoption of several new intelligent lift systems. Moreover, the increasing consumer demand for time-saving home & building solutions that facilitate comfort & safety will support the smart elevator market growth. Manufacturers are developing new solutions & digital platforms to facilitate quick & safe installation of new lifts and reduce delivery times. For instance, in October 2018, thyssenkrupp announced the launch of HoloLinc, its new Industry 4.0 solution that transforms the measurement & delivery in the elevator industry. This solution uses Microsoft HoloLens to facilitate direct customer interaction and assists the sales force to reduce the delivery time.

Smart Elevator Market, By End-Use

India smart elevator market by application

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In the smart elevator market, commercial applications were valued at over USD 6 billion in 2018 and are growing due to the integration of digital building technologies and energy-efficient initiatives into commercial structures. The construction of high-rise commercial buildings such as shopping malls, office & retail complexes, healthcare facilities, theatres, etc., is driving the adoption of intelligent lift & commuting systems. Smart building management solutions adopted in new structures support the deployment of smart elevators to facilitate security and assist the occupants in commuting to desired floors in less time. Due to the smart grouping and signalization features, these lifts offer efficiency in eliminating long waits for commuters, accelerating the smart elevator market growth. In April 2018, Otis announced its plan to develop intelligent lifts that will communicate with passengers, service staff, buildings, and building automation systems to facilitate high efficiency.

Smart Elevator Market, By Region

The Asia Pacific smart elevator market will grow at a CAGR of over 15% from 2019 to 2025 due to the increasing population and urbanization of countries including India, China, South Korea, Thailand, etc. To address the growing demand for residences & commercial structures from huge population, these countries are witnessing the construction of several buildings and integration of intelligent solutions. The building management teams are adopting these lift solutions to manage energy consumption in huge structures, adding up to the smart elevator market development. Moreover, the need for high-speed lifts and replacement of the existing slow lifts in India are the key factors for industry expansion at a rapid pace.

Competitive Market Share

Prominent players in the smart elevator market include thyssenkrupp AG, Kone Oyj, Otis Elevator Company, Fujitec, Schindler Group, Mitsubishi Elevator, etc. These companies are constantly developing new solutions and intelligent lift technologies, providing highly efficient control & maintenance services. The players are offering different solutions for different buildings including residential, commercial, etc. Some lift providers are enhancing the connected elevator technologies and delivering personalized services to commuters & building management staff. For instance, in October 2017, Otis announced the launch of its new mobile application, Otis eCall that aids passengers to call lifts in advance. Through this application, the company has utilized the IoT technology to offer enhanced personalized services in the smart elevator market.

Smart Elevator Industry Background  

The smart elevator industry is consolidated in nature. The companies have various technology & service providers that act as local players and provide efficient services related to intelligent lift solutions. The industry is still in its growing phase and has a huge potential over the forecast timespan due to the rising adoption of smart technologies globally. Few smart elevator market players are continuously developing new solutions to improvise the customer experience and gain a large revenue share. For instance, in December 2018, Schindler North America announced the addition of its new cab designer option for architects along with its online planning & design tool plan. The new solution allows architects to design new cabs with various options.

Frequently Asked Questions (FAQ) :

The market size of smart elevator was valued over USD 11 billion in 2018.
The industry share of smart elevator is projected to expand at 13% CAGR during 2019 to 2025.
The Asia Pacific market will grow at a CAGR of over 15% from 2019 to 2025 on account of expanding urbanization and population and rising infrastructural renovations across the region.
Prominent industry players include thyssenkrupp AG, Kone Oyj, Otis Elevator Company, Fujitec, Schindler Group, and Mitsubishi Elevator.
Control systems are gaining immense popularity due to improved management and security imposed in crowded buildings as these comprise video surveillance and fast connectivity parameters to ensure high grade passenger comfort and safety.
Smart elevators are being extensively deployed across the commercial sectors as they offer efficiency in reducing long wait times for commuters in commercial buildings and structures.

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Premium Report Details

  • Published Date: Mar 2019
  • Pages: 180
  • Tables: 205
  • Charts / Figures: 20
  • Companies covered: 12
  • Countries covered: 15

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