Smart Elevator Market Analysis

Smart Elevator Market Analysis

The control systems segment is anticipated to witness an upward trend through 2027 owing to the enhanced security & management offered by these systems in crowded buildings. The segment held a market share of over 40% in 2020. These systems consist of fast connectivity parameters, advanced access control, and video surveillance that guarantee high passenger comfort and elevator security, thereby contributing to the smart elevator market expansion.

In commercial surroundings, the access control systems enable IT resource & data security by limiting the entry of unlawful building and personnel occupants on several restricted floors, enhancing the market demand. These features help in safeguarding IT resources and permitting business managers to control & monitor building structures. In residential buildings, these access control systems are used to limit the entry of salespersons and tenants, on various floors where they are not permissible. These control systems act as restraints against property damages, criminal activities, and theft activities in both residential and commercial places.

The smart elevator market from commercial segment is projected to register a CAGR of more than 10% from 2021 to 2027. The commercial segment is anticipated to show significantly high growth rate compared to the residential segment on account of the integration of energy-efficient initiatives and digital building technologies into commercial structures.
 

The infrastructure development of high-rise buildings including retail & office complex, shopping malls, theatres, and healthcare facilities is contributing to the usage of intelligent commuting & lift systems. Increasing government expenditures in several infrastructural development projects including La Défense- Central Business District of the Paris Urban area in France that comprises construction of an advanced set of skyscrapers will contribute to the market revenue.
 

Smart building management solutions that are adopted in new commercial and residential structures support the distribution of smart elevators to enable security and provide assistance to the residents in travelling to desired floors in minimum time. Owing to smart signalization and grouping features, these lifts further provide efficiency in mitigating long waits, accelerating the smart elevator industry growth.
 

The Asia Pacific smart elevator market valued at above USD 4 billion in 2020 according to the industry analysis. Rapid increase in the population coupled with the increasing trend of urbanization in countries including India, China, and Japan will provide lucrative growth opportunities. According to the data published by World Bank, the population in India increased from 1.3 billion in 2017 to 1.36 billion in 2019. Similarly, the urban population in China accounted for 842.9 million in 2019 compared to 823.8 million in 2018.