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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The smart elevators market report table of contents includes:
1. Executive Summary
2. Smart Elevators Market Characteristics
3. Smart Elevators Market Trends And Strategies
4. Smart Elevators Market – Macro Economic Scenario
5. Global Smart Elevators Market Size and Growth
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32. Global Smart Elevators Market Competitive Benchmarking
33. Global Smart Elevators Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Elevators Market
35. Smart Elevators Market Future Outlook and Potential Analysis
36. Appendix
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