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Smart & Connected Elevators & Elevators Control Systems Market - Forecast(2024 - 2030)
Smart & Connected Elevators & Elevators Control Systems Market Overview
The Smart & Connected Elevators & Elevators Control Systems Market size is projected to reach $42.4 billion by 2028, growing at a CAGR of 9.1% from 2023 to 2028.The market is driven by the growing need for reducing energy consumption in buildings, modernization of old buildings and increased construction projects. Additionally, the development of elevator technologies and the introduction of artificial intelligence, smart sensors and IoT are also driving the Smart & Connected Elevators & Elevators Control Systems Industry. These elevators also provide digital security control systems to prevent unauthorized users from accessing restricted floors. With door interlocks and door phones, the digital security control systems allow the elevator to go to an authorized floor. New innovative control systems such as touch screen access control systems provide users with interactive touch panels to control elevator systems which influences the adoption of these elevator systems. These aforementioned factors will positively influence the Smart & Connected Elevators & Elevators Control Systems Industry outlook during the forecast period.
Report Coverage
The report: “Smart & Connected Elevators & Elevators Control Systems Industry Outlook – Forecast (2023-2028)” by IndustryARC, covers an in-depth analysis of the following segments in the Smart & Connected Elevators & Elevators Control Systems industry.
Key Takeaways
- In the Smart & Connected Elevators & Elevators Control Systems market report, the access control systems segment is expected to grow at the highest rate with a CAGR of 9.32% owing to factors such as high demand for security and technological advancements.
- The Commercial application segment is expected to grow at the highest rate with a CAGR of 9.68% due to the growing trend for energy-saving infrastructure and growing smart city projects.
- APAC had the largest share with a market share of 39% in 2021 in the global Smart & Connected Elevators & Elevators Control Systems Market, owing to factors such as government investments for increased safety and investment by manufacturers to reduce cost and increase sustainability.
Smart & Connected Elevators & Elevators Control Systems Market Value Share, By Region, 2021 (%)
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Smart & Connected Elevators & Elevators Control Systems Market Segment Analysis - by Components
Based on Components, the access control system
segment in the Smart & Connected Elevators & Elevators Control Systems Market report
is analyzed to grow with the highest CAGR of 9.32% during the forecast period
2023-2028. The increased demand for higher security in both
residential and commercial buildings and technologically advanced control
systems are major factors driving the access control system segment. In
February 2021, Honeywell International collaborated with IDEMIA, to create an
intelligent building ecosystem that provides digital security control systems
and access control systems for a seamless and enhanced experience for operators
and occupants. These developments will boost the access control systems segment
and increase the Smart & Connected Elevators & Elevators Control Systems Market size.
Smart & Connected Elevators & Elevators Control Systems Market Segment Analysis - by Application
Based on Application, the commercial sector in the Smart & Connected Elevators & Elevators Control Systems Market report is analyzed to grow with the
highest CAGR of 9.68% during the forecast period 2023-2028. The segment's
growth is expected to be driven by the consolidating trend of developing
energy-saving infrastructure in commercial areas. Modern and smart cities drive
the demand for smart and efficient technologies to support urban development
with smarter buildings even further. In April 2021, Hyundai Elevators
collaborated with Woowa Brothers for the design and development of elevators and
delivery robots synchronization which will have a wide range of applications in
industries such as commercial facilities, hotels and others.
Developments such as this will positively influence the Smart & Connected Elevators & Elevators Control Systems industry outlook during the
forecast period.
Smart & Connected Elevators & Elevators Control Systems Market Segment Analysis - by Geography
APAC dominated the global market for Smart & Connected Elevators & Elevators Control Systems Market with a market share of 39% in 2021 and is also analyzed to have significant growth over the forecast period. The region's development is primarily driven by government investment and the need for improved public safety, economic development and efforts to reduce costs and increase sustainability. In June 2021, Hyundai Elevators and KT finalized their collaboration to expedite their collective efforts for the Elevator Digital Transformation Expansion business. This acquisition will bolster the company’s elevator portfolio by integrating artificial intelligence, automated driving robots, interactive touch panels and voice recognition in their elevators and thereby boosting the presence of the APAC region in the Smart & Connected Elevators & Elevators Control Systems Market.
Smart & Connected Elevators & Elevators Control Systems Market Drivers
Technological advancements in control
systems are driving the Smart & Connected Elevators & Elevators Control Systems Market forward
Adopting advanced technologies such as artificial
intelligence, smart sensors and IoT helps to reduce energy consumption, improve
elevator safety, and manage traffic or congestion effectively. With the
increased popularity of smart buildings outfitted with IoT systems, an upcoming
trend in the integration of elevator control systems with other intelligent
building components is expected to gain traction. In August 2022, Schindler
Group successfully presented modern technology that allows for robotic
installation in elevators in Singapore. The modern system, known as the Robotic
Installation System for Elevators, enables the company to combine modern
automation with elevator technology in order to perform elevator installation
steps independently and thereby boosting the Smart & Connected Elevators & Elevators Control Systems Market.
Expanding businesses of MNCs and increased demand for security in the buildings are driving the market forward
MNCs have been expanding their presence
in emerging markets such as Asia in order to capitalize on potential growth at
the lowest possible cost. MNCs expanded rapidly in the information technology
and pharmaceutical sectors. According to a report by Singapore's Economic
Development Board (EDB), more than 37,000 international companies, including
approximately 7,000 MNCs, have their headquarters in Singapore. This growth
fuelled the construction of multiple multi-story buildings for workspace, as
well as the demand for faster and smarter elevators. These expansions along
with increased demand for security in these buildings are positively
influencing the Smart & Connected Elevators & Elevators Control Systems industry outlook during the forecast period.
Smart & Connected Elevators & Elevators Control Systems Market Challenges
High Initial cost of deployment and maintenance costs are hampering the market growth
The major factor that challenges the growth of the market
studied is the high initial investment cost and maintenance cost. In addition,
the manufacturing costs of such systems are also high, thus reflecting upon
higher actual prices in the market. According to Colorado Elevator Solutions,
on average, a home elevator installation costs between US$ 2,000 and US$
60,000, depending on the type of elevator. These factors act as the major
restraint hampering the market growth.
Smart & Connected Elevators & Elevators Control Systems Industry Outlook
Product launches, collaborations, and
R&D activities are key strategies adopted by players in the Smart & Connected Elevators & Elevators Control Systems Market.
Smart & Connected Elevators & Elevators Control Systems industry's top 10 companies include
- Hitachi Ltd
- Hyundai Elevators
- Mitsubishi Electric
- Honeywell International
- Kone Corp
- Advanced Elevator
- Otis Elevator
- Toshiba Elevators
- Thyssenkrupp
- TK Elevator Corp
Recent Developments
- In March 2022, Hitachi Elevator Co. Ltd., declared that it had presented a complete smart building solution business for the first time in Southeast Asia and Thailand, thereby boosting the Smart & Connected Elevators & Elevators Control Systems Market.
- In October 2021, Advanced Elevator acquired 3Phase Elevator and with this merger, the companies aim to boost their businesses in the Smart & Connected Elevators & Elevators Control Systems Market by providing full maintenance service and modernization.
- In March 2021, Mitsubishi Elevator received a significant order from the One Bangkok project. One Bangkok's order consists primarily of approximately 250 elevators, including 12 double-deck elevators all equipped with interactive touch panels and digital security control systems.
Relevant Report Titles:
Elevators Modernization
Market - Industry Analysis, Market Size, Share, Trends,
Application Analysis, Growth and Forecast Analysis
Report
Code: AIR 0058
Elevator & Elevator
Control Market - Industry Analysis, Market Size,
Share, Trends, Application Analysis, Growth and Forecast Analysis
Report
Code: AIR 0090
Elevator Maintenance Market - Industry Analysis, Market Size, Share, Trends, Application Analysis,
Growth and Forecast Analysis
Report
Code: ESR 0746
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