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Smart elevator market revenue to cross $23.5 billion by 2027

Smart elevator market revenue to cross $23.5 billion by 2027

Some of the major smart elevator market participants are Otis Elevator Company, Thyssenkrupp AG, Bosch Security Systems, Kone Oyj, Fujitec, Hitachi Ltd, Mitsubishi Elevator, and Schindler Group.

Global Market Insights Inc has recently added a new report on the smart elevator market which estimates the market valuation for a smart elevator will cross US$ 23.5 billion by 2027. The market is anticipated to witness a high growth rate on account of the significant increase in the customer spending capacity globally. Rise in customer spending in intelligent and technically advanced structures that facilitate safety and comfort will propel the industry demand.

The smart elevator industry faced numerous challenges due to the escalating spread of the Covid-19 pandemic during the first half of 2020. Rising financial insecurities and economic slowdown have resulted in a decline in the adoption of smart and sustainable solutions globally. Furthermore, the halt in various construction activities has hampered the demand for smart elevators during this period. However, the market is anticipated to witness significant growth through 2027.

The lift maintenance systems in the smart elevators market is witnessing a surge in market demand from 2021 to 2027 due to reduced malfunctioning benefits, passenger security, and intelligent features. These maintenance and service systems recognize issues including slow speed and unwanted stops and restart the elevator operation in the minimum possible time in case of electricity cuts and breakdowns. The system also informs building authorities directly and helps in reducing passengers’ stress. Various maintenance systems comprise a mobile application that helps commuters to track lifts using their smartphones, thereby augmenting the market statistics.

The Middle East & Africa smart elevators market is expected to witness sizable growth through 2027. The proliferation of smart cities will propel the demand for smart elevators in the region. For instance, the Saudi vision project incorporated by the domestic authorities will augment the demand for smart elevators. The project envisioned the execution in 10 cities including Al-Madinah, Makkah, Al-Ahsa, Riyadh, and Jeddah in the region. The country unveiled Neom, a smart city mega-project worth USD 500 billion in 2019.

The players active in the smart elevators market are Otis Elevator Company, Thyssenkrupp AG, Bosch Security Systems, Kone Oyj, Fujitec, Hitachi Ltd, Mitsubishi Elevator, and Schindler Group. These players focus majorly on offering new technologically advanced elevator solutions. For instance, in September 2019, Kone Oyj India launched its new range of escalator and elevator solution, KONE CareTM. The system is equipped with IoT technology. This aided the company to strengthen its position in the market.

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