The smart elevator market will be worth $ 31.77 billion by 2028 –


Redding, Calif., October 12, 2021 (GLOBE NEWSWIRE) – According to a new market research report titled Smart Elevator Market by offer (Solution [Control System {Security Control, Elevator Control, Access Control}, Maintenance System, Communication System], Services [New Installation, Modernization, Maintenance]) and End Use – Global Forecast to 2028 ‘, published by Meticulous Research®, the smart elevator market is expected to grow at a CAGR of 11.4% from 2021 to 2028 to reach $ 31.77 billion by 2028.

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According to the latest publication, factors such as increasing demand for energy efficient solutions, increasing construction of smart residential and commercial buildings in developed countries and increasing number of high rise buildings are driving the growth of smart elevator market. However, the high initial investment is likely to hold back the growth of the market. The implementation of AI and analytics in building infrastructure and innovation in contactless elevator operations are expected to provide significant growth opportunities for vendors operating in this market. On the other hand, challenges in deploying smart components in existing elevators and safety risks are limiting the growth of this market.

The impact of COVID-19 on the smart elevator market

The COVID-19 pandemic has had a huge impact on the smart elevator industry due to the halt in construction of new buildings in several countries. The sudden COVID-19 outbreak resulted in an immediate shutdown of the construction and infrastructure sector as nationwide lockdowns were imposed. The demand for smart elevators in 2020 decreased due to low investment in building infrastructure sector. The market is also expected to suffer in 2021, with several funds and plans to remodel old buildings canceled due to the sudden economic downturn in many countries. During these two years, consumers are expected to spend on essential building technology products and services due to their high risk of low income during the pandemic.

Elevator manufacturers saw a drop in revenue and a loss of smart elevator business in 2020 due to the high impact of the COVID-19 pandemic. Construction plans in several countries around the world have been brought forward due to financial crises and investments in essential activities. These factors have negatively impacted the deployment of smart elevators in 2020 and the first quarter of 2021. However, the market is expected to recover by the end of 2021, reducing COVID-19 cases globally and improving outcomes. economic conditions.

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Main findings in the Smart Elevator Market To study:

To provide effective analysis, meticulous research® segmented this market based on the Offer (Solution [Control Systems {Security Control Systems , Elevator Control Systems, Access Control Systems }, Maintenance Systems, Communication Systems], Services [New Installation Services, Modernization Services, Maintenance Services]), Application (Commercial buildings, Residential buildings, Institutional buildings, Industrial buildings, Other applications) and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)

Based on supply, the smart elevator market is segmented into solutions and services. In 2021, the solutions segment is expected to account for a larger share of the smart elevator market. The significant share of this segment is mainly attributed to the increasing construction of high-rise buildings due to urbanization. In addition, the growing demand for efficient movement of people, safe and secure vertical transport is driving the installation of intelligent elevators.

On the basis of applications, the smart elevator market is segmented into commercial buildings, residential buildings, industrial buildings, institutional buildings, and other applications. In 2021, the commercial buildings segment is expected to account for the largest share of the smart elevator market. The significant share of this segment is mainly attributed to technical progress to modernize existing buildings in the commercial sector. Improved energy efficiency through smart elevators is driving demand in the commercial sector.

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Based on the region, the smart elevator market is segmented into Asia-Pacific, North America, Europe, Latin America, Middle East and Africa. In 2021, Asia-Pacific accounted for the largest share of the global smart elevator market, followed by North America, Europe, Latin America, Middle East and Africa. Rapid urbanization and the construction of smart residential and commercial buildings are driving the smart elevator market in Asia-Pacific. In addition, Asia-Pacific countries are investing in new integrated and internet-connected smart cities, which are expected to promote smart buildings with efficient vertical transport solutions in the region.

The major players operating in the global intelligent elevator market are Hitachi, Ltd. (Japan), TK Elevator Corporation (United States), Schindler Holding Ltd. (Switzerland), Otis Worldwide Corporation (United States), KONE Corporation (Finland), Mitsubishi Electric Corporation (Japan), FUJITEC CO., LTD. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Honeywell International, Inc. (United States), Toshiba Corporation (Japan), Bosch.IO GmbH (Germany), Huawei Technologies Co., Ltd. (China), Thames Valley Controls Ltd (UK), Motion Control Engineering Inc. (US) and Sigma Elevator Company (China).

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Scope of the report

Smart Elevator Market, By Offer

  • Solution
    • Control system
      • Security control system
        • Camera system
        • Fire alarm system
        • Visitor management system
      • Elevator control system
      • Access control system
        • Biometric access control systems
        • Card-based access control systems
        • Touchscreen and keypad access control systems
        • Smartphone-based access control system
      • Maintenance system
      • Communication system
  • Services
    • New installation
    • Modernization
    • Maintenance and repair

Smart Elevator Market By End Use

  • Residential
  • Commercial
  • Industrial
  • Institutional
  • Other end uses

Smart Elevator Market By Geography

  • North America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • The rest of europe
  • Asia-Pacific (APAC)
    • China
    • India
    • Japan
    • South Korea
    • Rest of the APAC
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa (MEA)
    • United Arab Emirates
    • Saudi Arabia
    • South Africa
    • Rest of the MEA

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In the midst of this crisis, Meticulous Research® Continuously assesses the impact of the COVID-19 pandemic on various submarkets and enables global organizations to strategize for the post-COVID-19 world and support their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here-

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a limited liability company under the Companies Act of 1956. Since its incorporation, the company has grown into the leading provider of high-end market information in North America, Europe, Asia- Pacific, Latin America, Middle East and Africa. .

The name of our company defines our services, our strengths and our values. From the beginning, we have only made an effort to research, analyze and present critical market data with great attention to detail. Through meticulous primary and secondary research techniques, we have developed strong capabilities in data collection, interpretation and analysis, including qualitative and quantitative research with the best team of analysts. We design our market research reports, personalized studies, rapid research and consulting solutions, intelligent and value-driven, meticulously analyzed to meet the business challenges of sustainable growth.

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