According to a research report “ Smart Elevator Market” by Service (Modernization, New deployment, Maintenance) Application (Commercial, Residential, Industrial) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 6,395.94 million, at a CAGR of 8.97% during the forecast period. The global construction sector is witnessing significant growth due to increasing infrastructure development in both developed and developing economies. Notable markets include the US and Canada in the developed world, and China and India in the developing world. According to the US Census Bureau, construction spending in the US increased from USD87.4 billion in Q1 2017 to USD101.1 billion in Q1 2020. Moreover, during October and September 2022, total construction spending in the US was recorded at approximately USD1,800.1 billion and USD1,794.9 billion, respectively. This growth trend is expected to continue, presenting substantial opportunities for the smart elevator market..
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By Service, the Modernization segment is projected to dominate the market size in 2024
In the realm of commercial real estate, elevators are essential components that ensure optimal building functionality and user experience. With an average service life of 30-40 years, these systems require consistent maintenance and servicing according to the manufacturer's specifications to maintain performance. However, as elevators age, obtaining spare parts for older models becomes increasingly challenging, leading to deteriorating performance. To address this issue and stay competitive in the market, modernization through the deployment of energy-efficient smart elevator systems becomes necessary. This process involves upgrading critical elevator components to accommodate new technology, ultimately enhancing building efficiency and sustainability. The global trend towards energy conservation and improved designs necessitates the implementation of advanced elevator systems that cater to the evolving needs of modern structures.
By Application, Commercial segment is expected to hold the largest market size for the year 2024
In the commercial real estate sector, elevators are an essential component of infrastructure, catering to the needs of buildings such as offices, hospitals, educational institutions, retail stores, and malls, which experience significant human traffic. The demand for smart elevators, characterized by advanced features like energy efficiency, automated operations, and enhanced safety measures, is experiencing robust growth, particularly in emerging markets like China and India. The expansion of the commercial building industry, fueled by the development of sectors like IT, telecommunications, and business process outsourcing in countries like India, is driving the adoption of smart elevators and consequently, the global market growth.
North America is forecasted to hold the largest market size by region in 2024
In North America, the United States leads the smart elevator market due to the substantial presence of high-rise buildings, particularly in cities like New York and Chicago. The aging elevator infrastructure in the US and Canada, resulting in frequent breakdowns, will drive the demand for modernization and the adoption of advanced smart elevator technologies. Furthermore, ongoing construction of high-rise projects, such as Frank Gehry's planned 298-meter and 262-meter skyscrapers in Toronto, will create significant demand for new, technologically advanced smart elevators.
The Smart Elevator Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Smart Elevator Market is witnessing significant growth due to the integration of sensors, IoT, and smart technology. Elevator manufacturers are increasingly incorporating artificial intelligence (AI) and cloud predictive maintenance into their offerings for both Passenger Elevator Systems and Freight Elevator Systems. These advanced technologies enable real-time monitoring, diagnostics, and maintenance, reducing downtime and enhancing safety and efficiency. In Building Construction, green buildings and smart cities are driving the demand for smart elevators. Infotainment systems, virtual reality diagnostics, and destination-oriented technology are becoming standard features. Hardware and software solutions are being developed to optimize energy consumption in high-rise buildings. Cloud computing and AI are also being used for control systems, enabling remote monitoring and management. Urbanization and the increasing number of high-rise buildings are further fueling the growth of the smart elevator market. The integration of these advanced technologies is transforming the elevator industry and offering numerous benefits to building owners and occupants.
Market Research Overview
The Smart Elevator Market is experiencing significant growth due to the urbanization trend and the increasing demand for energy-efficient and intelligent building solutions. Traditional elevators are being replaced by smart elevators that incorporate virtual reality diagnostics, spatial technologies, and software to enhance the user experience. These smart elevators are being deployed in both low & mid-rise buildings and high-rise structures, including commercial applications and green buildings. Smart elevators use sensors, IoT, and AI to optimize energy consumption and provide real-time maintenance alerts through cloud predictive maintenance. New installation services and renovation services are also available for existing buildings. Passenger elevator systems and freight elevator systems are equipped with infotainment systems, destination-oriented technology, and regenerative drive features. Hardware components such as cameras and control systems are integrated into smart elevators to provide advanced safety and security features. Elevator manufacturers are investing in research and development to improve elevator control technology and reduce energy consumption. The integration of AI and cloud computing in smart elevators is expected to revolutionize the industry and provide new opportunities for innovation in the Smart Elevator Market.
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