Smart and Connected Elevators and Elevators Control System Market

Smart and Connected Elevators and Elevators Control System Market Size

[170+ Pages Research Report] to surpass USD 65.3 billion by 2032 from USD 25.05 billion in 2021 at a CAGR of 9.1% throughout the forecast period 2022-32

Smart and Connected Elevators use AI to facilitate the vertical movement of goods and people. The system in charge of coordinating all aspects of elevator service, including movement, acceleration, speed, deceleration, leveling, door opening speed and delay, and hall lantern signals, is known as the elevator control system. A growing number of structures, including homes, hotels, arenas, sports complexes, hospitals, airports, and workplaces are using smart or connected elevators. These are created to reduce overall energy use and effectively control passenger flow inside a structure. Using automation technology, smart elevators reduce waiting times in residential, commercial, and other facilities by effectively managing traffic.

Market Highlights

The Smart and Connected Elevators and Elevators Control System Market is expected to project a notable CAGR of 9.1% in 2032.

Smart and Connected Elevators and Elevators Control System to surpass USD 65.3 billion by 2032 from USD 25.05 billion in 2021 at a CAGR of 9.1% in the coming years, i.e., 2022-32. The Smart and Connected Elevators and Elevators Control System Market is now worth billions of dollars and is expected to expand steadily over the next few years. There are more and more connected or smart elevators being used in homes, airports, workplaces, hotels, sports facilities, and arenas. Despite the fact that technology is still evolving, the market will increase strongly in the near future.

Figure - Market Analysis of Smart and Connected Elevators and Elevators Control System Market

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Smart and Connected Elevators and Elevators Control System: Segments

The Card Reader segment is expected to grow with a higher CAGR during 2022-32

Smart and Connected Elevators and Elevators Control System Market is categorized on the basis of Type into Card Reader, Biometric, Touchscreen & Keypad, Security & Control System, Sensor, Motor & Automation System, and Building Management System. The Card Reader segment is anticipated to hold the maximum share of the Smart and Connected Elevators and Elevators Control System Market during the forecast period due to its widespread use in elevators around the world. The advantage of employing this kind of technology is that it offers digital access control and removes the requirement for a keycard or fob, allowing users to enter a space without any difficulties.

The Commercial segment is expected to grow with a higher CAGR during 2022-32

Smart and Connected Elevators and Elevators Control System Market is categorized on the basis of Application into Residential, Commercial, and Institutional. The commercial sector is anticipated to hold the biggest market share for Smart and Connected elevators and elevator control systems over the course of the projection period. These elevators cut the power used in business buildings by reducing power use when the elevators are not in use. Also, the deployment of smart solutions is transforming public and private buildings, malls, offices, and the retail sector, which is accelerating market growth.

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Market Dynamics

Growth Drivers

The Growing Concern for Security and Development of the Building

The demand for the Smart and Connected Elevators and Elevators Control System Market has increased as a result of growing concerns about building development and security. The market has been driven by urbanization and rising construction spending. Another reason for this industry to have significantly expanded is due to the adoption of cutting-edge technologies, such as the personal occupant requirement terminal (PORT) and dispatch destination.

Growing Number of Technological trends to Drive the Market

The global Smart and Connected Elevators and Elevators Control System Market will expand as a result of other technological advancements. The increasing usage of wireless technologies is one of the key technological developments that will propel the global Smart and Connected Elevators and Elevators Control System Market. Moreover, the market will be further driven by the expanding use of artificial intelligence technologies.

Restraint

High Costs of the Technologies used in Elevators, Increasing the Cost of Smart Elevators

The many businesses that operate in the market try to stay competitive, by extending and innovating their product line offerings. Businesses are producing smart elevator components, such as doors, interiors, and entrances, in an effort to improve the client experience. These elevators are made possible by cutting-edge technologies, which raises the price of the entire elevator unit. The growth of the Smart and Connected Elevators and Elevators Control System Market is hampered by all of the aforementioned factors.

Recent Developments

• According to a statement from Mitsubishi Electric Corporation, Mitsubishi Elevator India Private Limited (IMEC) received a signed contract to provide elevators to the Commerzone Madhapur and Altimus luxury complexes owned by K RAHEJA CORP, a prominent developer in India, in April 2021.
• Otis Worldwide Corp., the company that contributed to the creation of the vertical city, unveiled a new generation of digitally native elevators in June 2021. The elevators are made to provide individuals flexibility so they may connect and thrive in a world that is taller, smarter, and faster.

Smart and Connected Elevators and Elevators Control System: Key Players

• Mitsubishi Electric Corporation

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• ThyssenKrupp AG
• Honeywell International
• Schindler Holding
• KONE Corporation
• Hitachi Ltd.
• Otis Elevator Corporation
• Fujitec
• Bosch Security System
• Hyundai Elevator Co. Ltd.
• Toshiba Elevators and Building Systems Corporation
• Motion Control Engineering Inc.
• Dewhurst
• Eito&Global
• Thames Valley Controls Ltd
• Other Prominent Players

Smart and Connected Elevators and Elevators Control System: Regions

Smart and Connected Elevators and Elevators Control System Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The Smart and Connected Elevators and Elevators Control System Market is anticipated to be dominated by the North America region. The significant proportion of the North America region is linked to the rising urbanization and the building of commercial and residential structures to fulfil urban needs.

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Impact of Covid-19 on Smart and Connected Elevators and Elevators Control System Market

Owing to the production halt caused by the restrictions put in place by different countries to contain COVID, the global Smart and Connected Elevators and Elevators Control System Market has seen a slight decline during the pandemic. This disruption to the supply chain has affected every link in the supply chain. The effects of COVID-19 on the residential, commercial, and industrial sectors have been shocking. In terms of development, since lockdowns were compelled globally, new building construction has been halted. But there is a spike in demand, and the world markets are slowly realizing their full potential.

Smart and Connected Elevators and Elevators Control System is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Smart and Connected Elevators and Elevators Control System report also contains analysis on:

Smart and Connected Elevators and Elevators Control System Segments:

• By Type 
  • Card Reader
  • Biometric
  • Touchscreen & Keypad
  • Security & Control System
  • Sensor
  • Motor & Automation System
  • Building Management System
• By Application 
  • Residential
  • Commercial
  • Institutional 
• Smart and Connected Elevators and Elevators Control System Market Dynamics
• Smart and Connected Elevators and Elevators Control System Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Smart and Connected Elevators and Elevators Control System Market Report Scope and Segmentation

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