According to researchers at Global Market Insights, the worldwide smart elevators market is set to grow from its current market value of more than $11 billion to over $25 billion by 2025. A driving factor is said to be increased spending on the construction of technically-advanced and intelligent buildings along with the integration of connectivity technology and internet features into elevators. These include enhanced security, energy efficiency, and alerts related to repair schedules.
The intuitive technologies integrated into new lifts, such as connectivity and smart grouping, is expected to improve the overall commuter experience. Also, adoption of cable-free lifts that can move both vertically and horizontally are other factors spurring market growth.
UK smart elevator market, by application, 2018 & 2025 (USD $ Million)
- Modernization of the lift systems in existing buildings is witnessing a steady demand in the smart elevators market due to infrastructure transformation initiatives in countries including the U.S., China, etc.
- The lift maintenance systems in the smart elevators market is experiencing a huge demand owing to intelligent features, passenger security, and reduced malfunctioning benefits.
- The North America smart elevators market was valued at over $3 billion in 2018 and is developing rapidly owing to the construction of several high-rise and complex buildings across all industry verticals.
- High government focus on deploying energy-efficient building solutions and reducing the overall carbon emissions will also lead to industry developments.
- Key players in the smart elevator market include Kone Oyj, thyssenkrupp AG, Schindler Group, Fujitec, Otis Elevator Company, Hyundai Elevator Company, Mitsubishi Elevator, and Toshiba Elevators
Need to elevate your knowledge of this uplifting market? Then request a sample copy of the “Smart Elevator Market Size” report.