Smart Elevator Market To Reach USD 50.3 Billion By 2032, Says DataHorizzon Research
The smart elevator market size was valued at USD 22.4 Billion in 2023 and is expected to reach USD 50.3 Billion by 2032 at a CAGR of 9.4%.
Fort Collins, Colorado, April 10, 2024 (GLOBE NEWSWIRE) --*Extensive use of Smart Technologies to Impel the Demand for Smart Elevators.*
Smart elevators are gaining popularity in modern buildings, elevating the overall user experience and boosting building efficiency. These advanced elevator systems have touchless technology, artificial intelligence, and Internet of Things capabilities to enhance efficiency, convenience, and user satisfaction. *Smart elevators* offer personalized services, seamlessly integrating with building security systems to grant access to specific floors and elevators via access cards. They are energy-efficient, capable of integrating with building management systems, and provide maintenance notifications for malfunctioning components, thereby minimizing the risk of accidents.
The rise of smart city initiatives worldwide is anticipated to propel the implementation of smart elevator projects in the foreseeable future. Governments across numerous nations are channeling investments into the development of technologically sophisticated urban centers, aiming to enhance living standards and accommodate the needs of their citizens more effectively. For example, the European Commission has endorsed a project named "Smart Cities and Communities," to deploy innovative solutions to address urban challenges and establish sustainable living environments.
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*Segmentation Overview:*
*The smart elevator market has been segmented into setup, carriage type, application, and region.*
*New Deployment Accounts for a Significant Market Share in 2023*
· New deployment holds a significant share based on the market segmentation by set-up. This is because the market is still in its early stages, and the installation of these elevators is growing steadily. With the growing number of high-rise buildings and smart cities, the deployment rate is expected to grow during the forecast period.
*Commercial Applications Continue to Influence the Application Category*
· Based on the market segmentation by application, commercial application holds a significant share. The commercial segment includes office buildings, shopping malls, hotels, and other public properties. The primary aim of adopting these elevators on these premises is to provide a better customer experience. As the traffic use of elevators is high in these spaces, they must have elevators that can ensure safety and security by giving authorized people access.
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*Smart Elevator Market Report Highlights:*
· The smart elevator market growth is anticipated at a *CAGR of 9.4% by 2032.*
· The construction of high-rise buildings has increased tremendously with the rising population and the migration of people from rural to urban areas.
· North America holds a significant share of the smart elevator market, with the United States dominating this region. This growth is mainly driven by the growing number of sky-high buildings in the country and the ever-increasing demand for innovative technology and smart and connected devices.
· Some prominent players in the smart elevator market report include Otis Worldwide Corporation, Schindler Group, Kone Corporation, Thyssenkrupp AG, Mitsubishi Electric Corporation, Hitachi Ltd., Hyundai Elevator Co., Ltd., Fujitec Co., Ltd., Toshiba Corporation, Honeywell International Inc., Bosch Security Systems, and Siemens AG.
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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