According to our latest study on "Smart Elevator Market Size and Forecast (2020-2030), Global and Regional Share, Trend, and Growth Opportunity Analysis - by Setup, Carriage, Application, And Geography. The smart elevator market size was valued at US$ 18.70 billion in 2023 and is expected to reach US$ 43.92 billion by 2031; it is anticipated to record a CAGR of 11.3% from 2023 to 2031.

Technological Advantages of Smart Elevators over Conventional Elevators to Drive Smart Elevator Market Growth During Forecast Period

Basic computing power of conventional elevators cannot reduce users' waiting time. Furthermore, they are not energy efficient compared to modern elevators and do not include real-time monitoring of the elevator system. However, smart elevators are technically advanced and have various functions that contribute to their rising preference by building contractors. The usage of autonomous systems in these elevators aids in optimizing elevator actions, which, in turn, helps lessen wait time, eventually leading to more effective passenger transportation during busy hours.

Features of smart elevators such as touch screen interface, voice commands, gesture control, and mobile app controllability make them more user-friendly and enhance the comfort of passengers. Smart elevators send operational data to the cloud in real time, where certified employees can access it anytime and facilitate the timely resolution of any problem. In contrast to traditional elevators, smart elevators use progressive security measures such as facial recognition, biometrics, and other technologies to avoid unauthorized access. Furthermore, these elevators integrate sensors and other systems that continually monitor the irregular behaviour of elevators, which includes excessive vibration, electrical faults, and others.

Further, customers demand innovative and more cutting-edge features from elevator systems as a result of the continuously changing technological landscape. Energy efficiency, space saving, time efficiency, long lasting, affordability, low maintenance, and safety are all benefits for modern elevators. Owing to all the benefits mentioned above, the demand for smart elevators over conventional elevators is increasing.

Key Findings of Smart Elevator Market Study:

The smart elevator market report emphasizes the key factors driving the market and showcases/exhibits/depicts the developments of prominent players. The smart elevator market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. The smart elevator market analysis has been performed by considering the following segments: setup, carriage, application, and geography.

Based on setup, the smart elevator market report is segmented into new deployments, modernization, and maintenance. The new deployment segment held the largest smart elevator market share in 2022. The new deployment segment is expected to grow at significant CAGR during the forecast period. Deployment of smart elevators in the commercial, residential, and other buildings is the process of elevators new installation. The development of smart cities and growth in the industrial sectors are fueling the demand for smart elevators with increasing deployment of novel technology related to increased passengers safety and power consumption reduction. New installation with smart technologies of elevators in the construction buildings is high resulting to hinder the growth of the market.

The Europe Smart Elevator market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The Germany held the largest smart elevator market share in 2023. Germany is one of Europe's principal construction markets and home to the largest share of buildings-industrial-built environments, residential, skyscrapers, or commercial construction. The niche markets, such as green building technologies, prefabricated buildings, and green construction-related components and building materials, are booming in the industry trying to achieve the 2030 Sustainable Development Goals, primarily the climate protection targets. For instance, according to the article published in July 2022, over the next few years, nearly US$ 13-14 billion per year will be assigned to subsidize renovations of old buildings.

Energy-efficient initiatives taken by the German government are also leading to the modernization of elevators that are over 10-15 years old currently and are consuming more energy. Also, the construction of high-rise buildings in the country is increasing, surging the demand for a better and safer elevator system. Furthermore, the rapidly growing construction in the commercial sector, along with factors such as demographic changes, population growth, and favorable economic development, contribute to the growth of the Germany smart elevator market.


Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com