The global smart elevator market is growing owing to increasing concerns for development and security, rise in disposable income of consumers, convenience, the need for energy-efficient solutions, rapid urbanisation, minimum waiting time, and incorporation of automated solutions which will positively impact the growth of the global smart elevators market. Due to the above-mentioned factors, the industry is projected to grow at a CAGR of 5.5% during the forecast period 2021-2027, to reach $13.1 billion by 2027.

Due to the ongoing COVID-19 pandemic, the smart elevator market is negatively impacted due to the shutdown of material production and ongoing construction projects across the world. Moreover, delays in the commencement of various infrastructure projects will have an adverse impact on the global smart elevator market.

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In August 2020, Otis acquired Bay State Elevator to expand its business in the northeast US. The acquisition includes the company service portfolio and operations in Massachusetts, Connecticut, Vermont, and upstate New York

Based upon application, the smart elevator market is segmented into residential, commercial, industrial, institutional, and others. The commercial segment will dominate the smart elevator market globally. The advancement in elevator technology that has the advantage of digitalization and travel time will lead to the development of the next generation. Smart connected buildings, IoT capabilities, ad increasing standards of security are the elements evolving the elevator market globally.

Customized elevators are gaining importance in the Asia Pacific region. This is due to the increase in complexity in architectural designing, lift core layouts, stringent government regulations to save operational cost, restructuring old elevators with modern machines in buildings, and adoption of advanced access control systems are some of the major factors responsible for the growth of the smart elevator market in the region.

Some of the major players in the global smart elevator market include ThyssenKrupp AG, Otis Worldwide Corporation, KONE Oyj, FUJITEC CO., LTD., Mitsubishi Electric Corporation, Schindler, Hitachi, Ltd., Bosch Security Systems, LLC., HYUNDAIELEVATOR CO., LTD., and Honeywell International Inc.

Source: VynZ Research