Growing urbanization and increasing land costs, coupled with densely populated countries, have rapidly increased the construction of high-rise buildings and skyscrapers, which, in turn, results in the adoption of smart elevators, further reducing energy consumption. Smart elevators are designed for the purpose of energy efficiency and are also termed intelligent vertical transport systems. Smart elevators consist of high-efficiency fixtures along with automated controls which can adjust the elevator operations based on user-specific needs. The system analyzes and offers personalized assistance through learning individual traveling patterns.The global smart elevator market size is projected to grow from USD 9.7 billion in 2021 to USD 12.6 billion by 2026 at CAGR of 5.4% during the forecast period. Otis Elevator (US), Schindler Group (Switzerland), Kone Corporation (Finland), Thyssenkrupp (Germany), Hitachi (Japan) are some of the key players in the smart elevator market.
Otis is engaged in the manufacturing, installation, and maintenance of elevators, escalators, and moving walkways. It also offers maintenance programs and building support systems; remote elevator monitoring systems, interconnected systems of sensors, monitors, circuits, hardware, and software to collect, record, analyze, and communicate data about elevator operations; and compass systems to offer tenants and visitors a personalized elevator service. Additionally, Otis acquired Bay State Elevator to expand its reach in the northeast region of the US and increase its service portfolio in the region.
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Schindler offers cost-effective solutions for low-rise residential buildings for sophisticated access and transport management concepts for skyscrapers. Schindler offers outstanding service and excellent follow-up to its customers, which helps the company retain its customers. The company has witnessed growth in the number of installations in Asia Pacific, especially in China.
Kone Corporation has a huge and diversified portfolio of smart elevator products. The company has more than 3,000 patents and >1,200 technology professionals involved in R&D. Recently, KONE launched KONE Care 24/7 Connected Services in collaboration with IBM Watson. This service is remotely monitored to ensure less downtime and fewer faults. The company has 13 manufacturing units across 9 countries with thousands of installation suppliers and a strong logistics network.
ThyssenKrupp AG is a major player in the smart elevator market. The company offers an advanced dispatching system called destination dispatch that sorts and directs people to an elevator that gets them to their destination in the shortest possible time. In March 2020, Thyssenkrupp sold its Elevator Technology business segment to Advent, Cinven, and RAG Foundation to strengthen its cash flow and lower its structural costs.
Smart Elevator Market with COVID-19 Impact by Component (Control System, Maintenance System, Communication System), Application (Residential, Commercial, Institutional), Services, and Region - Global Forecast to 2026
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