IoT in Elevators Market to reach US$ 50.76 Bn by 2026 - MRRSE

Published: Fri Aug 09 2019

IoT enabled elevators make use of artificial intelligence (AI) to enable vertical transportation of passengers and commodities. It is a process of upgrading the critical parts of the elevator in order to handle new technology, perform better, improve safety, and ensure the aesthetics are up to date. IoT enabled elevators display features of energy efficiency, reduce waiting time, and communicate with service providers via a mobile application. \

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In recent times, many technological advancements have taken place in the IoT in elevators market. Hotels, hospitals, parking buildings, and the commercial, residential, and industrial sector widely use IoT in elevators. Therefore, the IoT in elevators market is expected to expand at a rapid pace in the coming years. Growing need to adopt new IT solutions with modern consumer trends across the world is driving demand for IoT in elevators. This is anticipated to drive the market over the forecast period. Moreover, increasing demand for safe and power efficient technologies from the construction industry is expected to fuel the growth of the market in the near future. However, high initial investment is anticipated to hinder the growth of the market across the world. The IoT in elevators market is likely to reach a value of US$ 50.76 Bn by 2026 from US$ 13.49Bn in 2017, expanding at a CAGR of 16.1% during the forecast period.

Based on component, the IoT in elevators market can be segmented into hardware, software, and services. The hardware segment accounted for a significant market share globally in 2017.This segment is projected to maintain a significant market share over the forecast period. There is a rising need to install elevator remote monitoring systems in smart elevators to prevent accidents. M2M gateway or elevator gateway are designed and developed in elevators for secure communication between the lift controller and remote monitoring sites. The services segment is estimated to expand at a rapid pace during the forecast period. Services segment is further divided into designing & engineering, installation, refurbishing, maintenance & repair, and managed services. Installation accounted for major market share in 2017 and is anticipated to maintain its leading position over the forecast period. However, refurbishing services sub-segment is expected to witness tremendous growth over the forecast period due to growing attention toward elevator modernization in the commercial and residential sector across developed regions. On the other hand, the software component is expected to witness prominent demand due to rising application of analytics software, IoT platforms, and security software. Cloud software sub-segment accounted for leading market share in 2017 and is expected to expand significantly during the forecast period, as cloud-based services enable users to access several resources with the help of the Internet. It provides more flexibility and scalability and delivers product updates more regularly with little to no IT involvement.

On the basis of application, preventive maintenance application in elevators accounted for leading market share in 2017 followed by remote monitoring, and is expected to retain its position over the forecast period. Preventive maintenance maximizes the efficiency of elevator’s, and helps to reduce elevator costs. However, remote monitoring application segment is expected to expand at a significant pace over the forecast period from 2018 to 2026 as it improves smart elevator maintenance and reduces the disruption of service to customers.

Based on end-user, the IoT in elevators market can be categorized into residential, commercial, and industrial. The commercial sector is the prominent user of IoT in elevators followed by the residential sector, while the residential sector is projected to expand at a rapid pace over the forecast period. Residential sector is projected to witness higher level of adoption, thereby creating a high potential customer base.

The market in North America is anticipated to contribute significantly to revenue in the near future due to a large base of existing users in the region. North America and Europe are mature regions of the IoT in elevators market in terms of technical awareness among users. This is likely to contribute to the decline in market share of these regions. Furthermore, the market in APAC, South America and Middle East & Africa is likely to expand at a robust CAGR in the coming years.

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Attracted by the increasingly expanding IoT in elevators market, many small and large scale vendors are investing in IoT in elevators in order to improve elevator maintenance and reduce the chances of accidents. Product innovation and upgrade of research and development are constantly taking place in the IoT in elevators market. For instance, in May 2018, Otis Elevator Company launched its first high-speed Gen2® elevator, equipped with innovative features including a new interior, smart & connected functionality, fashionable look, and higher functionality, for the global high-rise market, expanding its popular Gen2 family of elevators.

Prominent players identified in the IoT in elevators market and profiled in the study include ThyssenKrupp AG, KONE Corporation, Otis Elevator Company, Schindler Group, Mitsubishi Electric Corporation, and Toshiba Elevators.

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