Smart and Connected Elevators Market Set for Rapid Growth, to Reach around USD 26.33 Billion by 2022

Zion Market Research has published a new report titled "Smart and Connected Elevators and Elevators Control System Market for Residential, commercial, institutional: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022". According to the report, the global smart and connected elevators and elevators control system market was valued at approximately USD 11.21 Billion in 2017 and is expected to reach approximately USD 26.33 Billion by 2022, growing at a promising CAGR of around 15.3% between 2016 and 2022.

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Smart and connected elevators are mainly used in buildings such as hotels, residences, arenas, offices and airports, hospitals, sports facilities, and others. it can minimize overall energy consumption and manage passenger traffic efficiently within a residential and commercial building. The deployment of automation to the elevator systems can reduce the wait time and increases efficient management of the traffic in buildings.

Businesses need for smart solutions to equip them against threats and safeguard their properties. This will propel the growth for smart and connected elevators. Additionally, the global smart and connected elevators and elevator control systems market will also benefit from the growing demand from consumers for energy-efficient solutions. Smart elevators feature light sensors and other technologies that save energy and improve usability for people with special needs.

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On the basis of application, the smart and connected elevators market is divided for residential, commercial and institutional. The residential and commercial applications leading this segment owing to increased industrialization and real estate construction sites. Rapid urbanization and growth in elderly population globally combined with the maintenance and modernization of the existing elevators are strongly driving the growth of the global elevators market. The continuous evolution of Internet of Things has triggered the growth and opportunity in elevators business. Internet of things defines the interconnection of many devices and equipment that help deliver data on the internet. IOT offers service that allows to collecting, exchange and analyzing data with its operator, manufacturer and other devices. With the help of IOT modern elevators can anticipate traffic and also respond in real time. Connected sensors in an elevator, passenger traffic is better managed by reducing wait time.

North America was the dominant market for smart elevators market in 2016. High technology adoption rate paired with well-established infrastructure are major driving factors in North America region’s growth. Asia Pacific is anticipated to grow at the highest CAGR for smart elevator market in the analysis period. Rapid infrastructure development, rising consumer disposable income, and the presence of developing economies, rapid urbanization is projected to observe noticeable growth over the analysis period in Asia Pacific. Latin America and the Middle East is also predicted to grow significantly in coming years due to increasing demand from commercial application.

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Key players operating in this market include Thyssenkrupp AG, OTIS Elevator Company, Kone Corporation, Schindler Group, Hitachi Ltd., Hyundai Elevator Co.Ltd., Toshiba Elevators and Building Systems Corporation, Mitsubishi Electric Corporation, Fujitec Co., Ltd., Motion Control Engineering, Inc., Thames Valley Controls, Eito&Global Inc.

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