Smart Elevator Automation System Market to Surpass US$ 63.9 Bn by 2032 Amid Constant Infrastructure Development in Emerging Economies

The smart elevator automation system market in Germany is estimated to create an absolute opportunity of US$ 1,271.5 Mn by the end of 2032, making it one of the most lucrative markets across Europe. Rising usage of smart elevators in residential and commercial buildings is expected to drive the market in Germany.

NEWARK, Del., Sept. 13, 2022 /PRNewswire/ -- According to Future Market Insights (FMI), the global smart elevator automation system market is anticipated to grow from US$ 26.5 Bn in 2022 to US$ 63.9 Bn by 2032, with overall sales rising accelerating at 9.2% CAGR throughout the forecast period.

Rising adoption of smart elevators across various sectors is providing a major impetus to the growth of smart elevators automation system market and the trend is likely to continue during the forecast period.

Smart elevators automation systems are being increasingly installed in residential homes, malls, theaters, sports avenues, and even airports. Smart elevators are essentially created so as to lower total energy utilization and better manage passenger traffic inside a given building.

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Smart elevator automation systems help to keep visitors and tenants safe and also broaden the total productivity of a public building. For example, in a big museum or hotel, smart elevators will be capable of lowering the number of elevator users and make the platform more secure and suitable for everyone.

Government regulations and standards for worldwide green infrastructure, decrease in the operational price and rising penetration of automation are the most important factors anticipated to drive the development of the smart elevator automation systems during the projected period.

Similarly, rapid growth of residential and industrial infrastructure across emerging economies such as China and India will continue to push the demand for smart elevator automation systems over the next ten years.

Key Takeaways: Smart Elevator Automation System Market

• By component, the security and control system segment accounts for the leading share of 21.1% in 2021 while the building management system segment is estimated to grow at the highest CAGR of 11.5% through 2032.
• By service, the modernization service segment is expected to grow at the highest CAGR of 11.1% between 2022 & 2032
• By end-user, the industrial segment is anticipated to grow at a CAGR of 11.8% between 2022 & 2032.
• South Asia and Pacific is expected to progress at the highest CAGR of around 14.8% followed by East Asia in 2032.
• The smart elevator automation system market in Japan is expected to grow at a CAGR of around 14.3% through 2032.
• Sales of smart elevator automation systems in India are expected to rise at a CAGR of around 16.5% over the next ten years.

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"The demand for smart elevator automation systems is growing in the commercial sector because the execution of safety regulations for escalators and elevators generates the demand for modernization services in commercial buildings. Many big vendors are utilizing IoT and artificial intelligence technology to advance smart building ecosystem." says FMI analyst.

Increasing Demand for Energy-Efficient and Secure Solutions is Anticipated to Drive the Market

The need for more cutting-edge technology is rising globally due to the requirement for security. Smart solutions are what businesses want to safeguard them against risks and their assets. This will increase demand for smart and autonomous elevators.

The market for elevator control systems and smart and connected elevators will also profit from the rising consumer demand for energy-efficient products. Light sensors and other technology that conserve energy and enhance accessibility for people with special requirements are reflected in smart elevators. As a result, there will be a greater market demand for solutions that are secure and energy efficient.

Key Players:

• Fujitec Co., Ltd.
• Mitsubishi Electric Corporation
• Hitachi Ltd
• Kone Corporation
• Otis Elevator Company (I). ltd.
• ThyssenKrupp AG
• Schindler Group
• Honeywell International Inc.
• Robert Bosch GmbH
• Hyundai Elevator
• Sigma Elevator Company
• Toshiba Elevator and Building Systems Corporation
• Huawei Technologies Co., Ltd.
• TK Elevators
• Others

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Smart Elevator Automation System Market Outlook By Category

By Component:

• Card Reader
• Biometric
• Touchscreen and Keypad
• Security and Control System
• Sensors, Motors and Automation System
• Building Management System

By Service:

• Installation Service
• Maintenance and Repair
• Modernization Service

By End User:

• Residential Sector
• Commercial Sector
• Industrial Sector
• Others

More Valuable Insights on Smart Elevator Automation System Market

Future Market Insight's report on the smart elevator automation system research is segmented into four major sections – component (card reader, biometric, touchscreen and keypad, security and control system, sensors, motors and automation system, and building management system), service (installation service, maintenance and repair service, and modernization service), end-user (residential sector, commercial sector, industrial sector, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the smart elevator automation system  outlook.

Table of Content

1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand Side Trends

    1.3. Supply Side Trends

    1.4. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Key Market Trends

    3.1. Key Trends Impacting the Market

    3.2. Product Innovation / Development Trends

4. Pricing Analysis

    4.1. Pricing Analysis, By Smart Elevator Automation Systems

    4.2. Global Average Pricing Analysis Benchmark

5. COVID-19 Impact Analysis

    5.1. Impact of COVID-19 on Smart Elevator Automation System Market Growth

    5.2. Pre-COVID-19 Market Growth (2017-2019)

    5.3. Expected Recovery Scenario (Short Term/Mid Term/Long Term)

    5.4. Key Action Points for Smart Elevator Automation System Market Vendors

TOC continued..!

About Electronics, Semiconductor and ICT Division at Future Market Insights

Expert analysis, strategic recommendations and actionable insights- the electronics, semiconductors, and ICT team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, & ICT, of which 100+ reports are specifically on software, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductors, and ICT industry.

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SOURCE Future Market Insights