Global Smart Elevator Market to Reach US$ 57.2 Billion by 2032, Propelled by Escalating Demand for Energy Efficient Solutions

The latest report by IMARC Group, titled “Smart Elevator Market Report by Solution (Control Systems, Access Control System, Services), Application (Residential, Commercial, Industrial, Institutional, and Others), and Region 2024-2032,” finds that the global smart elevator market reached a value of US$ 28.2 Billion in 2023. Smart elevators are advanced systems that allow vertical transportation of passengers and goods from one floor to another within a building. They consist of destination dispatching and access control systems, biometrics, and touch screens that allow users to press a button and choose their desired destination. They are faster, reliable and assist in improving the operational efficiency and safety of the elevator while reducing energy costs. Owing to these properties, smart elevators are widely adopted across commercial and institutional establishments across the globe.

Global Smart Elevator Market Trends:

The market is primarily driven by the escalating demand for energy-efficient solutions due to rising concerns about energy consumption across the globe. In addition, the implementation of various government initiatives promoting smart city projects is accelerating the adoption of modern amenities such as smart elevators. Besides this, key players are integrating advanced technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), in smart elevators to diagnose problems from a remote location, provide emergency responses, and enhance overall safety. This, coupled with the adoption of a new permanent magnet synchronous (PMS) gearless traction machine that utilizes less energy than conventional geared machines, is positively influencing the market growth. Furthermore, the increasing demand for efficient mobility systems due to the growing high-rise buildings and the expanding working population is also propelling the market growth. Looking forward, IMARC Group expects the market value to reach US$ 57.2 Billion by 2032, exhibiting a CAGR of 7.9% during the forecast period (2024-2032).

Market Summary:

• Based on the solution, the market has been segmented into control systems (security and elevator control system), access control systems (maintenance and communication systems), and services (support and maintenance, new deployments, and modernization).
• On the basis of the application, the market has been segregated into residential, commercial, industrial, institutional, and others. 
• Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the market has been examined in the report, with some of the key players being Bosch Service Solutions GmbH, Hyundai Elevator Co. Ltd., KONE Elevator India Private Limited (Kone Oyj), Mitsubishi Electric Corporation, Otis Worldwide Corporation, Schindler Holding Ltd., Thames Valley Controls Ltd, TK Elevator, and Toshiba Elevators and Building Systems Corporation (Toshiba Corporation).

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