IoT in Elevator Market Size, Share and Global Trend By Components (Hardware, Software, Services), By Application (Predictive Maintenance & Remote Monitoring), By End User (Residential, Commercial, Industrial ) and Regional Forecast, 2024-2032

IoT enabled elevators to use artificial intelligence (AI) to enable vertical transportation of passengers and commodities effectively. 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 maintenance is up to date. IoT enabled elevators to include features of energy efficiency, reduce waiting time, and communicate with service providers via a mobile application.

The global construction market was estimated to be around $17,140 Bn in 2017 and is expected to rise further to US$ 24,334.9 Bn. This rise in the construction market would contribute and boost the IoT in the elevator market by creating a huge demand for new elevators in the future.

Government regulation in some countries including the Netherlands, it’s mandatory for each elevator to be paired with a ledger that keeps track of all the events that go on within it, including maintenance, inspections, and usage. The growing requirement for smart solutions by the firms to protect their property and safeguard it against external or internal threats would also contribute to the growth of the firm in the elevator market.

KEY PLAYERS COVERED

Some of the key players in the global IoT in the elevators market are ThyssenKrupp AG, KONE Corporation, Fujitec Co., Hitachi Ltd., Hyundai Elevator Co., Ltd., Otis Elevator Company, Schindler Group, Mitsubishi Electric Corporation, and Toshiba Elevators.

SEGMENTATION 

The current trends in the IoT in elevators include the introduction of predictive maintenance, remote monitoring and advanced reporting, throughout various companies helping in reduction of overall downtime in elevators. Vodafone Germany and multinational conglomerate Thyssenkrupp together aim to equip in excess of 1 million elevators worldwide with SIM cards in order to carry out predictive maintenance and reduce downtime.

REGIONAL ANALYSIS

Geographically, North America and Europe are mature regions of the market, owing to high awareness about IoT in elevators among users and technological developments. Additionally, the presence of a well-established infrastructure facility and the high number of market players being headquartered in North America is another significant factor that is supporting the growth of smart and connected elevators market in these regions. However, the market in Asia Pacific is expected to expand at a constant pace during the forecast period. The rise in penetration of technology as well as substantial investments in the optimal utilization of IT solutions across countries such as the U.S., U.K., Germany, France, China, India, and Brazil are expected to offer good opportunities for IoT in elevators providers in the near future.