The market for smart elevator automation systems is expanding rapidly due to the increasing acceptance of smart lifts across a variety of industries, and this trend is anticipated to last throughout the forecast period.
During the forecast period (2016-2026), the market for smart lift automation systems is expected to grow at an impressive 9.2% CAGR. By 2026, the market is anticipated to be worth US$ 37.68 billion.
Installations of smart lift automation systems are becoming more common in private residences, shopping centres, theatres, sports stadiums and even airports. In essence, smart lifts are designed to reduce overall energy consumption and improve passenger flow inside a facility.
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As production facilities are shut down and component supply chains are temporarily disrupted during the coronavirus pandemic, the market for smart lift automation systems is anticipated to experience a temporary decline.
Smart Elevator Automation System Market – Key Takeaways
- Energy efficiency requirements are boosting sensor motor sales in smart elevator systems.
- New installation services will contribute substantially to revenue, driven by high numbers of new construction projects with modern facilities.
- Residential projects remain the primary user of smart elevator automation systems. However, commercial applications are rapidly catching up, supported by development of high-rise commercial structures.
- Asia Pacific remains a major market for smart elevator automation systems, aided by extensive activity in the construction sector.
Smart Elevator Automation System Market – Driving Factors
- Extensive modernization of commercial and residential structures with new intelligent tech is a key growth driver.
- Rising investments from private and government bodies towards the development of technically advanced structures, support market growth.
- Development of efficient backup systems and connected solutions help bolster adoption rates.
Smart Elevator Automation System Market – Key Constraints
- High capital investments required for installation and deployment hinders adoption and revenue.
- Lack of continuous energy supply and complex structures of buildings to hold back market growth.
The Anticipated Impact of COVID-19
The coronavirus contagion has resulted in the temporary suspension of production facilities associated with smart elevator automation systems. In addition, restrictions on supply chains and shortage of workforce are key challenges to the industry during the pandemic.
However, the market will witness strong resurgence as restrictions on construction are gradually relaxed, bolstering demand for smart elevator automation systems in the foreseeable future.
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Competition Landscape
Key developers in the smart elevator automation systems market include but are not limited to Honeywell, Mitsubishi, Fujitec, Tyco International, Hitachi, ThyssenKrupp Elevator, Kone Corporation, Schindler, and Otis Elevator. Developers are pushing for product functionality improvements.
For instance, Otis Elevator has come up with e-call systems to minimize touch points, meeting the requirements of social distancing and hygiene.
More About the Report
The FMI’s market research report offers detailed insights on smart elevator automation systems market. The market is scrutinized on the basis of service (installation service, repair & maintenance service, and modernization service), component (card reader, biometric, touchscreen and keypad, security and control, sensors, motors & automation, and building management) and end user (residential, commercial, hotels, and others) across seven key regions (North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific excluding Japan, and Middle East and Africa).
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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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