Smart Elevator Automation System Market Report

The increasing adoption of smart elevators across various sectors, including public buildings such as hotels, residential homes, malls, offices, theatres, hospitals and airports, for improving productivity, minimizing energy consumption, and improving passenger safety, is a key factor driving growth in the global smart lift automation system market. Furthermore, elevators are evolving and becoming more technologically advanced with the introduction of the Internet of Things (IoT). Nowadays, smart lifts with IoT-enabled technologies detect traffic movements, collect data, and even serve as powerful advertising tools.

Many vendors are now offering elevator IoT solutions to assist maintenance businesses and lift manufacturers in successfully managing the functionality of their machines. Internet of Things elevator solutions have a number of advantages, including the ability to perform time-consuming and cost-effective upgrades, provide an emergency response, improve safety, reduce user waiting times, identify problems from a remote location, and provide power-efficient systems. All these factors are influencing the expansion of the market during the forecast period. 

Major industry players are focusing their efforts on research and development in order to create innovative products and gain a strong customer base. Major industry players are focusing their efforts on research and development in order to create innovative products that will complement their present product offers. They are also solidifying their market position through a number of market strategies, including product launches, mergers, partnerships, and acquisitions. For instance, in April 2022, Otis introduced the new Gen3TM and Gen360TM connected lift platforms that are intended to operate with the expanding collection of smart technologies that are making buildings more pleasant, efficient, and sustainable for both building occupants and management. Smart sensors, Bluetooth® technology, cloud-based APIs (application programming interfaces), and other Internet of Things (IoT)-)-)-enabled technologies all add to the intelligence that distinguishes this new generation of elevators. 

Earlier, KONE Elevator India, a prominent elevator and escalator manufacturer and wholly owned subsidiary of Finland-based KONE Corporation, previously announced the world's first, ground-breaking class of digitally linked KONE DX Class Elevators in October 2021, which will change the elevator experience. KONE DX Class promises an experience that connects at every level, with built-in connectivity for enhanced people flow. Furthermore, in March 2022, Hitachi Elevator (Thailand) Co., Ltd. a joint venture company of Hitachi, Ltd. and Siam Motors Group, a sole sales and service company of elevators and escalators in Thailand, announced that it had launched a full-scale Smart Building Solution business in Thailand and Southeast Asia for the first time, with the goal of providing value to buildings through Physical Security System and Digital Service for the New Normal by employing Lumada IoT Platform, which is Hitachi's advanced digital solutions, services, and technology for transforming data into insights and driving digital innovation.

The capital cost associated with the acquisition and creation of the brilliant lift framework is primarily large since lift makers contribute significantly to consolidating new innovations and adding advanced aspects to new products. Every building owner cannot afford such a significant investment, which limits adoption. As a consequence, the global smart lift automation system market is expected to face growth constraints over the forecast period. Furthermore, in emerging nations, there is a lack of foresight in the commercial and private sectors when it comes to smart elevators. Smart lift systems may be utilized to travel through time and enhance passenger experiences, but few people are aware of these advantages. As a consequence, a lack of awareness is expected to hamper the growth of the global smart elevator automation system market in the near future. 

Fujitec Co., Ltd., Mitsubishi Electric Corporation, Hitachi Ltd, Kone Corporation, Otis Elevator Company (I). Itd., 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 are some of the prominent market players operating in the global smart elevator automation system market.

North America is anticipated to hold a significant share of the smart elevator automation system market during the forecast period. This can be attributed to the rising acceptance of modern technologies, the increase in the number of high-rise buildings, and the growing trend of green buildings in the region. In addition, the rapid expansion of the construction sector and growing infrastructure development across the region are likely to boost the growth of the smart lift automation system market during the forecast period. Similarly, the increased usage of smart lifts in the commercial sector is expected to drive market growth throughout the forecast period. 

Furthermore, Asia Pacific is also anticipated to witness substantial growth in the market owing to the increasing penetration of both local and foreign smart lift manufacturers, as well as the different strategies employed by these companies. Additionally, the expansion of the housing sector for the construction of townships, built-up infrastructure, and other development projects is further strengthening the market growth. The expansion of smart city initiatives is also boosting the market development in this region. Moreover, Europe is expected to grow significantly throughout the forecast period due to an increase in residential building development, which will fuel product demand. Furthermore, modernization efforts carried out by lift manufacturers are anticipated to boost regional growth.