Smart Elevator Automation System Market is expected to reach US$ 37.68 Billion in 2026

Global demand for smart elevator automation systems is expected to expand at a yearly growth rate of 9.2% Y-o-Y to US$ 37.68 Billion in 2026, supported by:

  • Emerging popularity in residential buildings to act as a critical driver
  • Projects buildings as attractive prospects for tenants and visitors alike.
  • Integrated with Artificial Intelligence, supports vertical transportation of goods & commodities
  • Rising usage of wireless technologies will accelerate demand for smart elevator automation system
  • Augmented growth in construction of green buildings to rev up global sales

During the period ranging from 2020 to 2022, smart elevator automation system demand prospects witnessed stellar growth, backed by stringent safety norms and growing emphasis on sustainable construction of residential and commercial buildings. The advent of mega projects like Burj-al-Arab & upgraded security features along with cable-free lifts will make smart elevators- a hot commodity in the market.

“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.

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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

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.

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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.

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

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

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