DUBLIN--(BUSINESS WIRE)--The "IoT in Elevators Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Component, Application, and End-User" report has been added to ResearchAndMarkets.com's offering.
The IoT in Elevators Market is expected to grow from US$ 1514.88 million in 2022 to US$ 2022.13 million by 2028.
Migration of people from rural to urban has made many developing and developed economies governments to invest in new infrastructure projects. Therefore, in the coming years, rising urbanization will increase the demand for IoT in elevators.
With the rapid urbanization, automation, and improving economic conditions worldwide, the global construction industry is experiencing significant growth. Real estate developers and construction companies or project builders are providing automated advanced technology features and functions in their projects due to increased competition.
The projects also include elevator automation in smart connected buildings. Modern elevators with IoT capabilities are designed to intelligently respond in real-time, communicate with service teams to resolve technical issues, improve maintenance operations, reduce costs, and allow passengers to summon the elevator via mobile app. The increasing adoption of automation in the construction industry propels the demand for smart and connected elevators.
As a result, the IoT in elevators market is witnessing growth. IoT in elevator companies invest significantly in developing their portfolio products and services and coming up with new advanced IoT systems in elevators. On March 10, 2021, KONE Elevator India, a wholly-owned subsidiary of Finland-based KONE Corporation, introduced the world's first digitally connected elevator class, the KONE DX Class Elevators.
In addition, on September 04, 2019, KONE, a global leader in the elevator and escalator industry, launched its newest innovation, KONE Care 24x7 Connected Services, in Pune, India, bolstering its position as the industry's innovation leader. IBM Watson, a recognized leader in cognitive computing, collaborated on this project. Such initiatives by the companies in the development of IoT in elevator is accelerating the IoT in elevators market growth.
Government launched the 'Smart Dubai 2021 Strategy'. The objective of the strategy includes a smart, livable, and resilient city, leveraging ICT innovations, an interconnected society with easily accessible social services, and smooth transport driven by autonomous and shared mobility solutions.
In addition, a clean environment is enabled by cutting-edge ICT innovations, and digital, lean, and connected government are the other objectives. Dubai Plan 2021 aims to transform the city into a smart and sustainable one. The Smart City project in Dubai follows a strategy that can transform ~1,000 government services in six key areas - transportation, infrastructure, communications, financial services, urban planning, and electricity. With Saudi Arabia Vision 2030, The Saudi Authority planned to start the smart city project in 10 cities, including Makkah, Riyadh, Jeddah, AI-Madinah, and AI-Ahsa.
On January 10, 2021, Crown Prince and Chairman of the NEOM Company announced THE LINE AT NEOM, in which the government is investing US$ 500 million to build 170km smart cities. The smart city is a linear development of hyper-connected AI-enabled communities powered by 100% clean energy. Thus, such governments initiatives for developing smart cities are bolstering the IoT in elevators market growth.
As per International Energy Agency (IEA), with the economic recovery, the global electricity demand is expected to grow by 4% in 2022. Further, many governments are taking stringent actions in limiting their carbon footprints to maintain green sustainability.
Europe is the leading region investing a significant capital in deploying novel energy technologies, such as solar installation and energy-efficient products & services. Large buildings require predictive analytics, continuous building optimization, demand response, automated building control, and enterprise integration.
However, small buildings require historical billing analysis; incentive availability; and educational, behavioral, and retrofit suggestions. Thus, IoT integrations with buildings make the building intelligent as IoT can automate and control these building operations. In addition, automate and control the building operations like security, fire and safety, air conditioning, and ventilation are efficiently monitored by the IoT (Internet of Things).
Therefore, IoT-based elevators are becoming popular in intelligent buildings. The government initiatives and schemes have forced many building construction contractors to deploy energy efficient products and services, which will create lucrative opportunities for the key IoT in elevators market players.
OTIS; Schindler Group; KONE Corporation; Hyundai Elevator Co., Ltd.; and Fujitec are among the major companies operating in the Asia Pacific IoT in elevators market.
The rising strategic initiatives and investments in new product developments would propel the growth of the IoT in elevators market in the coming years.
Key Market Dynamics
Market Drivers
- Rise In Urbanization and Governments Initiatives Towards Green Sustainability
- Rise in Technological Developments in Construction Industry
Market Restraints
- High Initial Investments Needed in Elevator Modernization and IoT Integrations
Market Opportunities
- Companies Initiatives in developing IoT in Elevators and Government Support for Smart City Development
Future Trends
- Rising Trend Towards Energy Efficient Products & Services in Intelligent Buildings
Company Profiles
- Fujitec Co., Ltd.
- Hitachi, Ltd.
- KONE Corporation
- Mitsubishi Electric Corporation
- Otis Elevator Company Ltd.
- Bosch GmbH
- Schindler Group
- Schneider Electric SE
- Toshiba Elevators and Building Systems Corporation
- Hyundai Elevator Co., Ltd.
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