Increasing Number of Smart City Projects Worldwide Stimulating Integration of IoT in Elevators: Fact.MR Report
Fact.MR, a market research and competitive intelligence provider, in its updated industry analysis, reveals that revenue from the global IoT in elevator market is expected to reach US$ 33.13 billion in 2024. The market has been forecasted to expand at a CAGR of 11.4% from 2024 to 2034.
Increasing Number of Smart City Projects Worldwide Stimulating Integration of IoT in Elevators: Fact.MR Report
Fact.MR, a market research and competitive intelligence provider, in its updated industry analysis, reveals that revenue from the global IoT in elevator market is expected to reach US$ 33.13 billion in 2024. The market has been forecasted to expand at a CAGR of 11.4% from 2024 to 2034.
Growing infrastructure development and modernization in urban areas is leading to a significant transformation. Moreover, the implementation of stringent environmental regulations and laws is paving the way for a sustainable and greener future globally.
Rising preference for smart and new technologies, such as machine learning, artificial intelligence, and IoT in commercial and residential infrastructure widening opportunities for market players. Increased demand for IoT in elevators is attributed to their features, such as improved safety and security, remote monitoring, and the ability to detect unusual technical faults.
Installing predictive maintenance facilities in IoT solutions-based elevators helps in monitoring heat changes and noise fluctuation. A growing requirement for power-efficient and secure systems is having a positive impact on the demand for IoT in elevators.
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Key Takeaways from Market Study
·The global IoT in elevator market is evaluated to reach US$ 97.53 billion by the end of 2034.
·Demand for IoT-enabled elevators in South Korea is forecasted to increase at 13% CAGR from 2024 to 2034.
·The market in Japan is projected to expand at a CAGR of 12.7% from 2024 to 2034.
·North America is projected to occupy a share of 31.5% of the global market by 2034.
·Worldwide demand for hardware for use in IoT-enabled elevators is projected to increase at a CAGR of 11.1% and reach a value of US$ 67.29 billion by the end of 2034.
The residential segment is expected to account for 47% share of the global market by 2034-end.
“Companies should leverage opportunities created with increased demand for new technological advanced vertical transportation solutions, such as IoT in elevators from hospitals, hotels, high-rise buildings, and other infrastructure projects,”says a Fact.MR analyst.
Ever-Increasing Demand for Advanced Amenities in Residential Buildings
Growing demand for more efficient and advanced amenities in residential buildings across developed as well as potentially developing countries is resulting in the rising installation of predictive maintenance facilities in modern elevators. They assist in monitoring friction and heat exchange for a more secure elevator operation.
Key Market Players
Mitsubishi Electric Corporation, Company Profiles, Toshiba Elevators, Electra Ltd., ThyssenKrupp AG., Fujitec Co., Ltd., Telefonica S.A., Hitachi, Ltd., Schindler Group, Hyundai Elevator Co. Ltd., Otis Elevator Company, and KONE Corporation are some of the key players operating in the IoT in elevator market.
IoT in Elevator Industry News:
Leading companies in the IoT in elevator market are actively pursuing collaborations, partnerships, acquisitions, and new product launches to gain a competitive edge.
For example, in September 2023, ThyssenKrupp AG introduced MAX, a predictive maintenance system that leverages machine learning and AI to analyze data from elevator sensors. This technology helps identify potential issues before they result in breakdowns, enhancing reliability and operational efficiency.
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More Valuable Insightson Offer
Fact.MR, in its new offering, presents an unbiased analysis of the IoT in elevator market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on component (hardware, software [on-premise, cloud], services [designing & engineering, installation, refurbishing, maintenance & repair, managed services]), application (preventive maintenance, remote monitoring, advanced reporting, connectivity management, others), and end user (residential, commercial, industrial), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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