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IoT in Elevators Market is Anticipated to Grow US$ 63 Bn By 2030

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The global IoT in Elevators market size is expected to reach USD 63 billion by 2030 and is expected to expand at a CAGR of 16.1% from 2021 to 2030.

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The market growth can be primarily attributed to high demand for smart elevators in new construction projects, increasing investments toward the development of smart cities, increasing government support, and dwindling prices of IoT solutions. Furthermore, the rise in the number of construction projects around the world is another factor that will augment the growth of the global IoT in elevators market during the assessment period.

Asia Pacific is expected to dominate the IoT in elevators market by the end of the forecast period. Asia Pacific is projected to witness increasing growth in the IoT in elevators market due to strong adoption of the cloud technology. The market in Europe, North America, and Middle East & Africa is also anticipated to expand rapidly during the forecast period.

North America remained the dominant leader in the global IoT in elevators market in 2020, primarily due to rapid adoption from residential end users in the region.

Growing Demand for Smarter Elevator Systems to Aid Market Growth

As the development of ‘smart cities’ continues to gain noteworthy momentum around the world, with it, the demand for IoT in elevators has also increased at an impressive rate– a trend that is likely to set the wheels rolling for the growth of the global IoT in elevators market during the assessment period. Several escalator companies and market players are increasingly focusing on integrating IoT into their products and new line of escalator to capture a larger market and establish a solid foothold. While the residential sector is anticipated to provide lucrative opportunities for the stakeholders operating in the current IoT in elevator market, the growing demand for smart elevators in the commercial sector and central financial districts in both developed as well as developing regions is expected to increase the overall growth of the IoT in elevators market during the assessment period.

Advancements in artificial intelligence and IoT over the past decade have played a key role in transforming the current elevator and escalator market landscape. In addition, the adoption of IoT in elevators is expected to witness a further rise in the upcoming years as predictive and tailored maintenance of elevators due to IoT is gradually gaining traction. Moreover, advancements in application programming interfaces (API) have also played a pivotal role in increasing the adoption of IoT in elevators over the past few years– another factor that is likely to drive the growth of the global IoT in elevators market during the assessment period. In addition, several players operating in the current market landscape are increasingly investing resources toward the development of smarter elevators due to which, innovative IoT solutions are being developed.

Key Growth Drivers of IoT in Elevators Market

Strong growth and development in urbanization globally: The shift of people from rural areas to urban areas is increasing annually across the globe. In the current scenario, 55% of the world’s population lives in urban areas, and the United Nations expects this to increase to 68% by 2050. According to the UN Department of Economic and Social Affairs, increase in the size of the world’s urban population is projected to be highly concentrated in countries such as India, China, and Nigeria. The report also stated that India will have added 416 million urban dwellers, China with 255 million, and Nigeria with 189 million. Growth in urbanization pushes the demand for new infrastructure, which indirectly boosts the demand for IoT based elevators. Governments are strongly focused on energy efficient infrastructure. Smart and connected elevators are likely to gain prominence over the next few years, with the rising consumer demand for safe and power-efficient solutions. The increasing population shift and focus on energy conservation has augmented the demand for smart and connected elevators. This is driving the growth of the IoT in elevators market.

Increasing infrastructure and automation in construction industry: Presently, the global construction industry is experiencing significant growth due to the integration of automation techniques, rapid urbanization, and improving economic conditions across the world. With growing competition, real estate developers and project builders or construction companies are providing more automated advanced technology features and functions in their projects. These projects also include automation in smart connected buildings in which elevators are an integral part. In developing economies, the need for automated solutions such as new electronic devices and machineries and automation of road, tunnel, and bridge construction is increasing. Continuing evolution of IoT (Internet of Things) in the elevator market is offering substantial growth opportunities to the overall IoT in elevators market. IoT-enabled modern elevators are designed to intelligently respond in real time; communicate with service teams so as to resolve technical issues; improve maintenance operations; reduce costs; and allow passengers to call the elevator via a mobile application. Rising adoption of automation in the construction industry is likely to drive the demand for smart and connected elevators. This, in turn, is likely to promote growth of the IoT in elevators market during the forecast period.

Key Challenges

Installation of IoT-based and connected elevators involves high capital investment, which includes equipment cost, installation and service costs, and maintenance costs. Moreover, these systems come with added costs such as Internet connectivity and electricity. Thus, it is difficult for small building developers to adopt the technology. Automated access control systems and security systems that are integrated in IoT-enabled smart elevators increases the total cost of smart elevators as compared to conventional elevators. This inhibits the use of smart elevators in low- or mid-rise buildings or apartments. Apart from this, low replacement rate, high cost of the product certification process, and steep as well as volatile prices of raw materials are restraining the IoT-enabled smart elevators market. Hence, high costs associated with the installation of IoT-enabled elevators is a significant barrier for small builders, which in turn is hampering the IoT in elevators market.

Key Players

Key players profiled in the report include Bosch GmbH, DOPPLER Manufacturing, Electra Ltd., Fujitec Co., Ltd., GRUPPO MILLEPIANI, Hitachi, Ltd., Honeywell International, Inc., Huawei Technologies Ltd., Hyundai Elevator Co., Ltd., IBM Corporation, KONE Corporation, Microsoft Corporation, Mitsubishi Electric Corporation, Otis Elevator Company, Schindler Group, Schneider Electric SE, Siemens, Telefonica S.A., ThyssenKrupp AG,  and Toshiba Elevators.

Market Segmentation

IoT in Elevators Market, by Component

  • Hardware
  • Software
    • On-premise
    • Cloud
  • Services
    • Designing & Engineering
    • Installation
    • Refurbishing
    • Maintenance & Repair
    • Managed Services

IoT in Elevators Market, by Application

  • Preventive Maintenance
  • Remote Monitoring
  • Advanced Reporting
  • Connectivity Management
  • Others (Call Management)

IoT in Elevators Market, by End User

  • Residential
  • Commercial
  • Industrial

IoT in Elevators Market, by Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • Saudi Arabia
    • Kuwait
    • United Arab Emirates
    • Qatar
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America

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Research Methodology

The research methodology adopted by analysts for compiling the global IoT in elevators market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.

During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global IoT in elevators market.

Table of Contents

Chapter 1.    Introduction

1.1.  Research Objective

1.2.  Scope of the Study

1.3.  Definition

Chapter 2.    Research Methodology

2.1.  Research Approach

2.2.  Data Sources

2.3.  Assumptions & Limitations

Chapter 3.    Executive Summary

3.1.  Market Snapshot

Chapter 4.    Market Variables and Scope

4.1.  Introduction

4.2.  Market Classification and Scope

4.3.  Industry Value Chain Analysis

4.3.1.     Raw Material Procurement Analysis

4.3.2.     Sales and Distribution Channel Analysis

4.3.3.     Downstream Buyer Analysis

Chapter 5.    Market Dynamics Analysis and Trends

5.1.  Market Dynamics

5.1.1.     Market Drivers

5.1.2.     Market Restraints

5.1.3.     Market Opportunities

5.2.  Porter’s Five Forces Analysis

5.2.1.     Bargaining power of suppliers

5.2.2.     Bargaining power of buyers

5.2.3.     Threat of substitute

5.2.4.     Threat of new entrants

5.2.5.     Degree of competition

Chapter 6.    Competitive Landscape

6.1.1.     Company Market Share/Positioning Analysis

6.1.2.     Key Strategies Adopted by Players

6.1.3.     Vendor Landscape

6.1.3.1.          List of Suppliers

6.1.3.2.          List of Buyers

Chapter 7.    Global IoT in Elevators Market, By Component

7.1.  IoT in Elevators Market, by Component, 2021-2030

7.1.1.     Hardware

7.1.1.1.          Market Revenue and Forecast (2016-2030)

7.1.2.     Software

7.1.2.1.          Market Revenue and Forecast (2016-2030)

7.1.3.     Services

7.1.3.1.          Market Revenue and Forecast (2016-2030)

Chapter 8.    Global IoT in Elevators Market, By Application

8.1.  IoT in Elevators Market, by Application, 2021-2030

8.1.1.     Preventive Maintenance

8.1.1.1.          Market Revenue and Forecast (2016-2030)

8.1.2.     Remote Monitoring

8.1.2.1.          Market Revenue and Forecast (2016-2030)

8.1.3.     Advanced Reporting

8.1.3.1.          Market Revenue and Forecast (2016-2030)

8.1.4.     Connectivity Management

8.1.4.1.          Market Revenue and Forecast (2016-2030)

8.1.5.     Others (Call Management)

8.1.5.1.          Market Revenue and Forecast (2016-2030)

Chapter 9.    Global IoT in Elevators Market, By End User

9.1.  IoT in Elevators Market, by End User, 2021-2030

9.1.1.     Residential

9.1.1.1.          Market Revenue and Forecast (2016-2030)

9.1.2.     Commercial

9.1.2.1.          Market Revenue and Forecast (2016-2030)

9.1.3.     Industrial

9.1.3.1.          Market Revenue and Forecast (2016-2030)

Chapter 10.Global IoT in Elevators Market, Regional Estimates and Trend Forecast

10.1.          North America

10.1.1.  Market Revenue and Forecast, by Component (2016-2030)

10.1.2.  Market Revenue and Forecast, by Application (2016-2030)

10.1.3.  Market Revenue and Forecast, by End User (2016-2030)

10.1.4.  U.S.

10.1.4.1.       Market Revenue and Forecast, by Component (2016-2030)

10.1.4.2.       Market Revenue and Forecast, by Application (2016-2030)

10.1.4.3.       Market Revenue and Forecast, by End User (2016-2030)

10.1.5.  Rest of North America

10.1.5.1.       Market Revenue and Forecast, by Component (2016-2030)

10.1.5.2.       Market Revenue and Forecast, by Application (2016-2030)

10.1.5.3.       Market Revenue and Forecast, by End User (2016-2030)

10.2.          Europe

10.2.1.  Market Revenue and Forecast, by Component (2016-2030)

10.2.2.  Market Revenue and Forecast, by Application (2016-2030)

10.2.3.  Market Revenue and Forecast, by End User (2016-2030)

10.2.4.  UK

10.2.4.1.       Market Revenue and Forecast, by Component (2016-2030)

10.2.4.2.       Market Revenue and Forecast, by Application (2016-2030)

10.2.4.3.       Market Revenue and Forecast, by End User (2016-2030)

10.2.5.  Germany

10.2.5.1.       Market Revenue and Forecast, by Component (2016-2030)

10.2.5.2.       Market Revenue and Forecast, by Application (2016-2030)

10.2.5.3.       Market Revenue and Forecast, by End User (2016-2030)

10.2.6.  France

10.2.6.1.       Market Revenue and Forecast, by Component (2016-2030)

10.2.6.2.       Market Revenue and Forecast, by Application (2016-2030)

10.2.6.3.       Market Revenue and Forecast, by End User (2016-2030)

10.2.7.  Rest of Europe

10.2.7.1.       Market Revenue and Forecast, by Component (2016-2030)

10.2.7.2.       Market Revenue and Forecast, by Application (2016-2030)

10.2.7.3.       Market Revenue and Forecast, by End User (2016-2030)

10.3.          APAC

10.3.1.  Market Revenue and Forecast, by Component (2016-2030)

10.3.2.  Market Revenue and Forecast, by Application (2016-2030)

10.3.3.  Market Revenue and Forecast, by End User (2016-2030)

10.3.4.  India

10.3.4.1.       Market Revenue and Forecast, by Component (2016-2030)

10.3.4.2.       Market Revenue and Forecast, by Application (2016-2030)

10.3.4.3.       Market Revenue and Forecast, by End User (2016-2030)

10.3.5.  China

10.3.5.1.       Market Revenue and Forecast, by Component (2016-2030)

10.3.5.2.       Market Revenue and Forecast, by Application (2016-2030)

10.3.5.3.       Market Revenue and Forecast, by End User (2016-2030)

10.3.6.  Japan

10.3.6.1.       Market Revenue and Forecast, by Component (2016-2030)

10.3.6.2.       Market Revenue and Forecast, by Application (2016-2030)

10.3.6.3.       Market Revenue and Forecast, by End User (2016-2030)

10.3.7.  Rest of APAC

10.3.7.1.       Market Revenue and Forecast, by Component (2016-2030)

10.3.7.2.       Market Revenue and Forecast, by Application (2016-2030)

10.3.7.3.       Market Revenue and Forecast, by End User (2016-2030)

10.4.          MEA

10.4.1.  Market Revenue and Forecast, by Component (2016-2030)

10.4.2.  Market Revenue and Forecast, by Application (2016-2030)

10.4.3.  Market Revenue and Forecast, by End User (2016-2030)

10.4.4.  GCC

10.4.4.1.       Market Revenue and Forecast, by Component (2016-2030)

10.4.4.2.       Market Revenue and Forecast, by Application (2016-2030)

10.4.4.3.       Market Revenue and Forecast, by End User (2016-2030)

10.4.5.  North Africa

10.4.5.1.       Market Revenue and Forecast, by Component (2016-2030)

10.4.5.2.       Market Revenue and Forecast, by Application (2016-2030)

10.4.5.3.       Market Revenue and Forecast, by End User (2016-2030)

10.4.6.  South Africa

10.4.6.1.       Market Revenue and Forecast, by Component (2016-2030)

10.4.6.2.       Market Revenue and Forecast, by Application (2016-2030)

10.4.6.3.       Market Revenue and Forecast, by End User (2016-2030)

10.4.7.  Rest of MEA

10.4.7.1.       Market Revenue and Forecast, by Component (2016-2030)

10.4.7.2.       Market Revenue and Forecast, by Application (2016-2030)

10.4.7.3.       Market Revenue and Forecast, by End User (2016-2030)

10.5.          Latin America

10.5.1.  Market Revenue and Forecast, by Component (2016-2030)

10.5.2.  Market Revenue and Forecast, by Application (2016-2030)

10.5.3.  Market Revenue and Forecast, by End User (2016-2030)

10.5.4.  Brazil

10.5.4.1.       Market Revenue and Forecast, by Component (2016-2030)

10.5.4.2.       Market Revenue and Forecast, by Application (2016-2030)

10.5.4.3.       Market Revenue and Forecast, by End User (2016-2030)

10.5.5.  Rest of LATAM

10.5.5.1.       Market Revenue and Forecast, by Component (2016-2030)

10.5.5.2.       Market Revenue and Forecast, by Application (2016-2030)

10.5.5.3.       Market Revenue and Forecast, by End User (2016-2030)

Chapter 11.   Company Profiles

11.1.                 Bosch GmbH

11.1.1.  Company Overview

11.1.2.  Product Offerings

11.1.3.  Financial Performance

11.1.4.  Recent Initiatives

11.2.                 DOPPLER Manufacturing

11.2.1.  Company Overview

11.2.2.  Product Offerings

11.2.3.  Financial Performance

11.2.4.  Recent Initiatives

11.3.                 Electra Ltd.

11.3.1.  Company Overview

11.3.2.  Product Offerings

11.3.3.  Financial Performance

11.3.4.  Recent Initiatives

11.4.                 Fujitec Co., Ltd.

11.4.1.  Company Overview

11.4.2.  Product Offerings

11.4.3.  Financial Performance

11.4.4.  Recent Initiatives

11.5.                 GRUPPO MILLEPIANI

11.5.1.  Company Overview

11.5.2.  Product Offerings

11.5.3.  Financial Performance

11.5.4.  Recent Initiatives

11.6.                 Hitachi, Ltd.

11.6.1.  Company Overview

11.6.2.  Product Offerings

11.6.3.  Financial Performance

11.6.4.  Recent Initiatives

11.7.                 Honeywell International, Inc.

11.7.1.  Company Overview

11.7.2.  Product Offerings

11.7.3.  Financial Performance

11.7.4.  Recent Initiatives

11.8.                 Huawei Technologies Ltd.

11.8.1.  Company Overview

11.8.2.  Product Offerings

11.8.3.  Financial Performance

11.8.4.  Recent Initiatives

11.9.                 Hyundai Elevator Co., Ltd.

11.9.1.  Company Overview

11.9.2.  Product Offerings

11.9.3.  Financial Performance

11.9.4.  Recent Initiatives

11.10.              IBM Corporation

11.10.1.                   Company Overview

11.10.2.                   Product Offerings

11.10.3.                   Financial Performance

11.10.4.                   Recent Initiatives

Chapter 12.   Research Methodology

12.1.                 Primary Research

12.2.                 Secondary Research

12.3.                 Assumptions

Chapter 13.   Appendix

13.1.                 About Us

13.2.                 Glossary of Terms

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