Smart Elevator Market Growth, Demand and Challenges of the Key Industry Players 2028

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Global Smart Elevator Market Research Report 2023-2028:

According to the latest report by IMARC Group, titled " Smart Elevator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 202 3-2028

," the global smart elevator market size reached US$ 25.8 Billion in 2022.

Smart elevators are advanced systems that allow vertical transportation of passengers and goods from one floor to another within a building. They consist of destination dispatching and access control systems, biometrics, and touch screens that allow users to press a button and choose their desired destination.

They are faster, reliable and assist in improving the operational efficiency and safety of the elevator while reducing energy costs. Owing to these properties, smart elevators are widely adopted across commercial and institutional establishments across the globe.

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Global Smart Elevator Market Trends:

The market is primarily driven by the escalating demand for energy-efficient solutions due to rising concerns about energy consumption across the globe. In addition, the implementation of various government initiatives promoting smart city projects is accelerating the adoption of modern amenities such as smart elevators. Besides this, key players are integrating advanced technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), in smart elevators to diagnose problems from a remote location, provide emergency responses, and enhance overall safety.

This, coupled with the adoption of a new permanent magnet synchronous (PMS) gearless traction machine that utilizes less energy than conventional geared machines, is positively influencing the market growth. Furthermore, the increasing demand for efficient mobility systems due to the growing high-rise buildings and the expanding working population is also propelling the market growth.

Looking forward, IMARC Group expects the market value to reach US$ 42.2 Billion by 2028, exhibiting a CAGR of 9.1% during the forecast period (2023-2028).

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Key Market Segmentation

The research report includes the following segments:

Breakup by Solution:

• Control Systems

• Security Control System

• Elevator Control System

• Access Control System

• Maintenance Systems

• Communication Systems

• Services

• Support and Maintenance

• New Deployments

• Modernization

Breakup by Application:

• Residential

• Commercial

• Industrial

• Institutional

• Others

Breakup by Region:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

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Competitive Landscape with Key Players:

• Bosch Service Solutions GmbH

• Hyundai Elevator Co. Ltd

• KONE Elevator India Private Limited (Kone Oyj)

• Mitsubishi Electric Corporation

• Otis Worldwide Corporation

• Schindler Holding Ltd

• Thames Valley Controls Ltd

• TK Elevator

• Toshiba Elevators

• Building Systems Corporation (Toshiba Corporation)

1. What was the size of the global smart elevator market in 2022?

2. What is the expected growth rate of the global smart elevator market during 2023-2028?

3. What has been the impact of COVID-19 on the global smart elevator market?

4. What are the key factors driving the global smart elevator market?

5. What is the breakup of the global smart elevator market based on the solution?

6. What is the breakup of the global smart elevator market based on the application?

7. What are the key regions in the global smart elevator market?

8. Who are the key players/companies in the global smart elevator market?

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