Rise in Number of Smart Cities and Smart Construction Projects to Bolster Market Growth
Over the past few decades, due to the increasing focus on modernization and infrastructure development around the world, urban cities around the world have witnessed a consistent transformation. In addition, as environmental laws and regulations continue to pave the way for a greener and a sustainable future across the modern cities, considerable developments have been made at the urban landscape and development front. At present, trends suggest a growing adoption of novel technologies, including artificial intelligence, machine learning, the Internet of Things (IoT) across residential and commercial projects around the world. Over the past decade, the demand for IoT in elevators has witnessed an impressive growth due to a host of factors, including increasing government support for the development of ‘smart cities, awareness regarding the benefits of IoT, improved security and safety, ability to detect unusual technical faults, and remote monitoring.
At present, IoT in elevators is increasingly being used for call management, connectivity management, advanced reporting, preventive maintenance, etc. The trend is set to pick up pace over the forecast period of the study, as the development cost of IoT software is likely to decline as the technology matures. Increasing private investment, especially in developing regions of the world including Middle East & Africa and Asia Pacific toward urban and infrastructure development, is expected to provide a considerable boost to the IoT in elevators market during the assessment period. In addition, the economic growth of developing nations, along with the increasing focus on expanding industries is another factor that is likely to provide an impetus to the demand for IoT in elevators during the assessment period. At the back of these factors, the global IoT in elevators market is projected to surpass US$ 63.5 Bn mark by the end of 2030.
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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.
Demand to Remain Steady amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic is anticipated to have a short-term impact on the overall demand for IoT in elevators around the world. While the demand witnessed a considerable drop over the first two quarters of 2020 due to stringent lockdown measures imposed by governments, the tide is likely to change in favor of the stakeholders over the last two quarters of 2020. Moreover, as the construction projects that were on hold or delayed due to the lockdown restrictions continue to resume, the demand is likely to grow gradually. In addition, smart elevators are expected to gain immense traction in the COVID-free era due to the improved safety features, including touch-free operations due to which, the IoT in elevators market is likely to witness an impressive growth rate in upcoming years.
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IoT in Elevators Market: Overview
- The IoT in elevators market is expected to register a CAGR of ~16% between 2020 and 2030. The market is projected to be driven by rising adoption of automation for mobility in commercial as well as residential places.
- The global IoT in elevators market is expected to cross ~US$ 63.5 Bn by 2030 from ~US$ 14 Bn in 2020. The increasing levels of investment with respect to infrastructure development is expected to drive the market.
- The IoT in elevators market in Asia Pacific, Europe, and Middle East & Africa is anticipated to expand at a rapid pace during the forecast period, followed by North America and South America
- North America remained the dominant leader in the global IoT in elevators market in 2019, primarily due to rapid adoption from residential end users in the region
- Asia Pacific is projected to witness significant growth in the global IoT in elevators market during the forecast period. Increasing investment in mega cities and smart cities within this region is expected to drive the market.