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.
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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.
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.
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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 2024 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 2024. 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.
IoT in Elevators Market Definition
- The IoT in elevators market report provides analysis of the global IoT in elevators market for the period 2018 – 2030, wherein 2019 is the base year and 2020 to 2030 is the forecast period. Data for 2018 has been included as historical information.
- The report studies the IoT in elevators market from the perspective of different components and industry verticals
IoT in Elevators Market Snapshot
- Asia Pacific is expected to witness the highest opportunity addition in the IoT in elevators market globally, with North America being the next closest region
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 Faced by IoT in Elevators Market Players
- 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.
IoT in Elevators Market: Company Profile Snapshot
- The research study includes profiles of leading companies operating in the global IoT in elevators market
- 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
- Toshiba Elevators
- Companies are shifting toward advanced technology to gain competitive advantage in the IoT in elevators market apart from maintaining their position in the market
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