According to the research report titled ‘Smart Elevator Market Size By Solution, By End-Use, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, global smart elevator market is expected to surpass USD 25 billion by the year 2025.
 

Rapid urbanization and increasing development of smart cities along with rising construction of skyscrapers are major factors driving the smart elevator market growth. Growing demand for efficient crowd management systems and faster commute in large commercial and residential establishments has enhanced the deployment of advanced automation and lift systems. Smart lifts offer better energy efficiency and security during elevating operations due to integration of access control systems, communication devices and IoT technology. Incorporation of internet connectivity and sensor technology in advanced lifts allows cost & time saving benefits due to early repair & maintenance alerts, which in turn is fueling the market expansion.
 

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As per solution type, control system segment is presumed to grow substantially during the forecast period. The system helps in managing building infrastructure and effectively controlling lift operations Rising adoption of advanced lift systems in industrial, commercial and residential sectors is driving the need to timely control & maintain elevators for efficient crowd management. Control systems such as lift, access and security provide improved safety and better commuter experience.
 

Based on the application spectrum, smart elevator market share from commercial segment is expected to expand significantly during the estimated timeframe. The advent of smart infrastructure with automated features along with various initiatives by enterprises in order to offer superior infrastructure facilities are favoring the market outlook.
 

As per the regional analysis, Asia-Pacific smart elevator industry is poised to witness remunerative growth through 2025. Rapid industrialization and increasing smart city projects in China and Singapore are promoting the business scenario in Asia-Pacific.
 

The eminent companies prevailing in smart elevator market are thyssenkrupp AG, Hyundai Elevator Co., Otis Elevator Co., KONE Oyj and Schindler Group among others.