In the smart elevator market, control system solutions are gaining high popularity owing to the need for managing building infrastructure and efficiently controlling the lift operations. Increasing utilization of intelligent lift systems across residential, commercial, and industrial projects requires timely control & maintenance to manage the increasing crowd. Various control systems, such as security, access, and lift control, offer enhanced safety along with elevated commuter experience.
The access control systems restrict the entry of unwanted and unregistered candidates at restricted floors, which is beneficial for the commercial & industrial settings, further increasing the security of highly valuable resources. These control solutions also aid theft protection in huge residential structures by restricting entry on various floors, further contributing to the smart elevator market growth.
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Smart Elevator Market is expected to exceed USD 25 billion by 2025.
Rising metropolitan & smart city development followed by construction of high-rise structures is driving the smart elevator market demand. The need for efficient crowd management and fast commuting in huge residential and commercial establishments is creating the demand for intelligent building automation & lift systems. These lift solutions offer security and energy efficiency to elevating operations owing to the integration of IoT technology, communication devices, and access control solutions.
Commercial application in the smart elevator market is experiencing high adoption due to rising construction of commercial setups, such as private & public offices, IT & telecommunication companies, and government institutions, across the globe. The emergence of smart buildings with automated & intelligent features is adding up to the consumption of intelligent lift solutions to offer high-speed commuting to employees & visitors. Several initiatives by enterprises to provide better infrastructure facilities to employees and enhance visitor experience are supporting the deployment of intelligent lift solutions.
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The integration of sensor technology and internet connectivity in intelligent lifts enables time & cost saving as they provide early maintenance & repair alerts to the building management authorities, further developing the smart elevator market.
The Asia Pacific smart elevator market is growing rapidly in recent years due to the robust construction industry development and emergence of several commercial & industrial infrastructures in countries including India, China, Japan, etc. The development of several smart city activities in Singapore and China owing to the demand from technically-aware population has created several industry growth opportunities. Moreover, increasing building transformation initiative adopted by the government and private organizations in India, South Korea, etc. is fostering the industry expansion at a rapid pace.
The prominent companies operating in the smart elevator market are Schindler Group, KONE Oyj, Otis Elevator Company, Hyundai Elevator Company, and thyssenkrupp AG. These companies are engaged in offering technically-developed solutions with sensor and connectivity features to offer enhanced user experience and pose high competition in the industry.
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The players are making huge investments in new product innovations and intelligent technologies to offer a wide portfolio of intelligent lift solutions for commercial & residential applications.