Iot Elevators Market Value To Reach Nearly US$ 93.9 Billion By 2032

The global IoT elevator market is set to reach US$ 93.9 Billion by the end of 2022-2032 with a CAGR of 13.4%, according to Fact.MR. By 2022, the market is expected to be worth US$ 26.7 Billion, representing a dollar opportunity worth US$ 67.2 Billion in 2016-2021. IoT Elevators are proving to be more efficient than traditional elevators in comparison with next-generation elevators.

With a growth rate valued at US$ 18.4 Billion, in 2022 the hardware demand has boomed significantly in the past few years. Based on the data that is being collected from daily usage of elevators, artificial intelligence is currently being used to assist both operators and mechanical contractors in keeping up with their daily routines and finding ways to better manage the flow of elevator traffic and find ways to prevent problems before they occur.

The integration of third-party systems with elevators is expected to become more prevalent as technology develops in the future. In addition, construction companies are raising their demands for efficient and safe technologies in the global elevators market. The growth of the market will be driven by the increase in urbanization and the increased demand for residential & commercial amenities will significantly rise the market for IoT in elevators markets. It is likely that these trends will lead to traction for the IoT market in elevators. Devices powered by IoT technology can manage big data streams and perform predictive maintenance in elevators.

Key Takeaways from the Market Study

India to emerge as the dominant IoT in elevators market, reaching US$ 6.0 Billion by 2032

China to be the fastest-growing market, registering a CAGR of 14.6% across the decade

U.S. are likely to yield $ opportunities worth US$ 17.9 Billion respectively

By component type, hardware to register maximum IoT in elevators usage, growing at a 12.1% CAGR

Preventive maintenance to emerge as the top application, growing at a rate of 13.9% through 2032

“With growing technology, AI and machine learning can be used to simulate the adoption and growth of smart elevators in the future,” remarks an analyst at Fact.MR.

Competitive Landscape

Prominent manufacturers of IoT in elevators are eyeing technological innovations in order to provide the most accurate and precise elevator system arrangements to their customers. To enhance their presence across significant geographies, companies are forging collaborative agreements with government entities. The need for smarter elevators has led to innovative IoT solutions being developed by several players in the current market landscape which will further boost various innovations over time.

●       With the addition of Day Elevator & Lift serving New York and New Jersey, KLEEMANN, a major lift manufacturer serving the global market, is entering the U.S. market beginning in April 2022. Investing in innovation, digital technology, and sustainability, KLEEMANN hopes to establish a well-defined local presence and achieve sustainable growth. A New York-based company that offers technology-driven accessibility products and solutions for residential and commercial clients, Day Elevator & Lift has its corporate headquarters in West Hempstead, New York, and its sales office in Manhattan.

●       Tokyo-based Mitsubishi Electric Corp. announced that they will acquire in April 2022 a Swedish company named Motum AB, which runs an elevator and automatic door business primarily in Sweden, Mitsubishi Electric says. Mitsui Electric aims to bolster its services and modernization capabilities in Sweden and other countries that aren’t limited to Europe with the agreement it formally announced on March 23. Additionally, Motom provides maintenance services for more than 20,000 elevators under a multi-brand maintenance program.

These insights are based on a report on IoT in Elevators Market by Fact.MR.