IoT elevator Market Showing Footprints for Strong Annual Sales of USD 26.7 Bn by 2032; Owing To The Implementation of AI By Top Players Electra Ltd., Fujitec Co. Ltd, Hitachi Ltd: Report Fact.MR

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Jul. 05, 2022 16:42
SEOUL--(Korea Newswire)--The global IoT elevator market is set to reach USD 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 USD 26.7 Billion, representing a dollar opportunity worth USD 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 USD 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.

Key Attributes of IoT in Elevators Industry

Report Attributes / Details
Anticipated Base Year Value (2021) / USD 23.1 Billion
Expected Market Value (2022) / USD 26.7 Billion
Projected Forecast Value (2032) / USD 93.9 Billion
Global Growth Rate (2022-2032) / 13.4% CAGR
Growth Rate of the U.S (2022-2032) / 12.6% CAGR
Expected Market Value of China (2032) / USD 14.6 Billion

Residential & Commercial Amenities Will Significantly Rise The Market For IOT In Elevators

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 USD 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 USD 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.

Key Segments Covered in the IoT in Elevators Market Study

· IoT in elevators by Components :
-IoT in elevators for Hardware
-IoT in elevators for Software
a) IoT in elevators On-Premise
b) IoT in elevators Cloud
-IoT in elevators for Services
a) Designing and engineering
b) Installation
c) Refurbishing
d) Maintenance and repair
e) Managed Services

· IoT in elevators by Application Type :
-Preventive Maintenance
-Remote Monitoring
-Advanced Reporting
-Connectivity Management
-Others (Call Management)

· IoT in elevators by End-User :

· IoT in elevators by Region :
-North America
-Asia Pacific
-Middle East and Africa

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global IoT in elevators market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032. Market growth is expected to be driven by increasing investment in metropolises and smart city developments within this region.

The study reveals essential insights on the basis of IoT in elevators component types (Hardware, Software(On-Premise, Cloud) Services (Designing and Engineering, Installation, Refurbishing, Maintenance and Repair, Manage Service)) by application (Preventive Maintenance, Remote Monitoring, Advanced Reporting, Connectivity Management, Others (Call Management) and by end-user (Residential, Commercial, Industrial) across five major regions (North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa).

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Mahendra Singh
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