IoT in Elevators Research Report
The GMI Research's latest analysis reveals that the IoT in
Elevators Market is slated to register a significant CAGR over the forecast
period. This is attributed to the introduction of automation technologies, the
strong adoption of automation technologies in the construction industry,
improved economic conditions, the increasing requirement for high-end
residential and commercial amenities, and rapid urbanization.
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IoT in Elevators Market’s leading
Manufacturers:
·
Bosch GmbH
·
Honeywell International Inc.
·
Huawei Technologies Ltd
·
Hyundai Elevator Co., Ltd
·
KONE Corporation
·
Otis Elevator Corporation
·
Thyssenkrupp AG
·
Schneider Group SA
·
Schindler Group
·
Mitsubishi Electric Corporation
IoT in Elevators Market Dynamics (including
market size, share, trends, growth, forecast, and industry analysis)
Key
Drivers
The strong adoption of automation technologies in the
construction industry globally is a key driver contributing to the growth of
the IoT
in elevators market size. The introduction of automation technologies,
improved economic conditions, and rapid urbanization are creating various new
growth opportunities for the market. Over the last few years, advancements in
IoT and artificial intelligence technologies have drastically changed the way
elevators function. Moreover, the increasing requirement for high-end
residential and commercial amenities, rising urbanization, and growing need to
enhance operational efficiency are some other factors surging the growth of the
IoT in elevators market share in terms of revenue. Governments around the world
are increasingly emphasizing the infrastructure that is energy effective. The
growing focus on the conservation of energy has fuelled the demand for IoT in
elevators market. With the rapid development of smart cities gaining
exceptional momentum at a global level, the demand for smart elevators has
increased. The commercial, residential, and industrial sectors worldwide have
continuously deploying IoT solutions in their spaces to save long-term cost,
enhance operational efficiency, and improve energy efficiency. On the other
hand, the high maintenance and initial cost will hinder the growth of the
global IoT in elevators market over the coming years.
Component
Segment Drivers
The software segment is predicted to dominate the market
over the coming years due to the various technical abilities of IoT allows the
devices to anticipate the maintenance needs and imminent failure and manage
large performance data. The devices in a smart elevator system can control and
track the changes in numerous operating conditions, such as noise, heat, or
friction, and use the changes to tell when an elevator needs maintenance.
End-User
Segment Drivers
Based on the end-user, the residential is anticipated to
rise at a higher CAGR in the upcoming years due to rising disposable income
among the consumers and growing migrants from rural to urban areas. Moreover,
the high-rise buildings in the residential sector have been rising over the
past years, and offering security in a residential building is important.
IoT in Elevators Market Segmentation:
Segmentation
by Component:
·
Hardware
·
Software
·
Services
Segmentation
by Application:
·
Preventive Maintenance
·
Remote Monitoring
·
Connectivity Management
·
Advanced Reporting
·
Others
Segmentation
by End-User:
·
Residential
·
Commercial
·
Industrial
Segmentation
by Region:
·
North America
o
United States of America
o
Canada
·
Asia Pacific
o
China
o
Japan
o
India
o
Rest of APAC
·
Europe
o
United Kingdom
o
Germany
o
France
o
Spain
o
Rest of Europe
·
RoW
o
Brazil
o
South Africa
o
Saudi Arabia
o
UAE
o
Rest of the world (remaining countries of the
LAMEA region)
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