Smart Elevator Market Size

4 technology-oriented trends impacting smart elevator market share

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The global smart elevator market share is on the rise lately owing to the product’s growing adoption in emerging markets like India and China, coupled with growth in the construction and infra sectors worldwide. Smart elevators are estimated to make big strides in the global elevator market owing to the new wave of technology and advancements that are transforming the global landscape.

UK smart elevator market, by application, 2018 & 2025 (USD Million)
UK smart elevator market, by application, 2018 & 2025 (USD Million)

Enumerated below is an insightful summary of the top technological trends which are likely to offer impetus to smart elevators industry share.

1) Internet-connected elevators

The future of elevators is connectivity, which is expected to play a huge role in product demand over the coming years. With several smart elevator manufacturers already considering its implementation, it won’t take long for internet-connected smart elevators to become common. A smart elevator company that is currently exploring this possibility is Otis Elevators. The company has initiated development of smart elevators that are capable of communicating with passengers, service staff, building managers, and others for enhancing performance and passenger experience.

Otis is also looking to develop technologies that can enable passengers to summon elevators through their phone. The implementation of connectivity and smart features is a major ongoing trend which is estimated to overcome problems concerned with efficiency, repair schedules, as well as waiting and traveling time. The burgeoning demand for the integration of such technologies within residential and commercial spaces will pump up smart elevator market share in the ensuing years.

2) IoT driven elevators technology

Technologies like IoT are reshaping the surroundings and helping countless businesses perform better. Smart elevators companies have also started recognizing the potential of these disruptive technologies and are beginning to embrace them. A smart elevator market analysis reveals that IoT seems to have majorly influenced the industry dynamics lately. Case in point, smart elevator company Schindler recently entered a partnership with Spanish telecom giant Telefónica to enhance its cloud-based digital offerings with Telefónica’s IoT connectivity services.

Such provisions will offer greater convenience, interactivity, and personalized services to smart elevator passengers. Also, the extraordinary pace at which high-rise buildings are mushrooming across the globe offers numerous growth opportunities to the technology providers in the IoT domain. The surging adoption of IoT in smart construction and connected buildings will fuel the smart elevator market share over the forthcoming years.

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3) Multi-directional elevators

With rapid urbanization, the population in cities will continue to rise, generating a high demand for residential establishments, which can be sufficed by building more high-rise and economical buildings. While the conventional elevator technology obstructs this possibility, the implementation of rope-free and multidirectional elevators seems a viable option.

German elevators giant Thyssenkrupp’s latest innovation Multi is a ropeless multidirectional elevator, which can move up and down a shaft as well as move horizontally. The technology is estimated to bring considerable change to the elevator industry owing to its numerous benefits including more space, less wait time, and fewer restrictions due to elevator shaft height. Successful implementation of this technology could offer new opportunities for the smart elevators industry in the future.

4) Maintenance using augmented reality

Regular servicing and maintenance of a residential or commercial elevator system can fix small problems before they get big enough and end up costing a fortune. The elevator technology is evolving rapidly, triggering the next level of technically advanced maintenance technology. An ideal example in this context is of ThyssenKrupp which has equipped repair engineers with HoloLens, Microsoft’s augmented reality technology.

HoloLens allows repair engineers to effectively communicate with coworkers back in office, by sharing schematics through the display, for accelerating servicing and repair. Such a technology will create a massive shift in the smart elevators industry, giving builders the confidence to invest in technologically advanced elevators that are compatible with such services and facilitate seamless functioning of a building.

The smart elevators market analysis based on the aforementioned trends sheds light on the possibility that this industry will embrace modernizations owing to constant innovation in information technology and other tech sectors. Numerous other trends in the world of technology and elevators overtly indicate a lucrative phase for the business space.

Furthermore, the construction of technically advanced structures and green buildings would spark a technological revolution, thereby boosting the smart elevator market share in the future. According to a smart elevator industry analysis by Global Market Insights, Inc., this market is anticipated to be worth more than $25 billion by 2025.

Author Name :Krithika Krishnan

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