Increasing Investments in the Building Infrastructure and Increased Demand for a Security Are Increasing the Smart and Connected Elevators and Elevators Control Systems Market Size During the Forecast Period 2022-2027

The Smart & Connected Elevators & Elevators Control Systems Market size is forecast to reach US$68.25 billion by 2027, growing at a CAGR of 9.05% from 2022 to 2027. Rapid urbanization and increased demand for energy-saving infrastructure are positively influencing the Smart and Connected Elevators and Elevators Control Systems industry outlook. In February 2021, Honeywell International collaborated with IDEMIA, to create an intelligent building ecosystem for commercial and residential buildings. However, high deployment and maintenance costs are major factors hampering the market growth.

Moreover, technical advancements in control systems such as the integration of artificial intelligence and IoT in access control systems and digital security control systems are presenting ample opportunities for Smart and Connected Elevators and Elevators Control Systems in commercial applications. In FY 2020, according to the South Korean Ministry of Land, Infrastructure and Transport, there were approximately 1.32 million commercial buildings in South Korea, up from 1.29 million in 2019 which in turn boosted the adoption of Smart and Connected Elevators and Elevators Control Systems.

Europe generated approximately 26% of the global revenues in the Smart and Connected Elevators and Elevators Control Systems industry in 2021. Growing concerns of governmental bodies for reducing power consumption and massive developments in making green buildings and smart cities. In March 2020, Thyssenkrupp Ag entered into an agreement with Advent, Cinven and RAG foundation to sell its smart elevator technology business segment to strengthen its cash flow and lower structural costs.

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Smart & Connected Elevators & Elevators Control Systems Market Growth Drivers:

Increasing investments in building infrastructure are driving the Smart and Connected Elevators and Elevators Control Systems Market forward

The growing investments in high-rise buildings and smart city projects coupled with the adoption of advanced technologies, such as artificial intelligence, smart sensors and IoT in elevator control systems, produce ample opportunities for the smart and connected elevators and elevator control systems to grow. Significant infrastructure investment can be seen in emerging economies such as India, China, Saudi Arabia and others, which opens up new market opportunities. In March 2021, according to China’s 14^th Five-Year Plan, the government planned to have China’s urbanization rate reach 65% of the total population by 2025. India also has a US$ 1.5 trillion National Infrastructure Pipeline for six years ending by 2025. The plan aims to invest in a wide range of hard infrastructure and social sectors. These major investments in building infrastructure will positively influence the Smart and Connected Elevators and Elevators Control Systems industry outlook during the forecast period.

The Major Players in this Market Include

Major players in the Smart and Connected Elevators and Elevators Control Systems Market includes Hitachi Ltd., Hyundai Elevators, Mitsubishi Electric, Honeywell International, Kone Corp and Advanced Elevator among others. In May 2022, Kone Elevators India, displayed the world’s first Digitally Connected Elevators, the ‘KONE DX Class’ at EXCON 2022.