Increasing Number of Smart City Projects Worldwide Stimulating Integration of IoT in Elevators: Fact.MR Report
Increasing Number of Smart City Projects Worldwide Stimulating Integration of IoT in Elevators: Fact.MR Report
Fact.MR, a market research and competitive intelligence provider, in its updated industry analysis, reveals that revenue from the global IoT in elevator market is expected to reach US$ 33.13 billion in 2024. The market has been forecasted to expand at a CAGR of 11.4% from 2024 to 2034.
Growing infrastructure development and modernization in urban areas is leading to a significant transformation. Moreover, the implementation of stringent environmental regulations and laws is paving the way for a sustainable and greener future globally.
Rising preference for smart and new technologies, such as machine learning, artificial intelligence, and IoT in commercial and residential infrastructure widening opportunities for market players. Increased demand for IoT in elevators is attributed to their features, such as improved safety and security, remote monitoring, and the ability to detect unusual technical faults.
Installing predictive maintenance facilities in IoT solutions-based elevators helps in monitoring heat changes and noise fluctuation. A growing requirement for power-efficient and secure systems is having a positive impact on the demand for IoT in elevators.
For More Insights into the Market, Request a Sample of this Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=7278
Key Takeaways from Market Study
“Companies should leverage opportunities created with increased demand for new technological advanced vertical transportation solutions, such as IoT in elevators from hospitals, hotels, high-rise buildings, and other infrastructure projects,”says a Fact.MR analyst.
Ever-Increasing Demand for Advanced Amenities in Residential Buildings
Growing demand for more efficient and advanced amenities in residential buildings across developed as well as potentially developing countries is resulting in the rising installation of predictive maintenance facilities in modern elevators. They assist in monitoring friction and heat exchange for a more secure elevator operation.
Key Market Players
Mitsubishi Electric Corporation, Company Profiles, Toshiba Elevators, Electra Ltd., ThyssenKrupp AG., Fujitec Co., Ltd., Telefonica S.A., Hitachi, Ltd., Schindler Group, Hyundai Elevator Co. Ltd., Otis Elevator Company, and KONE Corporation are some of the key players operating in the IoT in elevator market.
IoT in Elevator Industry News:
Leading companies in the IoT in elevator market are actively pursuing collaborations, partnerships, acquisitions, and new product launches to gain a competitive edge.
For example, in September 2023, ThyssenKrupp AG introduced MAX, a predictive maintenance system that leverages machine learning and AI to analyze data from elevator sensors. This technology helps identify potential issues before they result in breakdowns, enhancing reliability and operational efficiency.
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=S&rep_id=7278
More Valuable Insightson Offer
Fact.MR, in its new offering, presents an unbiased analysis of the IoT in elevator market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on component (hardware, software [on-premise, cloud], services [designing & engineering, installation, refurbishing, maintenance & repair, managed services]), application (preventive maintenance, remote monitoring, advanced reporting, connectivity management, others), and end user (residential, commercial, industrial), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Check out More Related Studies Published by Fact.MR Research:
Elevators market is valued at US$ 95 billion in 2023 and is expected to reach US$ 270 billion by 2033-end. The market is forecasted to increase at a high-value CAGR of 11% from 2023 to 2033.
Elevator component market is currently valued at US$ 54.6 billion, according to a recent report by Fact.MR, and is forecasted to expand at a CAGR of 9.4% to reach US$ 134.1 billion by the end of 2034.
Internet of Things (IoT) market size will expand from US$ 1,90,180.8 million in 2024 to US$ 8,83,156.2 million by 2034. The global IoT market is expected to steadily evolve at a 16.6% CAGR from 2024 to 2034.
Bucket elevators market is set to enjoy a valuation of US$ 1.18 billion in 2022 and further expand at a CAGR of 5.8% to reach US$ 2.07 billion by the end of 2032.
Sales of construction elevators in 2022 were held at US$ 684.8 Million. With 4.7% projected growth from 2023 to 2033, the market is expected to reach a valuation of US$ 1.1 Billion by the end of forecast period.
The Internet of Things (IoT) refers to the network of physical devices connected to the internet, allowing them to collect and exchange data. This technology enhances efficiency and automation in various sectors.
Predictive maintenance is a proactive approach to maintenance that uses data analysis tools and techniques to detect anomalies in equipment operation and potential defects, allowing for timely interventions.
Smart elevators are advanced elevator systems equipped with IoT technology, enabling features like remote monitoring, predictive maintenance, and enhanced safety measures, improving overall operational efficiency.
CAGR, or Compound Annual Growth Rate, is the mean annual growth rate of an investment over a specified time period, assuming the investment grows at a steady rate.
Market expansion refers to the strategy of increasing a company's sales and market share by entering new markets or increasing its presence in existing markets.
Explore more articles in the Research Reports category
