Study: Smart Lift Market to register 13 percent gains to 2025

Growing investments in constructing intelligent structures with premium comfort & safety would provide a major impetus to smart lift market share over the ensuing years. Smart infrastructure helps operators, owners, and facility managers improve asset reliability and performance, which help better manage and monitor assets, reduce energy costs and carbon footprint.

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Moreover, leveraging excellent technologies such as IoT, Edge Computing, M2M and Intelligent data analytics can also enhance an occupant’s experience and create more attractive and desirable places to work. According to the annual Energy Efficiency Indicator survey, over 75% of companies and organizations in the U.S. are paying more attention to investments in energy efficiency and smart buildings technology with a focus on buildings systems integration and building controls.

In 2018, building controls improvement was the most popular investment avenue in the U.S. with almost 98% of respondents signifying plans to soon implement these measures. Smart lift are a great advantage to smart buildings, as they offer enhanced security, energy efficiency and alerts pertaining to repair schedule.  Therefore, increasing investments towards smart buildings will favor the global smart lift market growth over the forecast years.

Smart Lift Market By Solution

  • Control systems
    • Security control system
    • Elevator control system
    • Access control system
  • Maintenance systems
  • Communication systems
  • Services
    • Support & maintenance
    • New deployments
    • Modernization

Smart Lift Market By End-Use

  • Residential
  • Commercial
  • Institutional
  • Industrial

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The construction industry is slated to witness a huge boom owing to the rapidly growing population. Latest data from Timetric’s Construction Intelligence Center projects the construction industry to be one of the fastest growing industries in 2020. The population in the U.S. alone is estimated to surge to over 335 billion, which could lead to a rise in residential housing. Smart lift within a residential setting offer residents with high safety, prevent the entry of unwanted persons along with energy efficiency and advanced maintenance systems.  As per a research report by Global Market Insights, Inc., the smart lift market share from the residential application will grow at a CAGR of more than 13% over 2019-2025.

Meanwhile, construction of commercial buildings will also continue to grow considering increased consumer spending and governmental investment in tourism, retail space, and office buildings. Increasing integration of smart technologies will thus drive the adoption graph of smart lift industry.

The North America Smart Lift Market was valued at over USD 3 billion in 2018 and is developing rapidly owing to the construction of several high-rise & complex buildings across all industry verticals. The region is showing a faster adoption due to the presence of technically aware users and high spending capacity on intelligent technologies. High government focus on deploying energy-efficient building solutions and reducing the overall carbon emissions will also lead to the industry development. Consumers in the U.S. are moving toward intelligent building automation & management systems to gain safety and time saving benefits, creating a huge demand in the smart elevators industry. Companies are enhancing their offerings in the North American region to gain a major customer base.

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The market comprises few key players including Kone Oyj, thyssenkrupp AG, Schindler Group, Fujitec, Otis Elevator Company, Hyundai Elevator Company, Mitsubishi Elevator, Toshiba Elevators, etc. Major Smart Lift Market players are investing in new solution development strategies that facilitate enhanced customer comfort and experience. The companies are partnering with other technology providers to offer better elevator-related technologies across the globe. For instance, in September 2018, Kone announced its collaboration with AT&T for providing the IoT connectivity and service management for the company’s 24/7 Connected Services offering. This new provision enables the monitoring & analysis of real-time information from various elevators.