The growing importance of automation in the construction industry is driving the global IoT in the elevator market. As per a report by Fortune Business Insights, titled “IoT in Elevator Market Size, Share and Global Trend By Components (Hardware, Software, Services), By Application (Predictive Maintenance & Remote Monitoring), By End-User (Residential, Commercial, Industrial) and Geography Forecast till 2027,” the construction manufacturers focus on smart and innovation elevators to ensure safety and maintenance. Now, elevators are enabled with IoT technology and are energy efficient, less wait time, and can effectively communicate with service providers through a mobile app. Current trends prevailing in the market are remote monitoring, advanced reporting, and predictive maintenance.
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These applications result in an effective reduction of overall downtime in elevators. Spurred by these benefits, the IoT in the elevator market share is expected to increase in the forthcoming years.
1. By Component
2. By Application
- Predictive Maintenance
- Remote Monitoring
3. By End User
4. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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Key Industry Development
- May 2018– Otis Elevator Company launched its first high-speed Gen2 elevator, equipped with innovative features including new interiors, smart & connected functions, fashionable look, and higher functionality for the global high-rise market expanding its popular Gen2 family of elevators.
Top Players List:
- KONE Corporation
- Fujitec Egypt Co. Ltd.,
- Hyundai Elevator Company
- Otis Elevator Co.
- Schindler Group
- Mitsubishi Electric Corporation
- Toshiba India Pvt. Ltd.
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Key Market Driver –
- IT modernization, an increasing number of high-rise buildings.
- The global requirement for energy conservation and presence of a large number of IoT in elevator providers.
Key Market Restraint –
- Investments required for the adoption and transformation of these systems and the cybercrimes involving technology risk and confidential company data risks.
Furthermore, the company aims to connect with over 1 million elevators across the world to carry out applications such as predictive maintenance among others. Another company called Otis Elevator announced the launch of its first high-speed Gen2 elevator in May 2018. The elevator is enabled with advanced features such as smart & connected functions, new interiors, and fashionable. This will further broaden the company’s product portfolio and strengthen its market share.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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