The Smart Elevators Market is expected to reach a value of $31.77 billion by 2028, at a CAGR of 11.4% during the forecast period 2021–2028.
Factors such as increasing demand for energy-efficient solutions, growing construction of smart residential and commercial buildings in developed countries, and rising number of high-rise buildings are driving the growth of the smart elevators market. However, the high initial investment is likely to hinder the market’s growth. Implementation of AI and analytics in building infrastructure and innovation in touch-less elevator operations are projected to provide significant growth opportunities for vendors operating in this market. On the other hand, challenges in deploying smart components in the existing elevators and security risks are restricting the growth of this market.
Here are the top 10 companies operating in Smart Elevator Market
Hitachi is an IT service provider engaged in developing and implementing business systems. The company operates through five business segments: IT, Energy, Industry, Mobility, and Smart life. Under the Mobility segment, the company provides elevators, escalators, building services, and railway systems. To improve the value chain of the Mobility segment, Hitachi started field tests, including smart building solutions in Singapore and smart ticketing solutions in Italy.
The company operates globally across Asia, Europe, Japan, and North America. It has around 12,000 patents. The company operates, monitors, and maintains systems using infrastructure, including data centers, networks, security operation centers, and contact centers. Hitachi has around 300 service sites.
Hitachi has 739 consolidated subsidiaries, including Hitachi ABB HVDC Technologies, Ltd. (Switzerland), Hitachi ABB Power Grids Ltd (Switzerland), Hitachi Alloy, Ltd. (Japan), Hitachi (China), Ltd., Hitachi Data Systems Engineering UK Limited (U.K.), and Hitachi East Asia Ltd. (China).
TK Elevator Corporation
TK Elevator Corporation (TK Elevators) manufactures elevators and machinery related to the elevators. In February 2021, thyssenkrupp Elevator, a manufacturer of elevators and escalators, changed its name to TK Elevator. In July 2020, Advent International (U.S.), an international private equity firm, and Cinven (U.K.) acquired thyssenkrupp Elevator. With this, the company launched its new global brand TKE and a modern corporate design.
The company provides a wide range of products and services, including elevators, MULTI, digital solutions, escalators, moving walks, ACCEL, airport solutions, and modernization. TK Elevators provides maintenance services of machinery for residential and commercial buildings. The company has a presence across 60 countries. The company operates in North America, Western Europe, South America, Asia-Pacific, Greater China, and Middle East & Africa.
Schindler Holding LTD.
Schindler Holding offers smart and sustainable vertical mobility solutions for buildings. The company operates through a single reportable segment, namely, Elevators and Escalators. Schindler provides residential elevators, commercial elevators, and escalators, and moving walks. Along with this, the company provides modernization and maintenance services. The company operates in more than 100 countries in regions including EMEA, the Americas, and Asia-Pacific. The company has branch offices, production sites in eight countries in Austria, Brazil, China, India, Slovakia, Switzerland, the U.S., and Vietnam, and six research and development facilities worldwide.
Otis Worldwide Corporation
Otis Worldwide Corporation is an elevator and escalator manufacturing, installation, and service company. The company operates through two reportable segments, namely, New Equipment and Service. Under the New Equipment segment, the company manufactures, sells, and installs passenger and freight elevators. The company provides maintenance and repair services. The company also provides modernization services to improve equipment operation and building functionality. Customers of the company include real-estate and building developers and general contractors. The company operates in Europe, the Middle East & Africa (EMEA), and the Americas.
KONE Corporation (KONE) provides elevators, escalators, and automatic building doors. The company also provides solutions for maintenance and modernization. KONE operates through three reportable segments, namely, Maintenance, New Equipment, and Modernization. KONE provides connected and communication services. The company operates in 60 countries in Europe, the Middle East & Africa (EMEA), the Americas, and Asia-Pacific. KONE has more than 5,000 granted or pending patents globally. The company has R&D centers around Allen, Coal Valley, Pero, Torreon, and Chennai.
Meticulous Research in its latest publication on Smart Elevator Market has predicted the growth of 11.4% during the forecast year 2021-2028
Mitsubishi Electric Corporation
Mitsubishi Electric Corporation (Mitsubishi) manufactures electrically engineered products and electronics. It operates through five business segments: Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems, Electronic Devices, and Home Appliances. The Industrial Automation segment includes products, such as programmable logic controllers, motors, industrial robots, and computerized numerical solutions.
Mitsubishi Electric has its geographic presence in the U.S., Canada, Mexico, Brazil, Chile, Australia, Taiwan, India, Indonesia, Japan, Korea, Thailand, France, Germany, Italy, Spain, the U.K., Russia, Egypt, and Kuwait, among other countries. Some of the company’s subsidiaries are Mitsubishi Electric Control Panel Corporation (Japan), Mitsubishi Elevator Asia Co., Ltd (Japan), and Mitsubishi Electric Thai Auto-Parts Co., Ltd (Japan).
FUJITEC CO., LTD.
FUJITEC CO., LTD. (FUJITEC) provides passenger transportation systems, including elevators, escalators, and moving walks. The company also provides installation and repair services. The company provides installation of products and periodic maintenance. The company operates in Europe, East Asia, Middle East, and South Asia regions. Some of its major subsidiaries include FUJITEC UK LTD., FUJITEC SAUDI ARABIA CO., LTD., FUJITEC EGYPT CO., LTD., FUJITEC TAIWAN CO., LTD., FUJITEC PACIFIC.INC., FUJITEC SINGAPORE CORPN.LTD., FUJITEC LANKA PRIVATE LTD., and FUJITEC VIETNAM CO., LTD.
Hyundai Elevator Co., Ltd.
Hyundai Elevator Co., Ltd. (Hyundai Elevators) provides services in the field of elevators, escalators, and moving walks. Hyundai Elevators operates in three reportable segments: Equipment Manufacturing, Installation and Maintenance Service, and Others. The company runs state-of-the-art maintenance systems which are built on IoT technology. The company also provides a Full Maintenance Service FM flagship program to help elevators and escalators run and control. The company has a presence in 49 countries in the Americas, Europe & CIS, Asia, the Middle East, and Africa.
Honeywell International, Inc.
Honeywell International, Inc. (Honeywell) is one of the world’s leading technology and manufacturing companies. The company operates through four business segments: Aerospace, Home & Building Technologies, Performance Materials & Technologies, and Safety & Productivity Solutions. The Performance Material and Technologies segment includes process technologies and automation solutions, including Honeywell Forge connected solutions. The major products & solutions offered by the company, including the Honeywell Forge solutions, are supported by Honeywell Connected Enterprise, which helps in automating processes to improve efficiency while reducing downtime and safety costs.
Honeywell serves the aerospace, construction, chemicals & materials, healthcare & pharmaceuticals, manufacturing, retail, and consumer goods industries. The company provides advanced software applications for building control and optimization; sensors, switches, control systems and instruments for energy management; access control; video surveillance; fire products; remote patient monitoring systems; and installation, maintenance, and upgrades of systems under the Home & Building Technologies segment. The company has a geographic reach across North America, Europe, and Asia-Pacific.
Toshiba Corporation (Toshiba) manufactures consumer and industrial electric and electronic products. The company operates through seven reportable segments, namely, Energy Systems & Solutions, Infrastructure Systems & Solutions, Building Solutions, Electronic Devices & Storage Solutions, Retail & Printing Solutions, Digital Solutions, and Others. Under the Building Solutions segment, the company provides elevators and escalators for buildings. Also, the company provides services for building security and reliability. The company has a presence across India, Singapore, Indonesia, Japan, Thailand, and Malaysia.
Popular Mentions: Bosch.IO GmbH, Huawei Technologies Co., Ltd., Thames Valley Controls Ltd, Motion Control Engineering Inc., and Sigma Elevator Company
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Authoritative Research on the Smart Elevator Market – Global Opportunity Analysis and Industry Forecast (2021-2028)
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