(MENAFN- The Express Wire) IoT in Elevator Market: How to Leverage on Technology During Covid19 Crisis? Fortune Business Insights
Posted on Oct 15 2020 5:55 AM
"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 2026
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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 2026, 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.
Segmentation
1. By Component
- Hardware
- Software
- Services
2. By Application
- Predictive Maintenance
- Remote Monitoring
3. By End User
- Residential
- Commercial
- Industrial
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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North America and Europe Lead the Market
From a geographical standpoint, North America and Europe are expected to grow considerably in the global IoT in the elevators market between 2018 and 2026. People in these two regions are well aware of IoT in elevators. Also, users in these two regions are abreast of technological advancements. Driven by these factors, the market more mature in North America and Europe through the forecast period. The presence of well-known market players in North America is supporting the growth of the market. In addition to this, well-established infrastructure facilities in North America is further enabling growth in the market. Factors such as these are likely to contribute to the growth of connected and smart elevators in the market in North America and Europe.
Apart from these two regions, the market in Asia Pacific is also anticipated to grow at a constant rate in the forecast years. Factors such as growing penetration of technology and considerable investments in IT solutions are expected to create growth opportunities for the market in the Asia Pacific. Countries such as India, Brazil, China, and France are supporting the growth of the market. These countries are likely to surge the IoT in elevator market revenue in the forthcoming years.
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:
- thyssenkrupp
- KONE Corporation
- Fujitec Egypt Co. Ltd.,
- Hitachi
- Hyundai Elevator Company
- Otis Elevator Co.
- Schindler Group
- Mitsubishi Electric Corporation
- Toshiba India Pvt. Ltd.
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ThyssenKrupp and Vodafone to Connect with Over 1 Million Elevators Worldwide
'The rising need for smart IT solutions across firms to secure and protect their property from potential threats can give a significant impetus to the market, said a lead analyst at Fortune Business Insights. 'The construction industry is now focussing on intelligent and technically-advanced structures, which is likely to enable growth in the market, he added. Also, there is a rising need for power-efficient and safe technologies in the construction industry, which is driving the market. Netherlands government has passed a mandate that each elevator should be connected with a ledger to keep track of all the events.
This includes inspection, usage of elevators, and their maintenance. The demand for IoT enabled elevators from residential, industrial, and commercial end-users is likely to surge by 2026. This is further expected to drive the IoT in elevator market growth over the projected horizon.
Now, elevators are enabled with cloud-computing services, which help to capture on-site data and act in real-time. ThyssenKrupp joins hands with Vodafone Germany to transform the elevator maintenance. ThyssenKrupp has designed a maintenance solution called MAX for elevators. This solution is enabled by cloud technology. The company aims to help its customers by offering a reliable connectivity service and manage devices globally. These lifts are installed with Vodafone SIMs to capture on-site data and reduce downtime in elevators.
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.
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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.
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.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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