Exploring the Smart Elevator Automation System Market’s Potential to Reach US$ 37.68 Billion by 2026, with a Remarkable CAGR of 9.2% | FMI

Global sales of smart elevator automation systems are expected to increase at a 9.2% CAGR over the forecast period, from US$ 26.5 billion in 2022 to US$ 63.9 billion by 2032, according to Future Market Insights (FMI).

The rising adoption of smart elevators across various sectors is providing a major impetus to the growth of the smart elevator automation system market and the trend is likely to continue during the forecast period.

Smart elevator automation systems are being increasingly installed in residential homes, malls, theaters, sports avenues, and even airports. Smart elevators are essentially created so as to lower total energy utilization and better manage passenger traffic inside a given building.

Smart elevator automation systems help to keep visitors and tenants safe and also broaden the total productivity of a public building. For example, in a big museum or hotel, smart elevators will be capable of lowering the number of elevator users and make the platform more secure and suitable for everyone.

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Government regulations and standards for worldwide green infrastructure, a decrease in the operational price and rising penetration of automation are the most important factors anticipated to drive the development of smart elevator automation systems during the projected period.

Similarly, the rapid growth of residential and industrial infrastructure across emerging economies such as China and India will continue to push the demand for smart elevator automation systems over the next ten years.

Key Takeaways: Smart Elevator Automation System Market

By component, the security and control system segment accounts for the leading share of 21.1% in 2021 while the building management system segment is estimated to grow at the highest CAGR of 11.5% through 2032.

By service, the modernization service segment is expected to grow at the highest CAGR of 11.1% between 2022 & 2032

By end-user, the industrial segment is anticipated to grow at a CAGR of 11.8% between 2022 & 2032.

South Asia and the Pacific is expected to progress at the highest CAGR of around 14.8% followed by East Asia in 2032.

The smart elevator automation system market in Japan is expected to grow at a CAGR of around 14.3% through 2032.

Sales of smart elevator automation systems in India are expected to rise at a CAGR of around 16.5% over the next ten years.

“The demand for smart elevator automation systems is growing in the commercial sector because the execution of safety regulations for escalators and elevators generates the demand for modernization services in commercial buildings. Many big vendors are utilizing

IoT and artificial intelligence technology to advance smart building ecosystem.” says an FMI analyst.

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Increasing Demand for Energy-Efficient and Secure Solutions is Anticipated to Drive the Market

The need for more cutting-edge technology is rising globally due to the requirement for security. Smart solutions are what businesses want to safeguard them against risks and their assets. This will increase demand for smart and autonomous elevators.

The market for elevator control systems and smart and connected elevators will also profit from the rising consumer demand for energy-efficient products. Light sensors and other technology that conserve energy and enhance accessibility for people with special requirements are reflected in smart elevators. As a result, there will be a greater market demand for solutions that are secure and energy efficient.