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Automated or smart elevators make use of artificial intelligence (AI) to enable vertical transportation of commodities and passengers. Smart or connected elevators are increasingly being used in buildings such as hotels, residences, arenas, hospitals, sports facilities, offices and airports among others. These are designed so as to minimize overall energy consumption and manage passenger traffic efficiently within a building. Smart elevators make use of automation technology and minimize waiting time by efficient traffic management in commercial, residential and various other buildings. Technologies incorporated in these units include biometrics, destination access and dispatching control systems, digital security control system and touch screen control among others. However, substantial initial costs of installation for smart elevators limit their use worldwide. Battery backup, alarm, door interlocks, leveling device, brake system with speed sensor, evacuation latch and fire and earthquake emergency return and many more are all a part of the elevator control system. With the advancement and innovation of technology and changing building infrastructure these control systems are becoming all the more versatile in order to securely manage building traffic.
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The global smart and connected elevators and elevator control systems market is worth billions and is projected to witness healthy growth in the coming few years. Connected or smart elevators are increasingly being used in residences, offices, airports, sports facilities, hotels, and arenas. Although the technology is still developing, the market will exhibit good growth in the foreseeable future. Here are the key trends that will drive the global smart and connected elevators and elevator control systems market in the coming few years.
Rising Demand for Secure and Energy-efficient Solutions to Drive Global Market
Globally, the demand for security is driving the demand for more sophisticated technology. Businesses are demanding smart solutions to equip them against threats and safeguard their properties. This will propel the demand for smart and connected elevators. In addition to this, the global smart and connected elevators and elevator control systems market will also benefit from the growing demand from consumers for energy-efficient solutions. Smart elevators feature light sensors and other technologies that save energy and improve usability for people with special needs.
The global smart and connected elevators and elevator control systems market will significantly benefit from the technological advancements in the construction industry. Governments are imposing restrictions on construction projects to reduce operation costs by adding automated facilities within elevators. The global smart and connected elevators and elevator control systems market will also be impacted positively by the improving world economy. The demand for smart or connected elevators will witness steady growth in the developing markets in Asia Pacific.
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Players in Global Market to Tap into Opportunity of Green Elevators
A large number of government bodies are involved in developing green buildings. Around the world, a growing number of countries are announcing their plans for creating green cities. The growing focus on green buildings will drive the demand for energy-efficient and smart solutions such as smart and connected elevators. Players in the global smart and connected elevators and elevator control systems market will greatly benefit from the opportunity of green elevators.
Growing Use of Wireless Technologies to Propel Global Market
Other technological trends will also push the growth of the global smart and connected elevators and elevator control systems market. One of the top technology trends that will drive the global smart and connected elevators and elevator control systems market is the rising use of wireless technologies. In addition to this, the growing application of artificial intelligence technology will further drive the global smart and connected elevators and elevator control systems market.
Some of the key players operating in the global smart and connected elevators and elevator control systems market are Fujitec, Schindler Holding, KONE Corporation, Mitsubishi Electric Corporation, Honeywell International, ThyssenKrupp AG, Otis Elevator Corporation, and Bosch Security System.