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Urban Project Development will Likely Expand the Market for IoT in Elevators; Anticipated CAGR 14.2% | Fact.MR’s Study

According to Fact.MR, the global IoT elevator market is anticipated to reach US$ 93.9 billion by the end of 2022–2032 with a CAGR of 13.4%. The market is anticipated to be valued at US$ 26.7 billion by 2022, which would represent a US$ 67.2 billion potential. In comparison to next-generation elevators, IoT elevators are proving to be more effective than conventional elevators.

The need for hardware has greatly increased in recent years, with a growth rate estimated at US$ 18.4 billion in 2022. Artificial intelligence is currently being employed to help operators and mechanical contractors keep up with their daily routines based on data that is being acquired from the everyday use of elevators.

Key Takeaways

India will become the industry leader in IoT for elevators, with a market value of US$ 6.0 billion by 2032.
By component type, hardware will see the most IoT usage in elevators, growing at a 12.1 percent CAGR, and preventive maintenance will emerge as the top application, growing at a rate of 13.9 percent through 2032. China will be the market with the fastest growth, registering a CAGR of 14.6 percent over the decade.

Competitive Environment

To give their consumers the most precise and accurate elevator system configurations possible, prominent manufacturers of IoT in elevators are looking for technological advancements. Companies are creating cooperative arrangements with governmental bodies to increase their footprint across important geographies. Several market participants have created cutting-edge IoT solutions in response to the demand for smarter elevators, which will eventually spur more developments.

Beginning in April 2022, KLEEMANN, a significant lift manufacturer serving the global market, will join the U.S. market with the acquisition of Day Elevator & Lift, serving New York and New Jersey. KLEEMANN seeks to develop a clear local presence and achieve sustainable growth by making investments in innovation, digital technology, and sustainability. Day Elevator & Lift is a New York-based firm, with its corporate offices in West Hempstead and its sales office in Manhattan. It provides technology-driven accessibility products and solutions for residential and commercial clients.

● Tokyo-based Motum AB, a Swedish firm that primarily operates an elevator and automatic door business in Sweden, will be acquired by Mitsubishi Electric Corp. in April 2022, the company said. Mitsui Electric’s partnership, which it formally announced on March 23, aims to strengthen its services and modernization capabilities in Sweden and other nations outside of Europe. Additionally, as part of a multi-brand maintenance program, Motom offers maintenance services for more than 20,000 elevators.

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