Wago
Wago

Do you want to advertise here? Contact us

Thriam
Thriam

Do you want to advertise here? Contact us

The market value of IoT in elevators is expected to reach nearly US$ 94 billion by 2032
.

The market value of IoT in elevators is expected to reach nearly US$ 94 billion by 2032

By June 30, 2022 4:56 pm IST

The global IoT elevator market is set to reach US$ 93.9 Billion by the end of 2022-2032 with a CAGR of 13.4%, according to Fact.MR. By 2022, the market is expected to be worth US$ 26.7 Billion, representing a dollar opportunity worth US$ 67.2 Billion in 2016-2021. IoT Elevators are proving to be more efficient than traditional elevators in comparison with next-generation elevators.

With a growth rate valued at US$ 18.4 Billion, in 2022 the hardware demand has boomed significantly in the past few years. Based on the data that is being collected from daily usage of elevators, artificial intelligence is currently being used to assist both operators and mechanical contractors in keeping up with their daily routines and finding ways to better manage the flow of elevator traffic and find ways to prevent problems before they occur.

The integration of third-party systems with elevators is expected to become more prevalent as technology develops in the future. In addition, construction companies are raising their demands for efficient and safe technologies in the global elevators market. The growth of the market will be driven by the increase in urbanization and the increased demand for residential & commercial amenities will significantly rise the market for IoT in elevators markets. It is likely that these trends will lead to traction for the IoT market in elevators. Devices powered by IoT technology can manage big data streams and perform predictive maintenance in elevators.

Key Takeaways from the Market Study

Advertising

OEM Android App

Your future advertising space? Our media data

  • India to emerge as the dominant IoT in elevators market, reaching US$ 6.0 Billion by 2032
  • China to be the fastest-growing market, registering a CAGR of 14.6% across the decade
  • U.S. are likely to yield $ opportunities worth US$ 17.9 Billion respectively
  • By component type, hardware to register maximum IoT in elevators usage, growing at a 12.1% CAGR
  • Preventive maintenance to emerge as the top application, growing at a rate of 13.9% through 2032.
  • “With growing technology, AI and machine learning can be used to simulate the adoption and growth of smart elevators in the future,” remarks an analyst at Fact.MR.

    Cookie Consent

    We use cookies to personalize your experience. By continuing to visit this website you agree to our Terms & Conditions, Privacy Policy and Cookie Policy.

    webinar
    webinar

    Do you want to advertise here? Contact us

    TruCut
    TruCut
    DMTX
    DMTX
    OEM Update QR Code
    OEM Update QR Code

    Events

    ChemProTech India 2025
    ChemProTech India 2025
    Aerodef India Manufacturing Expo
    Aerodef India Manufacturing Expo
    Blech India
    Blech India
    Intralogistic & Warehousing Expo
    Intralogistic & Warehousing Expo
    Wiretech 2025
    Wiretech 2025
    India Fastener Show
    India Fastener Show
    India Manufacturing Show
    India Manufacturing Show
    Factory Automation Expo 2025
    Factory Automation Expo 2025

    eMagazine April 2025

    eMagazine April 2025
    eMagazine April 2025

    Do you want to advertise here? Contact us

    Our Sponsors

    Cloos
    Cloos
    B&R Automation
    B&R Automation
    Pragati Gears
    Pragati Gears
    Carl Zeiss India
    Carl Zeiss India
    Mallcom
    Mallcom
    igus
    igus
    DMG Mori India
    DMG Mori India
    Kennametal India Pvt Ltd
    Kennametal India Pvt Ltd
    Cumi
    Cumi
    Laser Science
    Laser Science
    Marvel Machinery
    Marvel Machinery
    Cube Cadtech
    Cube Cadtech
    Jk Machines
    Jk Machines
    Wago Pvt Ltd
    Wago Pvt Ltd
    Dosatron
    Dosatron
    ENS Oils & Lubricants
    ENS Oils & Lubricants
    Fagor Automation
    Fagor Automation
    Super Slides
    Super Slides
    Quality Spares Center
    Quality Spares Center
    Profectus
    Profectus
    Eplan
    Eplan
    Chicago Pneumatic Tools
    Chicago Pneumatic Tools
    MMC Hardmetal Pvt Ltd
    MMC Hardmetal Pvt Ltd
    Mennekes
    Mennekes
    TruCut
    TruCut
    MARPOSS
    MARPOSS
    phoenixcontact
    phoenixcontact
    Mitsubishi Materials
    Mitsubishi Materials
    Exor
    Exor
    Schmersal India
    Schmersal India