NEW YORK, Sept. 23, 2024 /PRNewswire/ — The global smart elevator market size is estimated to grow by USD 4.92 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.78%  during the forecast period growing number of construction activities is driving market growth, with a trend towards cloud predictive maintenance  However, intense competition  poses a challenge – Key market players include Express Lifts Ltd., Fujitec Co. Ltd., Halma Plc, Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., Hyundai Elevator Co. Ltd., Johnson Lifts Pvt. Ltd., KONE Corp., Mitsubishi Electric Corp., Nidec Corp., Otis Worldwide Corp., Robert Bosch GmbH, Robustel, Schindler Holding Ltd., Sigma Elevator Co., thyssenkrupp AG, TK Elevator GmbH, Toshiba Corp., and Vantage Elevation LLC.

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Market Driver

The Smart Elevator market is driven by the integration of Internet of Things (IoT) technology in elevators. This innovation enables the collection and analysis of elevator data in the cloud, comparing it with historical data from the supplier’s database. Analyzing this information can predict potential component failures, alerting service engineers to take preventive measures before major breakdowns. This proactive approach saves time and money on repairs for lift operators, making it a significant market growth factor during the forecast period. 

The Smart Elevator Market is experiencing significant growth due to the increasing demand for modernization and new deployment of elevator systems in both high-rise and low/mid-rise buildings. Freight elevator systems and passenger elevator systems are becoming increasingly popular, with a focus on energy efficiency and green buildings. The integration of IoT, AI, and cloud computing enables advanced features like regenerative drive, destination-oriented technology, and virtual reality diagnostics. Elevator manufacturers provide new installation services and renovation services to incorporate hardware upgrades and software enhancements. Infotainment systems, spatial technologies, and sensors are added to enhance user experience. Traditional elevators are being replaced with smart elevators, offering control systems, AI, and cameras for improved safety and efficiency. Urbanization and smart cities require commercial applications of smart elevators to reduce energy consumption and optimize maintenance with cloud predictive maintenance. 

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 Market Challenges

The global smart elevator market is currently undergoing a challenging phase, with profit margins for vendors decreasing due to heightened competition and escalating raw material costs. Major players like KONE Corp and Otis Worldwide Corp dominate the market share. New entrants, such as Hitachi Elevators, are entering the market due to its continuous growth. However, this expansion has resulted in intense price competition among vendors, leading to reduced profit margins. The increasing competition could potentially introduce lower-quality products, potentially hindering market growth during the forecast period.The Smart Elevator Market is experiencing significant growth due to the increasing demand for modernization and new deployment of elevators in both low & mid-rise and high-rise buildings. Freight elevator systems and passenger elevator systems are being upgraded with IoT, AI, and regenerative drive features to enhance efficiency and reduce energy consumption. Green buildings and urbanization are key drivers, with a focus on energy-efficient elevators and smart technology. Elevator manufacturers are offering new installation services and renovation services to cater to this demand. Infotainment systems, spatial technologies, and virtual reality diagnostics are also becoming popular in commercial applications. Traditional elevator systems are being replaced with smart elevators, incorporating sensors, cameras, control systems, and destination-oriented technology. Cloud computing and predictive maintenance are also gaining traction in the market. Overall, the Smart Elevator Market is set to revolutionize the way we move in buildings, making them more efficient, sustainable, and convenient.

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Segment Overview 

This smart elevator market report extensively covers market segmentation by  

Service 1.1 Modernization1.2 New deployment1.3 MaintenanceApplication 2.1 Commercial2.2 Residential2.3 IndustrialGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Modernization-  The Smart Elevator Market is experiencing significant growth due to increasing demand for energy-efficient and technologically advanced elevators. These elevators offer features like automatic door opening, destination dispatch, and real-time monitoring, enhancing building efficiency and user experience. Major players in the market include Otis Elevator Company, Schindler Group, and Kone Corporation, who are investing in research and development to innovate and meet evolving customer needs. The market is expected to continue its expansion, driven by urbanization and rising construction activities.

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Research Analysis

The Smart Elevator Market is experiencing significant growth due to the increasing demand for energy-efficient solutions in buildings, particularly in high-rise structures and urban areas that are becoming smart cities. These elevators are equipped with advanced control systems, destination-oriented technology, and artificial intelligence (AI) for optimized energy consumption and efficient operation. The integration of cloud computing, hardware, and software enables real-time monitoring, predictive maintenance, and infotainment systems. Green buildings and building construction are also driving the market for smart elevators, which are designed to be compatible with IoT sensors and virtual reality diagnostics. Both passenger and freight elevator systems are benefiting from these innovations, offering improved safety, comfort, and productivity.

Market Research Overview

The Smart Elevator Market is experiencing significant growth due to the integration of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) in elevator systems. These technologies enable predictive maintenance using cloud computing and data analytics, leading to energy savings and improved efficiency in both commercial and residential buildings. The market includes Passenger and Freight Elevator Systems, with a focus on energy-efficient designs and regenerative drive features. New deployment and modernization services are in high demand for existing buildings, while infotainment systems and virtual reality diagnostics enhance the user experience. Spatial Technologies and Destination-oriented systems are becoming popular in high-rise buildings, while sensors and cameras ensure safety and security. The market also caters to the needs of green buildings and smart cities, offering innovative solutions for urbanization and sustainable construction. Overall, the Smart Elevator Market is transforming traditional elevator systems into intelligent, connected, and energy-efficient solutions for the future.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ServiceModernizationNew DeploymentMaintenanceApplicationCommercialResidentialIndustrialGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

NEW YORK, Sept. 23, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global irrigation timers and controllers market  size is estimated to grow by USD 975.8 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  13.64%  during the forecast period.  Innovation in product functionality and features is driving market growth, with a trend towards advent of smart timers and controllers,  However, high product and installation costs  poses a challenge – Key market players include Bermad CS Ltd., California Sensor Corp. Dba Calsense, DIG Corp., Fiskars Corp., Galcon Bakarim Agricultural Cooperative Society Ltd., Holman Industries, Hunter Industries Inc., Husqvarna AB, HydroPoint Data Systems Inc., K-Rain Manufacturing, Lindsay Corp., Nelson Irrigation Corp., Orbia Advance Corp. S.A.B. De C.V., Rachio Inc., Rain Bird Corp., Skydrop LLC, TALGIL Computing & Control LTD, The Toro Co., Valmont Industries Inc., and Weathermatic.

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Key Market Trends Fueling Growth

The Irrigation Timers and Controllers market is experiencing substantial growth due to the increasing adoption of smart irrigation systems. Convenience through remote access is a major driving factor, enabling users to customize watering schedules for various zones based on soil type, plant requirements, sun exposure, and nozzle types. Advanced features include automatic weather readings for optimal watering, integration with virtual assistants like Amazon Alexa and Google Assistant, and compatibility with home automation systems such as Nest, Wink, IFTTT, Control4, and Nexia. Companies like Rachio and Rain Bird offer WiFi-enabled controllers, with Rachio’s Rachio WiFi Sprinkler Controller featuring voice control and Rain Bird’s ST8-WiFi Smart Irrigation Timer offering local weather-adjusted watering schedules. These features will stimulate market growth throughout the forecast period. 

The Irrigation Timers and Controllers market is witnessing significant growth due to the increasing adoption of smart irrigation equipment. Weather-based and sensor-based controllers are trending, providing efficient water usage by adjusting watering schedules based on local weather data, soil moisture levels, and plant requirements. Traditional tap timers are being replaced with smart controllers, reducing water wastage and environmental damage. Drought conditions have accelerated the demand for sustainable irrigation systems. Governmental policies and international organizations promote water conservation through modern farming techniques like micro-irrigation activities. Mechanized irrigation systems, including mechanical and electromechanical timers, computer-based systems, and intelligent controllers, are essential for agricultural production on large farms and non-agricultural lands like lawns, gardens, playgrounds, and golf courses. Sustainability and water conservation are key concerns, with certified products ensuring food security and minimizing climatic conditions’ impact. Smart irrigation methods, such as sensor-based and weather-based controllers, conserve water by considering evaporation, transpiration, and plant surface moisture content levels in the root zone. Modern farming techniques and mechanized irrigation facilities are crucial for agricultural lands, ensuring optimal water usage and efficient irrigation systems. 

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Market Challenges

The irrigation timers and controllers market faces growth challenges due to the substantial cost of purchasing and installing these systems. Many vendors underestimate the implementation expenses until the on-site testing phase. However, advancements in battery technology and economies of scale have led to a decrease in the cost of irrigation timers and controllers over the years. Despite this, a considerable upfront investment is still necessary for large-scale farm fields. End-users must also consider replacement costs. For instance, Rain Bird’s ST8O-WIFI Smart Irrigation Indoor/Outdoor WiFi Timer/Controller and 8-Zone controller cost approximately USD200. Low farm income remains a significant barrier to market growth, making the high product and installation costs a significant inhibitor during the forecast period.The Irrigation Timers and Controllers market is witnessing significant growth due to the increasing demand for efficient water management in various sectors. The challenges of freshwater and groundwater resources depletion have pushed the need for advanced irrigation systems. OECD countries and emerging economies are investing in soil-moisture based sensors and weather parameters to maintain optimal soil moisture levels. Agriculture sector is the major consumer, but non-agriculture sectors like residential constructions, DIY home lawns, golf courses, and sports grounds also contribute. High-net-worth individuals and cemeteries are also adopting irrigation timers and controllers. Weather-based and sensor-based systems are popular for non-agriculture applications, while agriculture uses controlled environment agriculture, drip or trickle, and sprinkler systems for open fields, cereals and grains, oilseeds and pulses, fruits and vegetables, sugarcane, tea, coffee, turf, forage, ornamental crops, and pastures.

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Segment Overview

This irrigation timers and controllers market report extensively covers market segmentation by

Application 1.1 Agriculture1.2 Non-agricultureProduct 2.1 Smart controllers2.2 Basic controllersGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Agriculture-  The global population growth and the resulting food demand increase are driving the agricultural sector to adopt advanced equipment, including irrigation timers and controllers. These technologies help maximize profits by increasing yields and conserving water, becoming increasingly crucial due to rising raw material costs and water scarcity. Key vendors, such as Rain Bird, offer agriculture-specific solutions like the ESP-LXD controller, providing up to 96 hours of continuous runtime. Government initiatives, like agricultural loans in Canada, support farmers in purchasing necessary equipment and improving their operations. Additionally, there is a growing emphasis on sustainable farming practices, which focus on efficient resource usage, further fueling the demand for irrigation systems in agriculture.

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Research Analysis

The Irrigation Timers and Controllers market encompasses a range of technologies designed to automate and optimize watering systems for both agricultural and non-agricultural applications. These include Weather-based controllers, which adjust irrigation based on current and forecasted weather conditions, and Sensor-based controllers, which use soil moisture sensors to determine when to water. Smart controllers use data from weather and soil sensors to create customized irrigation schedules. Tap Timers and Basic controllers are simpler, manual options for smaller-scale irrigation needs. Water supplies can be a critical consideration, with drought conditions impacting irrigation availability and demand for smart irrigation equipment and systems increasing. Traditional irrigation types like Mechanical and Electromechanical timers are being replaced by Computer-based systems and Intelligent irrigation controllers. International organizations promote water conservation efforts, driving demand for modern farming techniques and non-agricultural applications like Sports grounds, golf courses, Residential properties, Pastures, parks, industrial commercial buildings, cemeteries, and more to adopt efficient irrigation systems.

Market Research Overview

The Irrigation Timers and Controllers market encompasses a range of technologies and applications, from basic timers to smart, sensor-based and weather-based controllers. These systems are used to manage water supplies for agricultural lands and non-agricultural applications such as lawns, gardens, playgrounds, golf courses, and sports grounds. Traditional irrigation types include tap timers and mechanized systems, while smart irrigation methods use local weather data, soil moisture levels, and plant surface moisture to optimize water usage. Drought conditions and sustainability are key considerations in the market, with a focus on water conservation and reducing environmental damage. Governmental policies and international organizations promote sustainable farming and climate-smart agriculture. Modern farming techniques and agricultural automation also drive demand for intelligent irrigation controllers and computer-based systems. Water supplies and watering schedules are influenced by climatic conditions, evaporation, transpiration, and soil moisture content levels. Mechanized irrigation systems, including mechanical and electromechanical timers, are used to optimize water usage and improve agricultural production. Certified products and smartphone control systems offer convenience and precision, while battery-operated controlling systems provide flexibility in remote locations. The market is influenced by factors such as changing lifestyle, outdoor water usage, and extreme water temperatures. Groundwater resources and depleting groundwater resources are also important considerations, as is the impact of irrigation on freshwater resources and the environment. The Irrigation Association and OECD are key organizations involved in promoting best practices and standards in the market. Soil-moisture based sensors and weather parameters play a crucial role in optimizing irrigation, with applications in agriculture and non-agriculture sectors. The market also includes micro-irrigation activities, conventional irrigation systems, and climate-smart agriculture initiatives. The market is expected to grow due to increasing demand for food security, water conservation, and sustainable farming practices.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationAgricultureNon-agricultureProductSmart ControllersBasic ControllersGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

WASHINGTON, Sept. 23, 2024 /PRNewswire/ — NASA has selected Firefly Aerospace, Inc. of Cedar Park, Texas, to provide launch services for the National Oceanic and Atmospheric Administration (NOAA) QuickSounder mission.

The selection is part of NASA’s Venture-Class Acquisition of Dedicated and Rideshare (VADR) launch services contract. This contract allows the agency to make fixed-price indefinite-delivery/indefinite-quantity awards during VADR’s five-year ordering period, with a maximum total value of $300 million across all contracts.

The QuickSounder mission will support NOAA’s next generation satellite architecture for its future low Earth orbit program, which will provide mission-critical data for the agency’s National Weather Service, the nation’s weather industry, and other users worldwide.

QuickSounder is the first small satellite in NOAA’s Near Earth Orbit Network (NEON). A collaborative effort between NASA and NOAA, NEON will provide a new approach to developing a new global environmental satellite system by quickly building small to medium-sized satellites with Earth-observing instruments for weather forecasting, disaster management, and climate monitoring. QuickSounder has a launch readiness date of February 2026.

NASA will manage the development and launch of the satellites for NOAA. As the mission lead, NOAA provides funding, technical requirements, and will manage post-launch operations. NASA and NOAA will work with commercial partners to design and build the network’s spacecraft and instruments.

For information about NASA and agency programs, visit:

https://www.nasa.gov

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SOURCE NASA