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The smart elevator market is projected to grow by USD 4.92 Billion from 2024-2028, with AI driving market evolution and increased construction activities boosting growth – Technavio

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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.

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Smart Elevator Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 6.78%

Market growth 2024-2028

USD 4923.2 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.23

Regional analysis

North America, Europe, APAC, Middle East and
Africa, and South America

Performing market contribution

North America at 33%

Key countries

US, UK, China, Germany, and Japan

Key companies profiled

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

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

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Technology

EcoCharge® and Balancell Partner to Drive Energy Efficiency in Africa with Advanced and Stable Charging Technologies

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CHRISTCHURCH, New Zealand, Sept. 24, 2024 /PRNewswire/ — Two advanced energy solutions companies are announcing a multi-year partnership to support the growing demand for reliable and efficient charging solutions across the African market. The IDEAL Industries, Inc. brand EcoCharge by Enatel®, a global leader in battery charging technologies, is supplying charging technology to Balancell, a cutting-edge battery manufacturer and energy supplier.

Empowering Africa’s Energy Transition

Africa is experiencing a dynamic shift toward sustainable energy and electric mobility. Global banks and investors funded $76.04 billion in solar, hydropower, and wind projects across Africa from 2012 to 2021. The investments supported renewable energy developments like Kenya’s Lake Turkana Wind Power Project, a $1.095 billion wind farm that boosted their total electricity supply by 13%. Electrification is also rising; Africa’s electric vehicle market is expected to nearly double between 2021 and 2027.

However, more work remains. Africa attracts less than 5% of the world’s energy investments, using only 11% of its hydropower potential and 0.01% of its wind potential. Over 40% of Africans still lack access to electricity.

To advance battery charging solutions in Africa, Balancell will leverage charging technologies from EcoCharge to electrify the African material handling fleet. This initiative will help reduce CO2 emissions and enhance charging efficiency.

“We are thrilled to be part of the renewable energy transition in Africa,” said Enatel General Manager Mike Clifford. “By partnering with Balancell, we are matching a leading-edge battery design with an advanced charger. We’re confident this winning combination will help our customers achieve faster charging, less energy waste, and higher performance.”

Partnering for Growth and Sustainability

Under the agreement, EcoCharge will supply Balancell with a range of chargers that meet the challenging needs of the African market, such as unstable electrical grids and harsh environments. These advanced chargers will be integrated into Balancell’s advanced industrial batteries, providing the perfect match for optimal energy management and control.

“Partnering with EcoCharge allows us to offer our customers superior charging solutions that are both innovative and sustainable,” said Paul Osborne, Director and Chief Financial Officer of Balancell. “This collaboration enhances our ability to deliver comprehensive energy solutions that support Africa’s transition to cleaner, more sustainable energy sources.”

Driving Innovation

EcoCharge chargers are known for their durability, efficiency, and adaptability, making them suitable for deployment in diverse and sometimes challenging environments across Africa. This partnership with Balancell not only strengthens the product offerings available to the African market but also underscores the EcoCharge commitment to continued innovation and investment in sustainable energy solutions.

To learn more about the transition to sustainable energy, visit: https://www.EcoCharge.net/

About EcoCharge®
EcoCharge leads the battery charging market with a range of high-quality products, including single phase chargers, three phase chargers and BMM’s. They are designed and manufactured in New Zealand to ISO9001 standards and carry global compliance marks.

About Enatel®
Enatel is a world leader in power conversion and battery charging technology based in Christchurch, New Zealand. The company specializes in developing high-efficiency and sustainable charging solutions for a variety of applications.

To learn more about the transition to sustainable energy, visit: https://www.enatel.net/

About IDEAL INDUSTRIES, INC.
IDEAL INDUSTRIES, INC. is a global, diversified 108-year-old family-owned business that designs and manufactures superior products for the electrical, power management and industrial charging industries.

For more information, visit www.idealindustries.com.

About Balancell
Balancell is a leading provider of energy solutions, with a focus on lithium-ion battery technology and energy management systems. Headquartered in Cape Town, Balancell serves a diverse range of industries, including telecommunications, renewable energy, and electric vehicles.

View original content:https://www.prnewswire.com/apac/news-releases/ecocharge-and-balancell-partner-to-drive-energy-efficiency-in-africa-with-advanced-and-stable-charging-technologies-302254810.html

SOURCE IDEAL Industries

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Global Digital Health Leaders Converge in Seoul for HIMSS24 APAC Conference

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SEOUL, Korea, Sept. 24, 2024 /PRNewswire/ — The 2024 HIMSS Asia Pacific Health Conference & Exhibition, one of the most influential digital health conferences in the APAC region, will be hosted for the first time in Seoul, Korea. The conference will take place from 1 – 4 October at the Coex Convention & Exhibition Center.

The HIMSS24 APAC Conference will bring together healthcare experts and innovators from around the world to collaborate and exchange ideas and insights that will help shape the future of healthcare. 

The conference presents a unique opportunity for attendees to hear from world-renowned experts, network with leading healthcare executives and professionals, and learn about cutting-edge developments and technologies addressing critical issues such as artificial intelligence, cybersecurity, interoperability, and data analytics.

Produced in partnership with Messe Esang, Korea’s largest exhibition company, the HIMSS24 APAC Conference will feature visionary keynotes, interactive demonstrations, and a digital health technology exhibition that will illuminate cutting-edge health tech topics, enhance knowledge, and foster innovation.

Through a partnership with the Korean Hospital Association, attendees of the HIMSS APAC conference will have complimentary access to the K-Hospital + Healthtech Fair, the largest healthcare exhibition in South Korea.

Sessions catered to HIMSS24 APAC’s four learning tracks on artificial intelligence, smart hospitals, cybersecurity, and innovations will include fireside chats, real-world case studies, demonstrations, and more. Exclusive to HIMSS24 APAC, attendees can also experience advanced medical systems and management practices shaping the future of global healthcare with guided tours of leading hospitals in Korea

The HIMSS APAC Conference follows the memorandum of understanding signed by HIMSS, the Korea Hospital Association (KHA), and the Korea Health Information Services (KHIS) on May 17, 2024.

HIMSS (Healthcare Information and Management Systems Society) is a global advisor, thought leader, and member-based society committed to reforming the global health ecosystem through the power of information and technology. As a mission-driven nonprofit, HIMSS offers a unique depth and breadth of expertise in health innovation, public policy, workforce development, research, and digital health transformation to advise leaders, stakeholders, and influencers across the global health ecosystem on best practices.

Click here to register or learn more about HIMSS24 APAC.

Journalists interested in attending the conference can contact HIMSS to receive complimentary press credentials.

Contact:

Albe Zakes
HIMSS Communications Director
Email: albe.zakes@himss.org
Phone: +1.267.221.4800

Sukhjit Singh
Senior Director, HIMSS APAC
Email: Sukhjit.Singh@himss.org
Phone: 65.6664.1187

 

View original content:https://www.prnewswire.com/apac/news-releases/global-digital-health-leaders-converge-in-seoul-for-himss24-apac-conference-302256242.html

SOURCE HIMSS-HEALTHCARE INFORMATION AND MANAGEMENT SYSTEMS SOCIETY

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EDC expands Indo-Pacific presence with a new representation in Japan

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Tokyo hub in key “gateway to Asia” nation will better support Canadian exporters

OTTAWA, ON and TOKYO, Sept. 24, 2024 /PRNewswire/ — Today, Export Development Canada (EDC) announced the opening of its new representation in Tokyo, Japan. This marks EDC’s ninth Indo-Pacific representation, reaffirming the organization’s commitment to helping Canadian companies diversify into higher-growth markets.

As the world’s fourth-largest economy and fifth-largest export destination for Canada in 2023 (accounting for 1.9% of national exports), Japan presents a wealth of opportunities for Canadian exporters of all sizes. Boasting a trusted free market and a strong business and a regulatory environment supported by democratic institutions, the country serves as a strategic launchpad offering exporters easier entry into the region and subsequently into other Indo-Pacific markets. EDC’s Tokyo representation will serve as a vital hub, offering on-the-ground support, market insights and tailored financial services to Canadian companies.

Japan is a key trading partner for Canada, and our countries enjoy deep economic and trade relations spanning 95 years,” said Mairead Lavery, President and CEO, EDC. “With Japan’s reliance on imports, the opportunities for Canadian exporters— particularly in sectors like cleantech, agriculture, and bioscience—are too big to ignore. This representation will offer on-the-ground support necessary for Canadian businesses to capitalize on emerging opportunities and succeed in the Japanese market.” 

In 2023, Japanese foreign direct investment (FDI) stock into Canada reached $49.3 billion, solidifying its role as the leading source of FDI from the Indo-Pacific and third largest worldwide, according to Global Affairs Canada. Additionally, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in force since 2018, continues to provide Canadian investors with access to Japanese markets by having eliminated or reduced tariffs on most key Canadian exports to the country.

The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, welcomed the announcement: “Canada’s longstanding economic and trading partnership with Japan reflects the powerful collaboration between our two countries that benefits Canadian and Japanese people alike. EDC’s new Tokyo representation is a testament to the enduring economic relationship between Canada and Japan and will play a crucial role in supporting Canadian businesses in the Indo-Pacific. I look forward to seeing our trade and investment relationship advance further through these new collaborations.”

George Monize, EDC’s Managing Director and Head of the Indo-Pacific emphasized the strategic importance of Japan for Canadian companies: “Japan has many of the critical elements for Canadian exporters’ expansion in this region. But to really thrive here—strong relationships are key. And that is why we are here, getting to know the market inside and out to forge the connections Canadian companies need to grow and succeed. The Tokyo representation will work closely with our established Singapore hub—harnessing our learnings, experience and networks to ensure we have the right recipe of support in place for Canadian businesses.”

With efforts led by EDC’s Chief Representative, Jean-Bernard Ruggieri, the Tokyo office will collaborate closely with local agencies, government and partners in Japan to navigate market complexities and facilitate business opportunities for Canadian companies. Tokyo complements EDC’s existing representations in Delhi, Mumbai, Shanghai, Beijing, Sydney, Jakarta, Seoul, and Singapore.

About EDC 

Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians. For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca

Media Contact: Media | Export Development Canada, 1-888-222-4065, media@edc.ca 

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