- Escalator
- Elevator
Europe Smart Elevators And Escalators Market was valued at USD 5,636.5 million in 2022 and is anticipated to grow at a CAGR of 4.0% over 2023-2029. Europe smart elevators and escalators market is expected to expand at robust CAGR due to adoption and implementation of advanced technologies and smart solutions in the vertical transportation systems industry. Smart elevators and escalators use cutting-edge technologies such as IoT (Internet of Things), artificial intelligence, machine learning, and cloud computing to enhance the efficiency, safety, and convenience of vertical transportation in buildings. Rising Urbanization and High-Rise Buildings is expected to drive the europe smart elevators and escalators market. The urbanization trend in major cities of Germany, Austria, and Switzerland has led to the construction of high-rise buildings, which require efficient and reliable vertical transportation systems. Smart elevators and escalators with features such as destination control, predictive maintenance, and touchless operation cater to the needs of modern urban buildings. Moreover, rising number of elderly populations also enhance the growth of escalators and elevators in apartments or residential buildings. Smart elevators and escalators with features such as priority access for elderly and disabled individuals are in demand to ensure convenience and safety. Furthermore, integration of internet of things (IoT) technology is a significant trend in smart elevators and escalators where these systems are equipped with sensors and connected to the internet, enabling real-time monitoring, data analysis, and predictive maintenance. On the top of that, rising investments and smart city initiatives present significant opportunities for the growth of europe smart elevators and escalators market. However, the high installation and implementation cost of smart elevators and escalators acts as a barrier to the smart elevators and escalators market in Germany, Austria, and Switzerland. Several key market players are announcing collaborations, acquisitions and launches to fulfil the rising demand for smart elevators and escalators in buildings and constructions. For instance, in March 2020, Schindler introduced a modular lift generation that is equipped with cutting-edge technologies such as touchless technology, improved connection, and extra digital services.
Europe Smart Elevators And Escalators Market Key Developments:
- In February 2021, Honeywell and IDEMIA collaborated to create and cultivate an intelligent building ecosystem that provides a more seamless and enhanced experience for operators and occupants alike.
- In November 2018, Schindler Lifts introduced Schindler Ahead, a set of digital solutions for lifts and escalators that depend on Internet of Things (IoT), edge computing, and sophisticated analytics to improve service quality.
- In May 2022, TK Elevator launched of its cloud-based IoT building operations platform in India.
Europe Smart Elevators And Escalators Market Dynamics
The rising technological advancements in developing smart escalators and elevators are expected to fuel the expansion of Germany, Austria, Switzerland smart elevators and escalators market. Adoption of cutting-edge technologies i.e., IoT, artificial intelligence, machine learning, and cloud computing capabilities are in high demand due to their improved efficiency, performance, and passenger experience. Moreover, the need for enhanced security in public places and commercial buildings is expected to boost the demand for smart elevators and escalators with advanced security features such as access control systems, facial recognition, and real-time monitoring. Furthermore, smart elevators and escalators offer features like destination control, predictive maintenance, touchless operation, and personalized services, enhancing the overall passenger experience and convenience.
Europe Smart Elevators And Escalators Market
Country (Germany, Austria, and Switzerland) Analysis
Europe smart elevators and escalators market has been segregated into Germany, Austria, and Switzerland. Germany is anticipated to dominate the smart elevators and escalators market in the forecasting years, driven by factors such as rapid urbanization, infrastructure development, and the need for energy-efficient transportation. Moreover, stringent government regulations, rising focus on sustainability and safety in Germany have also fuelled the development of smart elevators and escalators market. The Austria smart elevators and escalators market is also showing significant growth owing to the increased urbanization particularly in major cities like Vienna, Graz, and Linz. Furthermore, Austria is a popular tourist destination, particularly for its rich cultural heritage and scenic landscapes. The hospitality and tourism sectors are key end-users of smart elevators and escalators in hotels, airports, and tourist attractions to enhance guest experience and mobility, which further accelerate the smart elevators and escalators market.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The report provides granular level information about the market size, regional market share, historic market (2018-2022)and forecast (2023-2029)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments, and start-up details that are actively working in the market
- The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Europe Smart Elevators And Escalators Market Segmentation
By Type
By Application
- Parking building
- Hospital
- Transportation
- Residential
- Retail
- Hotels
- Commercial
By Country
- Germany
- Austria
- Switzerland
- Rest of Europe
Frequently Asked Questions
The Germany, Austria, Switzerland smart elevators and escalators market was valued at USD XX Million in 2022 and is expected to grow at XX% CAGR over the forecast period 2023 – 2029.
Technological advancement, rapid urbanization and infrastructure development are some of the factors that create potential opportunities for the growth of the Germany, Austria, Switzerland smart elevators and escalators market.
The touchless technology and integration of IoT, artificial intelligence, and cloud-based solutions are some of the major trends in the Germany, Austria, Switzerland smart elevators and escalators market.
Schindler Group, ThyssenKrupp AG, Motion Control Engineering, Otis Elevator Company, Johnson Controls Inc., HONEYWELL, Cisco Systems, Inc, Kone Corporation are a few companies operating in Germany, Austria, Switzerland smart elevators and escalators market.
- Schindler Group
- ThyssenKrupp AG
- Motion Control Engineering
- Otis Elevator Company
- Johnson Controls Inc.
- HONEYWELL
- Cisco Systems, Inc
- Kone Corporation