Smart Elevator Automation System Market Size, Share, Growth Trends, and Forecast 2024-2032

ALBANY, Australia - Feb. 3, 2025 - PRLog -- The Smart Elevator Automation System Market is poised for significant growth, with revenue expected to rise by USD 30.3 billion by 2032, reflecting a robust compound annual growth rate (CAGR) of 8.6% from 2024 to 2032. This growth is driven by advancements in technology, as well as an increasing demand for energy-efficient and automated solutions in both commercial and residential buildings. Smart elevators, which incorporate automation systems to enhance operational efficiency, reduce energy consumption, and improve user experience, are becoming integral to modern infrastructure. As cities continue to expand and evolve, the need for smarter and more efficient transportation systems within buildings is increasingly evident.

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North America led the global market with over 41% of the smart elevator automation system market share in 2023, establishing the region as the dominant player. This can be attributed to the region's strong technological infrastructure, high demand for energy-efficient solutions, and a growing trend of urbanization and vertical construction. The adoption of smart elevator systems in the region is further driven by stringent regulations surrounding energy consumption, building automation, and sustainability. Companies in North America are also at the forefront of developing cutting-edge technologies that enhance the functionality and efficiency of these systems.

In contrast, the Asia-Pacific (APAC) region is expected to experience the highest growth rate in the market, with a projected CAGR of over 9.3% from 2024 to 2032. This growth is fueled by rapid urbanization, increased construction of high-rise buildings, and the rising adoption of smart city initiatives in countries like China and India. The demand for smart elevators in APAC is particularly strong in emerging markets, where infrastructure development is undergoing a significant transformation. As these regions modernize their cities, the need for efficient, automated elevator systems becomes paramount, further accelerating market growth.

By components, the building management system (BMS) segment accounted for more than 21% of the market share in 2023. BMS integration plays a crucial role in the functionality of smart elevators by enabling centralized control, monitoring, and optimization of energy usage. The system allows for real-time adjustments based on traffic patterns and energy demands, leading to operational efficiencies and enhanced sustainability.

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