Elevators are often an understated component of our daily routines. Typically, one simply presses a button, waits briefly, and proceeds to their destination with little thought. However, the advent of the Internet of Things (IoT) is poised to revolutionize this experience. Imagine elevators becoming significantly more intelligent through IoT integration.

The Internet of Things (IoT) in the elevator market represents an exciting and rapidly evolving sector. IoT encompasses a network of interconnected devices capable of communicating and sharing data. Applied to elevators, this entails incorporating advanced technologies to improve their functionality, safety, and efficiency.

Consider an elevator capable of predicting maintenance requirements, optimizing energy consumption, and providing real-time updates to building management systems. This encapsulates the transformative potential IoT brings to the elevator industry.

Equipped with an array of sensors, these elevators continuously monitor their operational status. It is analogous to having a personal trainer who constantly checks your vital signs and advises when a break is necessary. Rather than waiting for malfunctions to occur, these smart elevators can anticipate issues before they arise, eliminating the inconvenience of being trapped between floors en route to an important meeting.

As per FACTMR, IoT in the elevators market is expected to witness a CAGR of 13.4% during the forecast period (2022-2032)

The IoT in the elevator market is driven by several key factors. Enhanced safety and security are major drivers, as IoT technologies enable real-time monitoring and predictive maintenance, significantly reducing the risk of elevator failures and accidents. Sensors and cameras further enhance security by monitoring usage and detecting anomalies.

Recent Trends in the Market:

Predictive Maintenance: One of the most significant trends is predictive maintenance. IoT-enabled elevators can monitor their performance in real-time, using sensors to detect anomalies and predict when maintenance is required. This reduces downtime and maintenance costs by addressing issues before they become major problems.

Energy Efficiency: IoT technologies help optimize energy consumption. Elevators can adjust their operation based on real-time usage patterns, which not only conserves energy but also reduces operational costs. Smart elevators can go into a standby mode when not in use, or adjust their speed and acceleration to be more energy-efficient.

In Europe, KONE has developed a regenerative drive system for their elevators. This system captures the energy generated when the elevator goes down or when it slows down and converts it into electricity that can be used elsewhere in the building. In some cases, these elevators can generate up to 20% of their operating energy from this process. It’s like your elevator is a mini power plant, helping to cut down on the building’s overall energy consumption.

Enhanced Safety: Safety is paramount in elevator design. IoT sensors can continuously monitor various safety parameters, such as door operations and cable integrity. They can instantly alert maintenance crews to potential safety issues, improving overall safety and reliability.

User Experience: Modern elevators can offer a more personalized user experience. For instance, smart elevators can recognize users through RFID cards or smartphones, adjusting settings to their preferences, such as preferred floor stops or ambient settings like lighting and music.

Data Analytics: The data collected by IoT-enabled elevators can be analyzed to gain insights into usage patterns, which any interesting fact or product in this market in any country.

In the city of Dubai, the Burj Khalifa’s elevators are equipped with advanced IoT systems that collect vast amounts of data on usage patterns. This data is analyzed to optimize elevator performance and reduce wait times. For instance, during peak visiting hours, the system can predict high-traffic periods and adjust elevator deployment accordingly. This ensures that visitors have a smooth and efficient experience, even when the building is at its busiest.

Though the market is growing rapidly there are certain challenges restricting the growth of the market.

Cybersecurity: With increased connectivity, IoT-enabled elevators are more vulnerable to cyberattacks. Hackers could potentially gain control of the elevator system, causing significant disruptions or compromising passenger safety.

Integration with Legacy Systems: Many buildings still use older, legacy elevator systems. Integrating new IoT technologies with these existing systems can be complex and costly, often requiring significant upgrades in both hardware and software. In the past, various office buildings in New York City faced difficulties when trying to retrofit their old elevator system with modern IoT capabilities. The existing infrastructure was incompatible with the new technology, resulting in a costly and time-consuming overhaul to enable full integration.

Data Privacy: IoT devices collect vast amounts of data, including potentially sensitive information about building occupants. Ensuring that this data is handled in compliance with privacy regulations is a significant challenge. In Europe, where GDPR (General Data Protection Regulation) is strictly enforced, elevator companies like KONE and Thyssenkrupp must ensure that the data collected by their IoT systems is anonymized and securely stored. This compliance is essential to avoid hefty fines and maintain user trust.

Initial Investment Costs: The initial cost of implementing IoT-enabled elevator systems can be high. While the long-term benefits and savings are substantial, convincing stakeholders to invest in these technologies upfront can be difficult. A residential high-rise in Los Angeles evaluated the cost of upgrading to an IoT-enabled elevator system. The initial investment was projected to be several hundred thousand dollars, which caused hesitation among the building’s management committee. Despite the potential long-term savings, the upfront cost was a significant barrier.

Here are some of the top companies providing IoT-enabled elevator solutions, highlighting their contributions and unique offerings in the market:

Otis Elevator Company: Otis is one of the largest and most well-known elevator companies globally. They have a strong focus on integrating IoT technologies to enhance their products. The company offers Otis ONE. This IoT service platform enables real-time monitoring and data analysis to predict maintenance needs, enhance safety, and improve operational efficiency. It uses advanced algorithms to optimize performance and reduce downtime. Otis ONE provides a comprehensive view of elevator operations through a cloud-based dashboard, allowing building managers to monitor multiple elevators in real time and receive predictive maintenance alerts.

Schindler Group: Schindler is a leading global provider of elevators, escalators, and moving walkways. They have been proactive in adopting IoT to improve their service offerings. This digital solution uses IoT and big data analytics to monitor elevators and escalators. It focuses on predictive maintenance, real-time diagnostics, and remote monitoring. Schindler Ahead offers a modular digital toolkit that includes features like Ahead ActionBoard, which provides real-time operational insights and maintenance status, and Ahead AdScreen, an in-elevator digital advertising platform.

KONE Corporation: KONE is a global leader in the elevator and escalator industry, known for its innovative and sustainable solutions. The company offers 24/7 Connected Services and these service uses IoT to monitor elevator performance and provide predictive maintenance. It leverages IBM’s Watson IoT platform to analyze data and predict potential issues.

Thyssenkrupp Elevator: Thyssenkrupp is renowned for its cutting-edge elevator technologies, including the use of IoT to enhance functionality and efficiency. The company offers a predictive maintenance solution that uses IoT to monitor elevator health in real time. This collects data from sensors and uses machine learning to predict maintenance needs before failures occur. This not only predicts maintenance needs but also provides actionable insights to service technicians, helping them to prepare in advance and reducing elevator downtime.

Mitsubishi Electric: Mitsubishi Electric is a significant player in the elevator industry, offering advanced IoT solutions to improve elevator performance and user experience. Mitsubishi’s IoT platform focuses on predictive maintenance and energy efficiency. It uses sensors to collect data on elevator operations and applies AI to optimize performance.

These companies are leading the charge in integrating IoT into elevator systems, bringing significant improvements in maintenance, safety, efficiency, and user experience. Their innovative solutions are transforming how elevators operate and are maintained, making buildings smarter and more efficient.

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Platform brings IoT connectivity, sustainability and passenger comfort to growing market segment.

Otis Worldwide Corp., today introduces the Gen3 Core elevator, the newest member of the Gen3 family of digitally native elevators, designed specifically for North America’s growing two-to-six story building segment.

Otis Americas President Jim Cramer, said:

“The Gen3 Core elevator is a game-changer, providing customers an affordable, sustainable product that brings passenger comfort and the benefits of digital connectivity and predictive services to the low-rise segment.”

“We’re excited to bring this elevator to market now, as the growth of metro cities fuels the need for two-to-six story buildings.”

Built off the proven design and flat-belt technology of Otis’ Gen2® family of elevators, which provide smooth, quiet rides, safety, durability and energy-efficiency, the Gen3 Core is equipped with the Otis ONE IoT platform, along with a suite of connected products such as Otis eView in-cab screens and customer options for Application Programming Interface (API) integration into tenant apps and other smart building systems. The platform also features enhanced aesthetics and health products such as cab air purifiers and UVC lights.

The Gen3 Core will be certified with an Environmental Product Declaration and be manufactured at Otis’ North American Manufacturing Center of Excellence in Florence, S.C.

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Transforming scheduled and preventive lift maintenance regimes into digitalised and predictive maintenance, the AGIL Smart Lift Monitoring solution addresses key challenges in the industry while elevating standards in lift safety and reliability.

ST Engineering today announced that its non-intrusive AGIL Smart Lift Monitoring solution will be progressively installed on lifts in Singapore starting this year, in one of the largest scale deployments of a smart lift monitoring solution to date.

The solution enables 24/7 remote lift status monitoring and diagnostics, providing centralised, real-time visibility of lift operations across different manufacturer brands, models and locations to the building owner, lift operators and technicians. This enables early anomaly detection, reporting and resolution to enhance operational efficiency, lift safety and reliability.

Co-developed with established lift measurement device manufacturer Henning GmbH & Co. KG (Henning), the cloud-based AGIL Smart Lift Monitoring solution employs remote diagnostics and edge analytics which is backed by proven smart sensor technology. Brandagnostic and compatible with most manufacturer brands and models, the plug and play solution eliminates the need to integrate with existing lift systems, allowing quick installation in a flexible and scalable manner that supports multi-tenancy, multi-asset and multi-site management. Additionally, its patented rope sensor technology allows for quick deployment and enables technicians to perform lift rope tensioning accurately and efficiently to optimise rope life.

Yao Shih Jih, Head of Smart Utilities and Infrastructure at ST Engineering, said:

“Large-scale lift maintenance is both complex and laborious, yet there is little room for error as every lift needs to be maintained at the highest standard for safety. The AGIL Smart Lift Monitoring solution provides unparalleled transparency of lift performance data which will significantly change the way lifts are being maintained, delivering improved reliability, safety and productivity while alleviating the industry’s manpower issues.”

“The AGIL Smart Lift Monitoring solution is a great example of how our innovations are helping industries digitalise to create new value and seize new possibilities.”

How it works

Smart sensors are installed on the lifts for multi-edge computing and data collection, and undergo sense-making at the secure and unified Internet of Things (IoT) platform. This generate real-time insights on lift performance and provides predictive analytics of individual lift components for maintenance planning that leads to reduced lift downtime and optimised component service life. These improve efficiency and reduce unnecessary costs and wastage, leading to more sustainable lift maintenance in the long-term.

Integrated with a mobile application, the AGIL Smart Lift Monitoring solution provides real-time alerts and incident updates on the go, including remote diagnostics that identify possible causes and provide recommendations for more accurate and quicker diagnoses of lift issues.

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Customers of Schindler’s digital portfolio for smart elevators and escalators gain reliable and robust connectivity.

Telefónica and Schindler have announced a global partnership for digital connectivity.

Under the agreement, Telefónica will be the IoT and network connectivity partner for Schindler’s digital offering for smart elevators and escalators – Schindler Ahead.

The cloud-based digital platform Schindler Ahead is the world’s fully digital closed-loop maintenance, emergency services and information system. Using AI, it provides predictive maintenance by analyzing cloud-based data from connected elevators and escalators that improves equipment reliability and uptime and delivers insights to better operate buildings, while also offering passengers greater convenience through interactive and personalized services.

Telefónica, a leader in IoT solutions as recognized by industry analyst firm Gartner, is providing Schindler with IoT connectivity services via its global roaming network, ensuring high-quality service and guaranteed connectivity for Schindler Ahead customers worldwide.

“This partnership reinforces our commitment to delivering high quality and innovative digital solutions to our customers by collaborating with a global leader in IoT connectivity,” said Markus Staudenmann, Head of Commercial, Schindler Digital Group. “Telefónica shares our vision of the incredible possibilities of IoT and how it can improve mobility in an increasingly urbanized world.”

“We are delighted to have been chosen to provide our IoT services to Schindler for such an innovative solution. As world-leaders in IoT, we understand our customers’ needs and how IoT solutions can help drive new efficiencies, reach new markets and get closer to their end customers. We look forward to continuing the relationship with Schindler into the future”, said Juan Vicente Martin, Director Multinational Customers at Telefónica.

Offering customers network connectivity through one single provider is increasingly important as digitization advances in the building management sector. Schindler Ahead solutions provide permanent and reliable connectivity that bring improved diagnostics, real-time information and a range of personalized solutions for smart buildings and cities.

With the agreement, Telefónica will provide Schindler with their managed connectivity platform Kite Platform, which allows centralized, real-time visibility and management of connectivity for elevators and escalators.

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Global Smart Elevators Market is set to grow from its current market value of more than $11 billion to over $25 billion by 2025; according to a new research report by Global Market Insights, Inc.

Increasing customer spending in constructing technically-advanced and intelligent structures, facilitating high comfort & safety features is driving the smart elevators market. The integration of connectivity technology and internet features into lifts is a key ongoing trend, which offers enhanced security, energy efficiency, and alerts related to repair schedules. The intuitive technologies integrated into new lifts, such as connectivity and smart grouping, will reduce the waiting & traveling time and improve the overall commuter experience, increasing their demand in intelligent buildings. The industry is also witnessing the adoption of cable-free lifts that can move vertically & horizontally.

Modernization of the lift systems in existing buildings is witnessing a steady demand in the smart elevators market due to infrastructure transformation initiatives in countries including the U.S., China, etc. The modernization services and solutions offered by various companies such as Kone, Otis, etc., include modular modernization and full elevator replacement in smart elevator market. In modernization, the service providers offer electrification, hoisting, car modernization, signalization, etc., which enhance the overall lift system and integrate intelligent features. For instance, Otis offers a CompassPlus solution, which is installed in the elevator modernization process and further facilitates security integration, high passenger efficiency, and customized lift design.

The lift maintenance systems in the smart elevators market is experiencing a huge demand owing to intelligent features, passenger security, and reduced malfunctioning benefits. These maintenance systems identify issues such as unwanted stops, slow speed, etc., and reactivate the elevator functioning in the shortest possible time in case of breakdowns and electricity cuts. The system notifies building authorities immediately and reduces passengers’ stress. Several maintenance systems include a mobile application that allows commuters to call and lift tracking using their smartphones. With the help of the application, passengers can receive guidance on the optimal cabin, reducing their waiting time. The integration of remote maintenance systems into intelligent lifts allows the building management to achieve less energy usage and solve malfunctioning issues in lesser time, fostering the smart elevator market growth.

The North America smart elevators market was valued at over USD 3 billion in 2018 and is developing rapidly owing to the construction of several high-rise & complex buildings across all industry verticals. The region is showing a faster adoption due to the presence of technically aware users and high spending capacity on intelligent technologies. High government focus on deploying energy-efficient building solutions and reducing the overall carbon emissions will also lead to the industry development. Consumers in the U.S. are moving toward intelligent building automation & management systems to gain safety and time saving benefits, creating a huge demand in the smart elevator market. Companies are enhancing their offerings in the North American region to gain a major customer base.

The market comprises few key players in smart elevator market including Kone Oyj, thyssenkrupp AG, Schindler Group, Fujitec, Otis Elevator Company, Hyundai Elevator Company, Mitsubishi Elevator, Toshiba Elevators, etc. Major smart elevators market players are investing in new solution development strategies that facilitate enhanced customer comfort and experience. The companies are partnering with other technology providers to offer better elevator-related technologies across the globe.

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According to a new market report titled IoT in Elevators Market -Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026, published by Transparency Market Research, the global IoT in elevators market is expected to reach US$ 50.76 Bn by 2026, expanding at a CAGR of 16.1% from 2018 to 2026.

According to the report, the global market is expected to continue to be influenced by a range of macroeconomic and industry-specific factors. North America is anticipated to continue to be at the forefront of global demand, with the market in the region expanding at a CAGR of 15.3% during the forecast period. Technical advancements, increased digitization, increasing number of high-rise buildings, and presence of a large number of IoT in elevator providers are anticipated to drive the IoT in elevators market in North America.

Increasing adoption of new IT solutions with modern consumer trends in different organizations and IT modernization is expected to boost the IoT in elevators market in the coming years. Moreover, increase in number of high-rise buildings is expected to fuel the growth of the market in the near future.

In terms of IoT in elevators, both North America and Europe are mature regions of the market, due to high awareness about IoT in elevators among users and technological developments. However, the market in Asia Pacific is expected to expand at a robust pace during the forecast period. Rise in penetration of technology as well as significant investments in the optimal utilization of IT solutions across countries such as the U.S., U.K., Germany, France, China, India, and Brazil are anticipated to offer lucrative opportunities for IoT in elevators providers in the near future.

Based on component, the global IoT in elevators market has been segmented into hardware, software, and services. The hardware segment held significant market share, followed by services and software segments in 2017.

By application, preventive maintenance segment occupied major market share in 2017 as it helps to maximize an elevator’s availability, efficiency, service quality, and customer satisfaction, while the remote monitoring application segment is likely to expand significantly over the forecast period. Remote monitoring solution, created with IoT, improves smart elevator maintenance and reduces disruption of service to customers.

The research study includes profiles of leading companies operating in the global IoT in elevators market. Profiles of market players provide details on company business overview, broad financial overview, business strategies, and recent developments. Some of the key players in the IoT in elevators market profiled in the study are ThyssenKrupp AG, KONE Corporation, Otis Elevator Company, Schindler Group, Mitsubishi Electric Corporation, and Toshiba Elevators among others.

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AT&T IoT to help power KONE 24/7 Connected Services, improving safety, equipment uptime and predictability.

KONE Americas has chosen AT&T as an Internet of Things (IoT) connectivity and service management provider for KONE 24/7 Connected Services, which enables monitoring and analysis of real-time data from elevators and escalators.

The companies are making thousands of elevators and escalators smarter across the U.S., Canada and Mexico using Internet of Things (IoT) connectivity that will help improve the safety, equipment uptime and predictability for maintenance services.

Larry Wash, executive vice president, KONE Americas, said:
“Reliable connectivity is an essential element for powering KONE 24/7 Connected Services and for driving our smart buildings strategy.”

“Our solution enables real-time data to predict, maintain and act before a breakdown occurs, creating a better customer experience. With AT&T, we can easily implement and scale KONE 24/7 Connected Services for our elevators and escalators and those we service across North America.”

KONE 24/7 Connected Services brings intelligent maintenance services to elevators and escalators. KONE monitors parameters such as speed, weight, vibration, temperature, frequency of use and much more.

The solution uses AT&T IoT connectivity and service management to transmit real-time data about the condition of elevators and escalators to IBM Cloud. Using IBM Watson® IoT Platform means the data can be analyzed using cognitive learning to help identify and predict faults before they happen. All of this is facilitated to keep equipment up and running, and to improve people flow.

Building owners and facilities managers use an online dashboard to track the operation of their equipment. KONE technicians automatically receive alerts when equipment has an issue or is not performing to standards, so they can perform proactive, even predictive, maintenance.

“Escalators and elevators are often something that we take for granted – until they aren’t working. As they transport millions of passengers each day, just one broken-down elevator can cause bottlenecks in buildings, which can be frustrating and inconvenient,” said Chris Penrose, president of IoT Solutions at AT&T. “KONE is showing how a manufacturing and services company can use IoT solutions to help put customers first and improve insights into the condition of elevators and escalators.”

AT&T shares a long-standing business relationship with KONE. AT&T provides several global edge-to-edge solutions to KONE, including mobile, wireline, managed network services, AT&T NetBond® for Cloud, and traditional voice and data services.

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KONE, a global leader in the elevator and escalator industry, has today launched a unique tailor-made approach for its maintenance services and new 24/7 Connected Services, which uses the IBM Watson IoT (Internet of Things) platform.

The company is bringing new levels of flexibility to elevator maintenance, with the introduction of a fully customizable portfolio of services and advanced tools, designed to meet the individual needs of different customers, such as building owners and facility managers. KONE’s customers will be able to request and customize services to match the specific requirements of their business, their tenants, or their building type, instead of predesigned service packages.

“With new technologies and connectivity, we are able to even better meet our customers’ changing needs and expectations on speed, transparency and predictability. Our customized approach for maintenance services is designed together with customers, for our customers, to help them to better succeed in their business and add value in totally new ways.” says Henrik Ehrnrooth, President and CEO, KONE.

As part of KONE Care™, KONE has also launched 24/7 Connected Services, which uses the IBM Watson IoT platform and other advanced technologies to bring intelligent services to elevators and escalators. It means a completely new experience for KONE’s customers, with less equipment downtime, fewer faults and detailed information on maintenance work. For people using elevators and escalators, it means less waiting time and more personalized experiences. The system enables vast amounts of data from elevator sensors to be monitored, analyzed and displayed in real-time, improving equipment performance, reliability and safety.

Ehrnrooth continues: “This is just the beginning. With this platform we will be able to bring new services and innovations faster to the market for our customers and consumers. Not only are we able to customize services based on our customers’ individual needs – with better predictability, planning and peace of mind – but we will also bring artificial intelligence for our services, which will help predict and suggest resolutions to potential problems.”

“We are well on our way towards creating a truly intelligent elevator and escalator service platform, which will use Watson’s cognitive capabilities and take elevator and escalator services to a new level.”

The launch of 24/7 Connected Services comes a year after KONE and IBM announced a multiyear agreement in which IBM will provide cloud-based Internet of Things (IoT) technologies and services to drive innovation in the elevator and escalator industry.

Both the new KONE service offering and 24/7 Connected Services have been piloted and introduced in selected markets and will be commercially available broadly during 2017, with roll-out continuing throughout 2018. KONE aims to connect over 1 million additional elevators and escalators to the cloud over the next few years.

To bring a human touch to the technology behind KONE’s 24/7 Connected Services, KONE and IBM have teamed up to demonstrate intelligent services. Discover how different elevators in different countries “talk” to the IBM Watson IoT Platform, live and in real-time at http://machineconversations.kone.com/

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Enhance Connectivity of Next Generation Elevators and World’s Largest Elevator Service Network.

Today AT&T and Otis Elevator Company, a unit of United Technologies Corp., announced they are collaborating on opportunities to enhance connectivity through the use of Internet of Things (IoT) products – services and technologies to better connect with customers and with elevator, escalator and moving walkway equipment.

As part of this collaboration, AT&T and Otis Elevator Company (Otis) are expanding their long-standing relationship to develop the connectivity to support advanced elevators while also providing mobility to more than 30,000 service employees at Otis companies worldwide.

Otis companies around the world will use AT&T IoT technology to aggregate data from cell networks and connect to a new enhanced cloud environment. AT&T’s Global SIM card and IoT Services, such as Control Center, M2X and Flow Designer, will also allow Otis to access real-time equipment performance data. In addition, AT&T will serve as the primary mobility provider for Otis field operations.

This collaboration is one example of how AT&T and United Technologies are exploring ways to harness the power of digital technologies and communications networks to improve performance, lower costs and deliver better results for customers in building systems and aerospace.

Otis President Philippe Delpech, said:

“We strongly believe that a new generation of elevators will be defined by new digital tools that better connect our people with our customers – and our customers with their equipment.”

“We will also develop new responsive service solutions that give Otis employees more autonomy and Otis customers more control over their equipment and buildings by leveraging the AT&T IoT technology to harness data generated by the nearly 2 million elevators currently under Otis service contract transporting over 2 billion people per day.”

For more than 15 years, Otis has used AT&T Network Services in its commercial business. This agreement will provide new mobility tools that put more information in the hands of Otis’ customer-facing employees and provide Otis customers enhanced efficiency, communication and flexibility.

Experts at AT&T will help Otis accelerate efforts to create buildings with more seamless security and transportation systems that are invisible to the tenant or resident and are more efficient and reduce building energy use.

“We’re seeing more global businesses use IoT technologies to take their business to the next level. They’re extracting actionable information from their machines, equipment, factories, fleet vehicles and more,” said Chris Penrose, senior vice president, IoT Solutions, AT&T. “The fact that Otis is extending their relationship with AT&T to include IoT services shows they’re innovative thinkers. They understand how it can change the way they operate and interact with their customers.”

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Major contract: The telecommunications group is connecting hundreds of thousands of elevators around the world. Up to 50 percent less downtime of elevators due to predictive maintenance.

thyssenkrupp expands its relationship with Vodafone by using the telecommunications group’s machine-to-machine (M2M) technology in its elevator division. Vodafone will be providing the Essen, Germany based industrial corporation with the global M2M communication platform and special M2M SIM cards for its existing and new elevators around the world. This is a major contract for several hundreds of thousands of M2M connections in Europe, Asia, North and South America.

“The Internet of Things is creating intelligent networks across the industrial sector. We have the infrastructure and the M2M solutions to take this sector forward into the digital age and make the fourth industrial revolution happen,” said Erik Brenneis, Director of Vodafone M2M. “We’re delighted that our longstanding customer thyssenkrupp has asked Vodafone to be its communications partner for its new elevator solution.”

The Vodafone M2M technology is used to connect the thyssenkrupp Elevator’s MAX, the world’s first predictive and pre-emptive maintenance service for elevators, based on Microsoft’s trusted Azure cloud platform. Reports on the elevators‘ technical condition are transmitted to the cloud for evaluation, providing service engineers with real-time information on necessary repairs and predictions of which specific components will require maintenance, even before the elevator breaks down. thyssenkrupp is expecting elevator service disruptions to be halved as a result of this pre-emptive service concept. Currently all elevators installed around the world have a total of 190 million hours of service disruptions every year.

Andreas Schierenbeck, CEO of thyssenkrupp Elevator, commented:

“We do what no others in our sector have done before, and it is required to revolutionize an industry instrumental in responding to the challenges of the ongoing urbanization megatrend, always striving to make cities the best ever places to live. Full fledge digitalization is key to make the century-old elevator industry start a new era.”

MAX is a major milestone in thyssenkrupp Elevator’s business strategy. In the first launch period the company aims to connect some 180,000 units in North America and Europe, with the US, Germany, and Spain as pilot countries and other key countries in Europe as well as in Asia and South America following shortly after. In two years, the offering will be expanded to all continents, becoming available to some 80% of all elevators worldwide.

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According to a new report by Allied Market Research titled, “Global Smart Elevator Market – Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 – 2020”, the global smart elevator market would reach $23.16 billion by 2020, registering a CAGR of 13.8% during 2014 – 2020.

The market, driven by modernization of existing elevator systems, would experience a radical shift by 2020. With large number of new deployment anticipated in developing Asian counties, new deployments of the smart elevators would take over the modernization revenue by 2020. China alone accounts for about 53% of the upcoming high-rise projects across the world.

Globally, the growing number of high-rise buildings has escalated the demand for quick, comfortable, efficient, and secure vertical transportation system. Moreover, global green infrastructure standards and statutory requirements are instrumental in compelling deployment of smart elevators in new structures as well as current infrastructure.
AMR analyst Bryan Olson noted:

“The modernization of conventional elevator systems in developed countries such as U.S., UK, Canada, and France has been major contributor to smart elevator market revenue so far. However, over the period, upcoming high-rise buildings would adopt fresh deployment of smart elevator systems.”

“As a result, new deployment of smart elevators would surpass the modernization segment revenue and contribute more than 52% of the overall smart elevators market revenue,” adds analyst. Technologically advanced features and integration of smart communication, access control and security technology allows smart elevators to cater custom needs of various end use segments such as residential, commercial, healthcare, industrial and hospitality among others. Smart elevators can custom fit to unique requirements of each of these end-user segments and can provide reliability, hygiene, aesthetics, ride and destination control, space, and comfort as may require by the respective end-user.

According to WHO data there is a tremendous change in number of people residing in cities. In 2014, the urban population accounted for 54% of the total world population as compared to 34% in 1960. The estimates suggest that the shift would exemplify during 2015 – 2020 and cities across the world would see 1.8% growth in population every year. Limitation of geographical expansion of cities would result in vertical growth and more number of high-rise projects shall be commissioned, eventually triggering the demand for time, space and energy saving smart elevators.

Key findings of the study:

• Global market for smart elevators applications is gaining momentum with residential and industrial usages to provide major growth during the forecast period (2014 – 2020)
• Industrial applications will grow at a CAGR of 16.6% during the forecast period, fastest among all applications
• Maintenance of smart elevators would unveil another area for monetization, which will pick up after year 2015, with highest CAGR of 49.4%
• Asia-Pacific would be the lucrative market, both in terms of size and growth. It would reach $5.1 billion by 2020, with fastest CAGR of 19.8%
• The elevators in upcoming high-rises would be smart elevators to greater extent, which would pose new deployment market as largest revenue contributor by 2020.

Global vendors of vertical transportation systems are now quickly shifting their focus to smart elevators to remain competitive. ThyssenKrupp, which maintains and manages more than 1.1 million elevators, has now integrated cloud to its elevator systems to gather valuable data about systems and sensors to improve its maintenance service. In 2014, Schindler Elevator Corporation successfully completed the installation and modernization of its PORT elevator technology at the Union Plaza office building, Puerto Rico. Moreover, buildings such as the Hearst Tower and the Bank of America in Manhattan, the Humana headquarters in Louisvilleand the Crescent in Dallas are few of the many projects where Schindler Corporation has installed as its smart elevator destination dispatch technology system.

The report profiles major players in the smart elevator market, namely ThyssenKrupp, Fujitec, Schindler Holding AG, Fujitec, Honeywell International, Otis Elevator Corporation., Bosch Security Systems, Hitachi Ltd., Mitsubishi Electric Co. Ltd. and Hyundai Elevator Co. Ltd.

To view the report, visit the website at http://www.alliedmarketresearch.com/smart-elevator-market

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