Middle East & Africa Smart Elevator Market Forecast to 2031
Middle East & Africa Smart Elevator Market Forecast to 2031 – Regional Analysis – by Setup (Modernization, Maintenance, and New Deployments), Carriage (Passenger and Freight), and Application (Residential, Commercial, and Industrial)
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Description
Growing Vertical Transportation Industry Bolsters Middle East & Africa Smart Elevator Market
The introduction of smart elevators, AI, and the IoT extended reality technologies, among other latest developments and innovations in the vertical transportation industry. These technological developments have enhanced the intelligence and accessibility of vertical transportation. A novel generation of advancement in vertical transportation has been made possible by smart elevators, which allow greater performance monitoring. Smart elevators, equipped with cutting-edge technology and intelligent systems, have emerged as a game-changer in the vertical transportation industry, offering enhanced efficiency, safety, and user experience. Smart elevators transform the vertical transportation landscape, offering improved efficiency, safety, and user experience. As technology continues to evolve, smart elevators are expected to play a critical role in shaping the future of vertical transportation, revolutionizing how individuals move within buildings. Therefore, the growing demand for advanced elevators in vertical transportation is expected to create lucrative opportunities for the Middle East & Africa smart elevator market during the forecast period.
Middle East & Africa Smart Elevator Market Overview
Saudi Arabia is renowned for its economically progressive policies. With several bigger projects ongoing in the country, a vast array of intellects has accumulated in the country for various sectors. Fierce competition and geographical challenges have made it difficult for investors as huge investments have been pumped into the country’s economy. The demands for construction have witnessed an upward trend in residential, commercial, as well as infrastructure projects. As part of their 2030 Vision serving as the compass, the country is moving toward new developments, intending to revive culture and expand the economy. A few of the mega projects in the country are Neom, King Abdullah Economic City (KAEC), and Jeddah Economic City. Further, the declining oil prices have had an impact on the country’s economy, thereby negatively impacting the infrastructural construction sector. However, efficient policies laid down by the authorities in the country have led to a stable market for smart elevators.
In March 2024, Otis Worldwide Corporation was contracted by Emaar Properties to upgrade 34 elevators and all eight escalators in the Burj Khalifa. The modernization effort aims to enhance the efficiency and safety of vertical transport within the world’s tallest structure, which soars over 828 meters and houses more than 160 stories. The upgrade includes the implementation of an advanced version of the Elevator Management System (EMS Panorama), facilitating real-time remote control and management of the elevators and escalators. Such developments are anticipated to create lucrative opportunities for the smart elevator market in the Middle East & Africa during the forecast period.
Middle East & Africa Smart Elevator Market Revenue and Forecast to 2031 (US$ Million)
Middle East & Africa Smart Elevator Market Segmentation
The Middle East & Africa smart elevator market is segmented based on carriage, setup, application, and country.
In terms of carriage, the Middle East & Africa smart elevator market is bifurcated into passenger and freight. The passenger segment held a larger share in 2023.
Based on setup, the Middle East & Africa smart elevator market is segmented into modernization, maintenance, and new deployments. The new deployments segment held the largest share in 2023.
By application, the Middle East & Africa smart elevator market is segmented into residential, commercial, and industrial. The commercial segment held the largest share in 2023.
Based on country, the Middle East & Africa smart elevator market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa smart elevator market in 2023.
Kone Corp, Otis Worldwide Corp, Hyundai Elevator Co Ltd, Thyssen Krupp AG, Schindler Holding AG, Mitsubishi Electric Corp, and Hitachi Ltd are some of the leading companies operating in the Middle East & Africa.
Summary Info
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According to Business Market Insights’ research, the Middle East & Africa smart elevator market was valued at US$ 1,167.05 million in 2023 and is expected to reach US$ 2,283.83 million by 2031, registering a CAGR of 8.8% from 2023 to 2031. Increasing demand for energy-efficient elevators and technological advancements in elevator industry are among the critical factors attributed to the Middle East & Africa smart elevator market expansion.
There are increasing concerns about energy consumption across the world. Smart elevators are made using improved hardware; controls; software; and other components such as low-heat light-emitting diode (LED) lighting solutions, alternating current (AC) motors, and touch screens, which reduce energy consumption and are efficient. In line with this, there is an extensive adoption of novel permanent magnet synchronous (PMS) gearless traction machines that use less energy than traditional geared machines and are compact and lighter. Furthermore, the demand for energy efficient mobility systems owing to the increasing construction of high-rise buildings, supported by the rising working population, is growing. Apart from this, the integration of artificial intelligence (AI) and the Internet of Things (IoT) in smart elevators to identify problems from a remote location, offer emergency responses, and improve safety is expected to rise. Therefore, the rising demand for energy-efficient elevators is expected to offer lucrative opportunities for the Middle East & Africa smart elevator market during the forecast period.
On the contrary, intense competition among market players hampers the growth of Middle East & Africa smart elevator market.
In terms of carriage, the Middle East & Africa smart elevator market is bifurcated into passenger and freight. The passenger segment held 79.9% share of the Middle East & Africa smart elevator market in 2023, amassing US$ 932.53 million. It is estimated to garner US$ 1,787.92 million by 2031 to expand at 8.5% CAGR during 2023-2031.
Based on setup, the Middle East & Africa smart elevator market is segmented into modernization, maintenance, and new deployments. The new deployments segment held 37.7% share of Middle East & Africa smart elevator market in 2023, amassing US$ 440.54 million. It is predicted to garner US$ 804.46 million by 2031 to expand at 7.8% CAGR during 2023-2031.
By application, the Middle East & Africa smart elevator market is segmented into residential, commercial, and industrial. The commercial segment held 51.2% share of the Middle East & Africa smart elevator market in 2023, amassing US$ 597.17 million. It is projected to garner US$ 1,187.78 million by 2031 to expand at 9.0% CAGR during 2023-2031.
Based on country, the Middle East & Africa smart elevator market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Saudi Arabia held 43.4% share of Middle East & Africa smart elevator market in 2023, amassing US$ 506.37 million. It is projected to garner US$ 925.97 million by 2031 to expand at 7.8% CAGR during 2023-2031.
Key players operating in the Middle East & Africa smart elevator market are Kone Corp, Otis Worldwide Corp, Hyundai Elevator Co Ltd, Thyssen Krupp AG, Schindler Holding AG, Mitsubishi Electric Corp, and Hitachi Ltd, among others.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in Middle East & Africa smart elevator market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Middle East & Africa market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.
1. Introduction
1.1 The Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Middle East & Africa Smart Elevator Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in the Value Chain
5. Middle East & Africa Smart Elevator Market – Key Market Dynamics
5.1 Middle East & Africa Smart Elevator Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Rise in Building Construction Activities
5.2.2 Technological Advantages of Smart Elevators over Conventional Elevators
5.3 Market Restraints
5.3.1 Intense Competition Among Market Players
5.4 Market Opportunities
5.4.1 Growing Vertical Transportation Industry
5.4.2 Increasing Demand for Energy-Efficient Elevators
5.5 Future Trends
5.5.1 Technological Advancements in Elevator Industry
5.6 Impact of Drivers and Restraints:
6. Smart Elevator Market – Middle East & Africa Analysis
6.1 Middle East & Africa Smart Elevator Market Revenue (US$ Million), 2023-2031
6.2 Middle East & Africa Smart Elevator Market Forecast Analysis
7. Middle East & Africa Smart Elevator Market Analysis – by Carriage
7.1 Passenger
7.1.1 Overview
7.1.2 Passenger: Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Freight
7.2.1 Overview
7.2.2 Freight: Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
8. Middle East & Africa Smart Elevator Market Analysis – by Setup
8.1 New Deployments
8.1.1 Overview
8.1.2 New Deployments: Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Modernization
8.2.1 Overview
8.2.2 Modernization: Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Maintenance
8.3.1 Overview
8.3.2 Maintenance: Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
9. Middle East & Africa Smart Elevator Market Analysis – by Application
9.1 Residential
9.1.1 Overview
9.1.2 Residential: Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Commercial
9.2.1 Overview
9.2.2 Commercial: Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Industrial
9.3.1 Overview
9.3.2 Industrial: Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
10. Middle East & Africa Smart Elevator Market – Country Analysis
10.1 Middle East & Africa
10.1.1 Middle East & Africa: Smart Elevator Market – Revenue and Forecast Analysis – by Country
10.1.1.1 Middle East & Africa: Smart Elevator Market – Revenue and Forecast Analysis – by Country
10.1.1.2 Saudi Arabia: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 Saudi Arabia: Smart Elevator Market Breakdown, by Carriage
10.1.1.2.2 Saudi Arabia: Smart Elevator Market Breakdown, by Setup
10.1.1.2.3 Saudi Arabia: Smart Elevator Market Breakdown, by Application
10.1.1.3 United Arab Emirates: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 United Arab Emirates: Smart Elevator Market Breakdown, by Carriage
10.1.1.3.2 United Arab Emirates: Smart Elevator Market Breakdown, by Setup
10.1.1.3.3 United Arab Emirates: Smart Elevator Market Breakdown, by Application
10.1.1.4 South Africa: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.4.1 South Africa: Smart Elevator Market Breakdown, by Carriage
10.1.1.4.2 South Africa: Smart Elevator Market Breakdown, by Setup
10.1.1.4.3 South Africa: Smart Elevator Market Breakdown, by Application
10.1.1.5 Rest of Middle East & Africa: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.5.1 Rest of Middle East & Africa: Smart Elevator Market Breakdown, by Carriage
10.1.1.5.2 Rest of Middle East & Africa: Smart Elevator Market Breakdown, by Setup
10.1.1.5.3 Rest of Middle East & Africa: Smart Elevator Market Breakdown, by Application
11. Competitive Landscape
11.1 Company Positioning & Concentration
11.2 Heat Map Analysis By Key Players
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions
13. Company Profiles
13.1 Kone Corp
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Otis Worldwide Corp
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Hyundai Elevator Co Ltd
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 ThyssenKrupp AG
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Schindler Holding AG
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Mitsubishi Electric Corp
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Hitachi Ltd
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
14. Appendix
14.1 About The Research Team
Table 1. Middle East & Africa Smart Elevator Market segmentation
Table 2. List of Vendors
Table 3. Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Carriage
Table 5. Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Setup
Table 6. Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 7. Middle East & Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 8. Saudi Arabia: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 9. Saudi Arabia: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 10. Saudi Arabia: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 11. United Arab Emirates: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 12. United Arab Emirates: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 13. United Arab Emirates: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 14. South Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 15. South Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 16. South Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 17. Rest of Middle East & Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 18. Rest of Middle East & Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 19. Rest of Middle East & Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 20. Heat Map Analysis By Key Players
Figure 1. Middle East & Africa Smart Elevator Market segmentation, by Country
Figure 2. Ecosystem Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Middle East & Africa Smart Elevator Market Revenue (US$ Million), 2023-2031
Figure 5. Middle East & Africa Smart Elevator Market Share (%) – by Carriage (2023 and 2031)
Figure 6. Passenger: Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. Freight: Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. Middle East & Africa Smart Elevator Market Share (%) – by Setup (2023 and 2031)
Figure 9. New Deployments: Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. Modernization: Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Maintenance: Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Middle East & Africa Smart Elevator Market Share (%) – by Application (2023 and 2031)
Figure 13. Residential: Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Commercial: Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Industrial: Middle East & Africa Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Middle East & Africa Smart Elevator Market- Revenue by Key Countries 2023 (US$ Million)
Figure 17. Middle East & Africa: Smart Elevator Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 18. Saudi Arabia: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 19. United Arab Emirates: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 20. South Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 21. Rest of Middle East & Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
The List of Companies – Middle East & Africa Smart Elevator Market
o Kone Corp
o Otis Worldwide Corp
o Hyundai Elevator Co Ltd
o Thyssen Krupp AG
o Schindler Holding AG
o Mitsubishi Electric Corp
o Hitachi Ltd
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