North America IoT in Elevators Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Component (Hardware, Software, and Services), Application (Preventive Maintenance, Remote Monitoring, Fault Diagnosis and Prediction, Advanced Reporting, and Connectivity Management), and End-user (Residential, Commercial, and Industrial)
The North America IoT in elevators market is expected to grow from US$ 10,578.47 million in 2022 to US$ 18,272.55 million by 2028; it is estimated to grow at a CAGR of 9.5% from 2022 to 2028.
The migration of people from rural to urban areas is increasing annually across the region. As per the United Nations report published in April 2018 on Sustainable Cities, Human Mobility, and International Migration, the proportion of the world's population living in cities is expected to rise from 55% in 2018 to 60% by 2030. According to the United Nations, 55% of the world's population lives in urban areas, and the percentage is expected to increase to 68% by 2050. The migration of people from rural to urban has made governments of many North American economies invest in new infrastructure projects. Therefore, rising urbanization will increase the demand for IoT in elevators over the coming years. Governments of North American countries are devoting significant resources to the construction of energy-efficient infrastructure. On December 8, 2022, the US government signed an executive order catalyzing North America's clean energy economy through federal sustainability. The executive order to invest in American clean energy industries and manufacturing will reduce emissions across national operations and help communities become hygienic and healthy. There are five ambitious goals that procurement power to achieve. The goals are 100% carbon-free electricity (CFE) by 2030, at least half of which will be locally supplied with clean energy to meet the demand for electricity 24/7; acquisitions of 100% zero-emission vehicles (ZEVs) by 2035, including 100% zero-emission light-duty vehicles by 2027; net-zero emissions from federal procurement by 2050, including a Buy Clean policy to promote the use of construction materials with lower embodied emissions; a net-zero-emissions building portfolio by 2045, which also includes a 50% reduction in emissions by 2032; and net-zero emissions from overall federal operations by 2050, including a 65% emissions reduction by 2030. These initiatives and low carbon emission targets by developing and developed economies raise consumers' awareness of clean and green energy products and services. Therefore, owing to rising consumer demand for safe and energy-efficient solutions, smart and connected elevators have gained traction, contributing to the growth of the IoT in elevators market. The demand for IoT in elevators has grown in response to the changing demographics and increasing emphasis on energy conservation, which is propelling the market expansion. Various initiatives by the IoT lift manufacturing companies are increasing their production capacities, which is supporting the growth of the IoT in elevators market. KLEEMANN, one of the pioneers in advanced lift manufacturing, announced its entry into the US market in April 2022 through an alliance with Day Elevator & Lift, serving New York and New Jersey. Through this alliance, KLEEMANN intends to establish a well-defined local presence and achieve sustainable growth by investing in innovation, digital technology, and sustainability. Day Elevator & Lift, a New York-based company, provides residential and commercial clients with technology-driven accessibility products and solutions. The sales business operations office of the company is in Manhattan, New York, and the corporate headquarters is in West Hempstead, New York.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America IoT in elevators market growth at a notable CAGR during the forecast period.
North America IoT in Elevators Market Revenue and Forecast to 2028 (US$ Million)
North America IoT in Elevators Market Segmentation
The North America IoT in elevators market is segmented into component, application, end user, and country. Based on component, the market is segmented into hardware, software, and services. Based on application, the North America IoT in elevators market is segmented into preventive maintenance, remote monitoring, fault diagnosis and prediction, advanced reporting, and connectivity management. Based on end user, the North America IoT in elevators market is categorized into residential, commercial, and industrial. Based on country, the North America IoT in elevators market is segmented into the US, Mexico, and Canada.North America IoT in Elevators Market Companies Mentioned
FUJITEC CO., LTD; Hitachi, Ltd.; KONE Corporation; Mitsubishi Electric Corporation; Otis Worldwide Corporation; HYUNDAIELEVATOR CO., LTD.; Robert Bosch GmbH; and Schneider Electric SE are a few major companies operating in the North America IoT in elevators market.
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