At 8.8% CAGR, Middle East & Africa Smart Elevator Market is Projected to be Worth US$ 2,283.83 Million by 2031, says Business Market Insights

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.

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