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ARC has identified several machinery sectors that are leading the Industrial IoT (IIoT) charge to improve customer service while also monetizing investments. While many machine builders struggle to identify the appropriate technologies and business structure, companies that manufacture elevators, cranes, and similar equipment are beginning to reap measurable financial benefits from their IIoT-related investments and associated innovations.
Manufacturers of crane and hoist systems, elevators and escalator systems, and related machinery have been incorporating IIoT-enabled machine intelligence, connectivity, and analytics to be able to provide cost-effective remote predictive monitoring and maintenance services for their customers. These enable the OEMs to compete more effectively with third-party service providers and captive, in-house maintenance services alike, while improving both top line growth and profit margins.
Business Models Shift to Services in People- and Freight-Moving Equipment
Elevators and escalators are employed to move both people and freight in a wide range of commercial, retail, infrastructure, and industrial applications. These systems are deployed in airports, commercial office buildings, and retail shopping malls, as well as freight elevators and platform lifts in distribution centers and other logistics applications.
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Keywords: Elevators, Cranes, Remote Services, Industrial Internet of Things, IIoT, ARC Advisory Group.