At 13.4% CAGR, Smart Elevators Market will reach USD 25.20 billion ,Globally by 2022
Zion Market Research has published a new report titled “Smart Elevator Market by Solution (New Deployment, Modernization and Maintenance) for Residential, Commercial, Industrial, Institutional, and Others: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022.” According to the report, global smart elevator market was valued at around USD 11.85 billion in 2016 and is expected to reach approximately USD 25.20 billion by 2022, growing at a CAGR of slightly above 13.4% between 2017 and 2022.
Economic benefits pertaining to cost savings through the provision of low power consumption is spur demand of smart elevator market. The reduced passengers’ waiting time and increased traffic management efficiency are also anticipated to fuel the smart elevator market significantly. Elevators are not only getting better because of smart technology, but innovation is also taking place on a number of fronts as engineers deal with taller buildings and new safety codes. At the same time, new technologies such as artificial intelligence (AI) and wireless technologies will offer up greater and greater efficiencies over time.
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Elevators being the primary mode of vertical transportations amongst individuals, security in such automated systems are the biggest concern. Therefore, the required security measures are taken by the builders of the commercial and residential complexes in order to safeguard their customers/ individuals/ residents/ employees. However, security has become an integrated feature of any building. Moreover, iris recognition, biometrics are some of the advanced features that are used in order to mitigate the security concerns. Smart elevator uses these security systems and provides stringent security to the buildings. Moreover, in the current business scenario, these security measures are positively affecting the smart elevators market and will be expected a large impact on the market in near future.
As compared to the conventional elevators, installation of smart elevators requires high initial investment. The automated access control systems and security systems that are integrated into the smart elevators increases the total cost of the smart elevator which is restraining the growth of smart elevator market. The high initial cost associated with installing smart elevators can prove to be a deterrent for their adoption, according to FMI. Furthermore, the level of awareness about smart elevators is comparatively lower in developing countries vis-à-vis developed countries.
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Segmentation of smart elevator is done by solution and application. By solution, the market is fragmented into new deployment, modernization, and maintenance. On the basis of application, the market is segmented into residential, commercial, industrial, institutional and others. 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.
North America was the largest market for smart elevator market in 2016, as rising investment in infrastructure development projects. Increasing technological rapid industrialization, especially in Asia Pacific, Latin America coupled with growing inclination of manufacturers towards automation is expected to result is high demand for the technology.
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Smart elevator market players are Schindler Holding AG, Hitachi Ltd, Honeywell International Inc., Otis Elevator Corporation, Bosch Security Systems, Hyundai Elevator Co. Ltd., Mitsubishi Electric Corporation, KONE Elevators Co. Ltd., ThyssenKrupp, Fujitec and Others.
Global Smart Elevator Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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