Annual 15.3% Growth expected for Global Smart and Connected Elevators and Elevators Control System Market by 2022
With the presence of a large pool of participants, the global smart and connected elevators market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Motion Control Engineering, Inc., Toshiba Elevators and Building Systems Corporation, ThyssenKrupp AG, and Hyundai Elevator Co. Ltd are some of the key vendors of smart and connected elevators across the world. These players across smart and connected elevators market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key growth strategy for smart and connected elevators market, states the smart and connected elevators market study.
In a key development witnessed across smart and connected elevators market, in May 2018, Otis, a division of United Technologies Corporation, has introduced Otis One, an IoT tool for connecting elevators, data sharing and providing predictive maintenance analytics.
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As estimated in this report, the global smart and connected elevators market stood at US$11.21 billion in 2017. Witnessing a tremendous rise during the period from 2016 to 2021, the revenue in this market is expected to reach US$26.33 billion by the end of the forecast period.
Rising Need of Smart Solutions to Safeguard Firm’s Property To Spur Growth
“Growing requirement for smart solutions by the firms to protect their property and safeguard it against external or internal threats will fuel smart and connected elevators market,” says the author of this smart and connected elevators market study. Apart from this, the smart and connected elevators market is likely to gain traction over the coming years with the product fulfilling the escalating consumer requirement for power efficient solutions. The global requirement for energy conservation has resulted in more demand for smart and connected elevators, thereby not only creating value for the customers but also contributing immensely towards profitability of smart and connected elevators market.
In addition to this, the seamless emergence of IoT and connected sensors and its rampant use in modern elevators has created a profitable growth map for smart and connected elevators market.
Presence Of Advanced Infrastructure Facility To Aid Regional Dominance
Regionally, North America has been leading the worldwide smart and connected elevators market and is anticipated to continue on the dominant position in the years to come, states the smart and connected elevators market study. The presence of a well-established infrastructure facility and high rate of acceptance of new technology is the main factor behind the dominance of the North America smart and connected elevators market. The high number of market players being headquartered in North America is another significant factor that is supporting the growth of this regional smart and connected elevators market.
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The global smart and connected elevators market is segmented as follows:
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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