Smart Elevator Automation System Market will Exhibit a Steady 14.3% CAGR through 2025
Increasing Demand for Energy Efficient Elevators across Public as Well as Commercial Buildings to Drive Growth of Global Smart Elevator Automation System Market
The global market for smart elevator automation system is expected to grow at a rate of CAGR in double digits over the course of the given forecast period of 2015 to 2025. The development of the global market for smart elevator automation system is expected to chiefly driven by the growing demand for elevators with better and efficient management of energy in public as well as commercial high rise buildings. Some other important factors responsible for driving the overall growth of the global smart elevator automation system market is the increasing investment on the infrastructure development plans and newer projects, increasing population, and growing urbanization in the big cities across the globe. In addition to this, the smart elevator automation system manufacturers are concentrating on carrying out numerous activities of research and development to add new and innovative features to the elevators and thus enhance their consumer base. The key players in the global market for smart elevators automation system are now working towards launching more advanced destination dispatch services and connectivity that is cloud based and also makes use of the IoT (Internet of Things). Apart from this, there are major trends in the global market for smart elevator automation system such as the launch of the green or eco-friendly elevators and the high tech destination dispatch services, launch of cutting technologies in the elevator systems, surge in the strategic business activities such as mergers, acquisitions, partnerships, and joint ventures along with the growth of outsourcing operations.
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Asia Pacific except Japan to Continue Lead Global Market over Coming Years of Forecast: The global market for smart elevator automation system can be segmented in terms of services such as equipment installation, maintenance, repair, and modernization services. Of all these mentioned segments, the equipment installation services have led the global market for last few years and is expected continue its dominance over the coming years of the given forecast period.
The global market for smart elevator automation system can be segmented in terms of a geographical standpoint into key regions such as North America, Asia Pacific except Japan, Western Europe, Latin America, Eastern Europe, Japan, and the Middle East and Africa. Of all these mentioned regions, the global market have been dominated by the Asia Pacific except Japan which held 32.3% of overall market share in the years 2014. Western Europe followed the APEJ market accounting for 31.8%. In addition to this, the Asia Pacific except Japan region is projected to showcase a higher rate of growth as compared to the other regions over the coming years of forecast.
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