Smart and Connected Elevators and Elevators Control Systems Market Size & Share - Industry Trend and Forecast 2015 - 2023

The report analyzes and presents an overview of "Smart and Connected Elevators and Elevators Control Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023" worldwide.

The main objective of this report is to define, describe, and forecast the global “Smart and Connected Elevators and Elevators Control Systems” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market.

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Automated or smart elevators make use of artificial intelligence (AI) to enable vertical transportation of commodities and passengers. Smart or connected elevators are increasingly being used in buildings such as hotels, residences, arenas, hospitals, sports facilities, offices and airports among others. These are designed so as to minimize overall energy consumption and manage passenger traffic efficiently within a building. Smart elevators make use of automation technology and minimize waiting time by efficient traffic management in commercial, residential and various other buildings. Technologies incorporated in these units include biometrics, destination access and dispatching control systems, digital security control system and touch screen control among others. However, substantial initial costs of installation for smart elevators limit their use worldwide. Battery backup, alarm, door interlocks, leveling device, brake system with speed sensor, evacuation latch and fire and earthquake emergency return and many more are all a part of the elevator control system. With the advancement and innovation of technology and changing building infrastructure these control systems are becoming all the more versatile in order to securely manage building traffic.

The deployment of automation to the elevator systems reduces the wait time, increases efficient management of the traffic in residential, commercial and institutional buildings. The improvement in management at these facilities with the incorporation of automated solutions has driven the elevator automation market. As these elevators are employed with automated features and consume less power they have been widely adopted by contractors worldwide. The restriction imposed by the government on construction projects to reduce operational cost by introduction of automated facilities within the elevator has increased the demand for this market. The increased concern for development and security of the building premises has lead to the rise in demand for the elevator automation market. Urbanization and increased expenditure on constructional projects has driven the smart and connected elevators and elevators control systems market. The incorporation of latest technologies namely personal occupant requirement terminal (PORT) and dispatch destination has substantially increased the demand for this market.

Modernization of traditional building structures in countries such as UK, the U.S., Canada and France has contributed majorly to the growth of smart elevator market. Moreover, expanding building infrastructure across developing economies especially in Asia Pacific has escalated need for comfortable, secure, efficient and quick vertical transportation.

The numerous companies operating within the market strive to remain competitive by expansion and innovation of their product line offering. Companies are working towards enriching the customer experience through fabrication of smart elevator components which include doors, interior and entrance. Technologies enabling functioning of these elevators are of optimum level thus cost of entire elevator unit is high. All the above factors prove to be a barrier for the growth of smart elevator market. Technological breakthrough for the smart elevator market is emergence elevator control system which provides increased safety, comfort, enhanced infrastructure and operation control through voice commands, sensors and more.

Some of the key players in elevator market include Otis Elevator Corporation, Bosch Security System, ThyssenKrupp AG, Honeywell International Inc., Mitsubishi Electric Corporation, KONE Corporation, Schindler Holding AG, Fujitec and others.

This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include

North America
Asia Pacific
Europe
Middle East and Africa
Latin America
This report provides comprehensive analysis of

Market growth drivers
Factors limiting market growth
Current market trends
Market structure
Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.

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