Smart Elevators Market Vigorous Growth And Eminent Players Hitachi, KONE CORPORATION, Mitsubishi Electric, Otis Elevator Company (UNITED TECHNOLOGIES), Schindler, Thyssenkrupp, Hyundai Elevator, Fujitec

The Smart elevators Market is expected to have a highly positive outlook for the next five years 2018-2026 according to a recently released Keyword Market research report. Smart elevators are designed to travel between floors. They are faster, easier, and more energy efficient as compared to conventional elevators. It uses destination dispatch technology wherein passengers enter their destination floor via a touch screen panel and are assigned to a lettered elevator along with other people going to the same floor. This offers minimum number of stops between intermediate floors by skipping stops at lower levels and hence, elevator travels quickly to the desired floor. It is a fast way of travelling between the floors and is preferred to be used in tall buildings or commercial complexes.

Key players operating in the smart elevators market include Hitachi, KONE CORPORATION, Mitsubishi Electric, Otis Elevator Company (UNITED TECHNOLOGIES), Schindler, Thyssenkrupp, Hyundai Elevator Company Ltd., Toshiba Elevators and Building Systems Corporation, Fujitec Co. Ltd., and Motion Control Engineering, Inc.

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Increasing government investment for development of smart city is one of the major driving factors leading to demand for smart elevators. Smart elevator is suitable for applications in infrastructure in the urban areas (such as New York City, Chicago, and San Francisco) where high multi-storey buildings and mall construction is gaining significant traction. Therefore, development in infrastructure is expected to propel demand for smart elevators. Increasing urbanization activities worldwide is further fuelling market growth.

North America held the dominant position in smart elevators market in 2017, owing to increasing expenditure on infrastructure. The region of North America comprises some prominent and developed economies such as the U.S. and Canada. The rate of urbanization in these economies is considerably high. For instance, according to the United Nations report, in 2016, over half of the North American population resided in the urban regions and one in every five people lived in a city of 5 Million habitants or more. Increasing urbanisation in these regions is propelling demand for construction of tall buildings for residential and commercial purposes, which in turn is fuelling growth of the smart elevators market.

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