Smart Elevators Market to Gain a Stronghold by 2026
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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.
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. 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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Smart elevators offers several advantages in urban infrastructures, growth of urbanization and infrastructure development in this region are expected to increase demand for smart elevators throughout the forecast period.
Smart Elevators Market: Taxonomy
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