Smart Elevators Market Growth Overview by Top Key Players - ThyssenKrupp, Fujitec, Schindler Holding AG, Fujitec, Honeywell International

The market, driven by modernization of existing elevator systems, would experience a radical shift by 2020. With large number of new deployment anticipated in developing Asian counties, new deployments of the smart elevators would take over the modernization revenue by 2020. Chinaalone accounts for about 53% of the upcoming high-rise projects across the world.

Smart Elevators Market report, published by Allied Market Research, forecasts that the global market is expected to garner $23.16 billion by 2020, registering a CAGR of 13.8% during the forecast period 2014 - 2020.

Globally, the growing number of high-rise buildings has escalated the demand for quick, comfortable, efficient, and secure vertical transportation system. Moreover, global green infrastructure standards and statutory requirements are instrumental in compelling deployment of smart elevators in new structures as well as current infrastructure. "The modernization of conventional elevator systems in developed countries such as U.S., UK, Canada, and Francehas been major contributor to smart elevator market revenue so far.

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However, over the period, upcoming high-rise buildings would adopt fresh deployment of smart elevator systems," noted AMR analyst Bryan Olson. "As a result, new deployment of smart elevators would surpass the modernization segment revenue and contribute more than 52% of the overall smart elevators market revenue," adds analyst. Technologically advanced features and integration of smart communication, access control and security technology allows smart elevators to cater custom needs of various end use segments such as residential, commercial, healthcare, industrial and hospitality among others.

According to WHO data there is a tremendous change in number of people residing in cities. In 2014, the urban population accounted for 54% of the total world population as compared to 34% in 1960. The estimates suggest that the shift would exemplify during 2015 - 2020 and cities across the globe would see 1.8% growth in population every year.

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Key Findings of Smart Elevator Market:
o Global market for smart elevators applications is gaining momentum with residential and industrial usages to provide major growth during the forecast period (2014 - 2020)
o Industrial applications will grow at a CAGR of 16.6% during the forecast period, fastest among all applications
o Maintenance of smart elevators would unveil another area for monetization, which will pick up after year 2015, with highest CAGR of 49.4%

Global vendors of vertical transportation systems are now quickly shifting their focus to smart elevators to remain competitive. ThyssenKrupp, which maintains and manages more than 1.1 million elevators, has now integrated cloud to its elevator systems to gather valuable data about systems and sensors to improve its maintenance service.

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