North American Smart Elevators Market Comprehensive Study Explore Huge Growth by 2025

North American smart elevators market is estimated to grow significantly at a CAGR of 14.2% during the forecast period. North America is projected to be the most opportunistic region in the global smart elevators market during the forecast period. This is due to the increasing development of eco-friendly construction activities and the government initiates in the development of smart city projects. The US is home to the number of MNCs; owing to which, there is a huge population base of wealthy people from across the globe. This rises the need for the construction of high-rise buildings and skyscrapers in the country. According to CTBUH, around 1,579 skyscrapers are present in New York City, US, which estimated the largest number of skyscrapers across the globe. Now, as the US adopts the advanced technologies at the first chance; therefore, the country is expected to propel the demand for smart elevators in recent years.

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The companies which are contributing to the growth of the North American smart elevators market include ThyssenKrupp Elevator AG, Schindler Holding AG, KONE Corp., Hyundai Elevator Co. Ltd., and OTIS Elevator Corp.

The market for smart elevators in the US has several driving factors, which includes the keen focus of the country towards the deployment of advanced infrastructure, demand for energy-efficient solutions and intelligent buildings and the presence of major market players such as Otis Elevator Co., Johnson Controls Inc., and Motion Control Engineering, Inc., among others. Canada's construction sector is moving at a solid pace and is recognized for its one of the largest markets for residential, commercial, and infrastructure development.

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The Construction Sector Council stated that Canada requires around 320,000 new construction workers between 2017 and 2020, owing to a peak in construction research projects across the country. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market.

Market Segmentation

Smart Elevators Market by Type

o Passenger
o Freight

Smart Elevators Market by Application

o Residential
o Commercial
o Industrial
o Others

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