Smart Elevator Market 2022: In-depth Research with Emerging Growth Trends, Regional Status of Top Key Players, Driving Factors, Business Strategies and Industry Size Forecast to 2027

Smart Elevator Market 2022-2027

New study report" Smart Elevator Market 2022 Market Opportunities, Challenges, Strategies, and Forecasts 2027″ has been added to Fortune Business Insights.

Market Overview:

The global smart elevator market size is expected to gain momentum by exhibiting a CAGR of 9.1% between 2020 and 2027.

This is attributable to the increasing focus on introducing autonomous technology and the surging demand for efficient elevators across construction sector that reduce operational costs across the globe. Fortune Business Insights, in its latest report, titled, "Smart Elevator Market Size, Share & COVID-19 Impact Analysis, By Setup (New Deployment, Modernization and Maintenance), By Installation (Low & Mid Rise and High Rise), By Carriage (Passenger and Freight), By Application (Residential, Commercial and Industrial) and Regional Forecast, 2020-2027.", mentions that the market stood at USD 18.75 billion in 2019 and is projected to reach USD 38.27 billion by 2027.

Driving Factors:

Increasing Autonomy in Elevator Systems to Favor Growth

Today, the emergence of advanced technologies such as machine learning, internet of things (IoT), and artificial intelligence (AI) is propelling the manufacturers to phase out old conventional elevators and introduce advanced smart elevators. The conventional elevators consume a high amount of energy, along with high operational costs. However, the introduction of autonomous technology such as destination selection control (DSC) allows the users to reach their destination in minimal time and further save huge operational costs. Additionally, it improves the passenger handling capacity by about 30% while consuming less energy.

Therefore, the increasing demand for autonomy across the construction sector to reduce operational costs and improve productivity is expected to boost the global smart elevators market growth during the forecast period.

List of Companies Covered in the Smart Elevator Market Report:

KONE CORPORATION
Otis Elevator Company
Schindler
thyssenkrupp Elevator Technology
Hitachi Ltd.
Mitsubishi Electric Corporation
Bosch Security Systems
Fujitec Co. Ltd.
Toshiba Elevator and Building Systems Corporation
HYUNDAI ELEVATOR CO., LTD.
Johnson Controls Inc.
Motion Control Engineering

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Covide-19 Impact:

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Method of Research:

Fail-safe, modern research methodologies are employed for the Smart Elevator market analysis. An exhaustive primary and secondary research conducted on the market using robust research techniques aid in the prediction of the market size at the end of forecast period. Top-up and bottom-down approaches were maintained in the entire market study.

Report Coverage:

Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.

Key Industry Development:

March 2020 - Picovoice, a voice technology startup, announced the launch of its new voice-controlled elevator and intercom system. According to the company, the voice control systems in these elevators are designed to be easy to operate and hygienic in the wake of the recent COVID-19 pandemic.

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Segmentation:

The regional summarization of the Smart Elevator market offers competitive strategies in different regions across the globe. Moreover, the market's key players are contributing to the market growth that tends to maximize the profits through the partnership in several places. The Smart Elevator market research is done broadly with the mentioned region to embrace the outlook and the latest trend with the prospects in the given period of 2022-2027.

Regional Insights:

North America to Remain Dominant; Increasing Focus on Developing Advanced Infrastructure to Surge Demand

Among all the regions, North America stood at USD 6.33 billion in 2019 and is expected to hold the highest position in the global smart elevator market in the forthcoming years. This is ascribable to factors such as increasing focus on developing advanced infrastructure by the manufacturers that is propelling the demand for these elevators in the region.

The market in Asia-Pacific is expected to experience an exponential growth owing to the increasing focus on restructuring old elevators with innovative and advanced smart elevators in countries such as China, India, and Japan between 2020 and 2027.

Continue….

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