Smart Elevator Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The overall smart elevator market is expected to generate a revenue of USD 9.7 billion in 2021 and is further expected to reach USD 12.6 billion by 2026, at a CAGR of 5.4%, driven by the enhanced spending capabilities of customers in emerging markets and the need for energy-efficient solutions at the global level.

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The elevator control segment accounted for the largest segment of the overall revenue of the smart elevator control systems market. The growing demand for smarter buildings with seamless passenger flow and easy-to-use elevators is driving the demand for destination control technology. In Access control systems, Biometrics is the fastest-growing segment in the access control system market. COVID-19 has further pushed the demand for biometrics, such as vein recognition, to allow access in both residential and commercial buildings.

The commercial segment held the largest size of the market in 2021 and is likely to exhibit a similar growth pattern during the forecast period on account of the increasing deployment of solutions in the commercial sector. Furthermore, the consolidating trend of developing energy-saving infrastructure in airports, malls, and other commercial facilities will push the growth of the segment. On the other hand, the construction of high-rise buildings to accommodate the increasing urban population will lead the residential segment to register the highest growth rate during the forecast period.

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APAC is the fastest-growing region in the smart elevator market during the forecast period. Countries such as China, India, and Japan are the key contributors to the growth of the APAC smart elevator market. APAC countries are taking aggressive initiatives to upgrade commercial and institutional buildings. Many countries in the region took steps to implement low-carbon and IoT-based smart cities in recent years, thereby offering opportunities for the growth of the smart elevator market. Government initiatives in India, such as smart cities and FDI, make India a lucrative market for smart elevators; additionally, the Indian market is expected to grow in the coming years. The favorable business environment and government policies in APAC countries are encouraging companies to expand and build local manufacturing facilities in the region

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This release was published on openPR.