Smart Elevator Market is Forecasted to Reach US$ 13.34 Billion in 2028, Says Stratview Research

The global smart elevator market is projected to witness a growth rate of 5.41% annually from 2023 to 2028, with an anticipated size of US$ 13.34 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global smart elevator market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 13.34 billion
Growth (CAGR): 5.41% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 3
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Smart Elevator Market:

The global smart elevator market is segmented based on solution type, end-use type, and region.

Based on solution type - The market is segmented into control systems, maintenance systems, communication systems, and services. Control systems are the most widely used solution type and they are expected to remain the biggest demand generator for smart elevators in the foreseen future.
Control systems not only provide enhanced security and management in crowded buildings, but they also include fast connectivity parameters, advanced access control, and video surveillance to ensure high passenger comfort and elevator security. Control systems are further classified as a security control system, elevator control system, and access control system.

Based on end-use type - The market is segmented as residential, commercial, institutional, and industrial. The commercial sector is expected to lead the market on account of the integration of energy-efficient initiatives and digital building technologies into commercial structures. The need for smart elevators is rising along with the demand for commercial spaces.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/2996/smart-elevator-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest region in the market for smart elevators during the forecast period. This growth outlook is majorly attributed to the following-

• Rapid population growth and urbanization in countries such as India, China, and Japan are expected to provide significant growth opportunities for smart elevators over the forecast period.

Smart Elevator Market Drivers:

Some of the key drivers listed in the report are given below.
• The rise in the smart city concept and growing urbanization which increasing demand for smart vertical transport.
• IoT, AI, and automation improve the function, safety, and convenience of elevators in a building while changing consumer preferences through energy-efficient solutions making sustainability an attractive factor to incorporate into a building.
• Also, increasing safety issues such as touchless controls and real-time monitoring make for the increased demands. This is particularly because an aging population increases the size of the potential market owing to the need for elevators with elderly features.

Top Companies in the Smart Elevator Market:

Stratview Research has identified the following companies as the top market players.
• Bosch Security and Safety Systems
• Fujitec Co., Ltd.
• Hitachi Ltd.
• Honeywell International, Inc.
• Hyundai Elevator Co., Ltd.
• Kone Corporation
• Mitsubishi Electric Corporation
• Motion Control Engineering, Inc.
• Thames Valley Controls Ltd.
• The Schindler Group

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Smart Elevator Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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This release was published on openPR.