Press release
Smart Elevators and Escalators Market Rapid Urbanization & Several Infrastructure Development
This increasing demand of smart escalators and elevators in the transportation segment is driven by large expenditure on airport development, ports and rail transport.
The smart escalator and elevator market held a revenue of USD 96.63 billion in 2014 and expected to reach USD 162.56 billion, expanding at a CAGR of 6.3% during the forecast period.
A comprehensive analysis of market dynamics that include the market drivers, restraints and opportunities is included under the purview of the study.
Market dynamics are the distinct factors which exert an influence on the growth of a particular market and therefore help in studying the current trends of the global market.
Thus, this report offers an inclusive study of the global smart elevators and escalators market, along with providing the forecast of the market for the period from 2015 to 2023.
Smart elevators and escalators are installed in mixed-used buildings, hotels, commercial buildings, IT parks, residential buildings, restaurants, and retail outlets among others.
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Aging population is likely to be the key factor driving the smart elevator and escalator market during the forecast period. In addition, increasing geriatric population in countries such as Japan and China is expected to fuel demand for smart elevators and escalators.
Asia Pacific is expected to grow at a high rate which will affect the market positively during the forecast period 2015 – 2023.
Factors such as the growth of the global urban population, aging population, changing demographics, and urbanization among others are likely to boost the growth of the market in the near future.
Rapid urbanization in developing nations such as Middle East, India and China and migration of population from rural areas to urban areas is key factor fueling the demand for new installation of smart elevators and escalators market. One of the major factors driving the market is installation of smart elevators and escalators in mid-rise and high-rise buildings.
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TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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