Press release
Smart Elevator Automation System Market to be Driven by Emphasis on Green Infrastructure and Rising number of High-rise Buildings
Market Value and Forecast
The global smart elevator automation system market is anticipated to expand at a double-digit CAGR during the forecast period. Growth of the global smart elevator automation system market is mainly driven by increasing demand for energy efficient and high speed elevators, rising investment on infrastructure development projects, growing population and increasing urbanization in big cities of the world. Additionally, smart elevator automation system providers are focused on carrying out various R&D activities to add innovative features in their elevators, in order to attain a sustainable advantage over competitors and enhance their customer base. The major players in the smart elevator automation system market are working towards introducing advanced destination dispatch solutions and cloud based connectivity utilizing Internet of Things (IoT). Besides, major trends witnessed in the smart elevator automation system market include introduction of ecofriendly or green elevators and advanced destination dispatch solutions, introduction of advanced technologies in the elevator, surge in acquisitions and mergers, partnerships & collaborations and growing outsourcing of operations.
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Segmentation, by Service
The smart elevator automation system market can be segmented into equipment installation services, repair & maintenance services and modernisation services. Of all these segments, the equipment installation service dominated the global smart elevator automation system segment in 2014 and is expected to continue to dominate the market till 2025.
Segmentation, by Component
The smart elevator automation system consists of different components. These include card reader, biometric, touch screen and keypad, security and control system, sensors, motors and automation system and building management system. Among the aforementioned segments, in 2014, the sensors, motors and automation system segment dominated the market and is expected to remain dominant over the forecast period.
Segmentation, by End User
The end-users segments in the market include residential sector, commercial sector, hotels and others. In 2014, the residential sector was the second-largest contributor to the global smart elevator automation system market. Additionally, in terms of revenue contribution, the residential sector is expected to outpace the commercial sector by the end of 2025.
Download TOC: https://www.futuremarketinsights.com/reports/smart-elevators-market/toc
Key Regions
The global smart elevator automation system market includes seven major regions – North America, Western Europe, Asia-Pacific Excluding Japan (APEJ), Japan, Eastern Europe, Latin America and the Middle East & Africa. Of all the regions, Asia Pacific Excluding Japan (APEJ) dominated the market, accounting for 32.3% share of the overall smart elevator automation system market, in 2014. Western Europe ranked second, accounting for 31.8% share of the market in the same year, followed by Western Europe. In addition, Asia-Pacific is anticipated to become the fastest growing region in the smart elevator automation system market in the coming years.
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