Smart Elevator Automation System Market: APEJ Anticipated to be the Most Attractive Regional Market

Introduction

Smart elevator automation system is a new generation of elevators that have been equipped with innovative technologies offering facilities along with security. Ongoing infrastructure development along with an increasing demand for eco-friendly elevators and secure elevators are major factors driving revenue growth of the global smart elevator automation system market. Also, an increasing demand for enhanced personalised experiences is anticipated to boost demand for smart elevator automation systems during the forecast period. However, high costs and lack of knowledge is restraining the market growth of smart elevator automation systems globally.

Market Forecast

The global smart elevator automation system market is categorised on the basis of services, component, end-user and region. On the basis services, the market is segmented as installation service, repair & maintenance, and modernisation. The installation service segment is anticipated to register a CAGR of 12.0% during the forecast period and is expected to represent an absolute $ opportunity of US$ 11,249.8 Mn between 2017 and 2027.

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On the basis of component, the global smart elevator automation system market is segmented into card reader, biometric, touch screen & keypad, security & control system, sensor motor & automation, and building management system. The revenue contribution from the building management system segment is anticipated to expand at a CAGR of 12.9% during the forecast period and is expected to represent an absolute $ opportunity of US$ 3,626.1 Mn between 2017 and 2027.

Among end users, the residential sector is expected to expand at the highest CAGR of 18.1% during the forecast period and is expected to represent an absolute $ opportunity of US$ 7,161.9 Mn between 2017 and 2027.

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Among the regions, APAC is projected to exhibit relatively high growth in the global market, registering a CAGR of 18.6% over the forecast period. APEJ, North America and Western Europe are collectively expected to account for 59.4% of the global smart elevator automation system market in 2017, and are expected to account for 68.3% market share by 2027 end.

Contribution by APEJ to the overall smart elevator automation system market was 15.0% in 2016 and is expected to increase to 22.2% by 2027 end. In terms of CAGR, the markets in North American and Japan are estimated to be the second- and third-fastest growing regional markets with CAGRs of 15.3% and 13.5% respectively over the forecast period.

Collectively, the APEJ and North America regional markets are expected to hold 48.7% share of the global market by the end of 2027. Smart elevator automation system providers can focus on expanding their technologies across several countries in APAC and North America regions such as India, China and U.S.

Key Players

Some of the top companies identified across the global smart elevator automation system market value chain are Fujitec, Mitsubishi, Hitachi, Kone Corporation, Otis Elevator, Schindler, ThyssenKrupp Elevator, Tyco International, and Honeywell. Key players are introducing technologically advanced sensors and automation systems that can be deployed in elevators to maximise energy efficiency and elevator travel speed.

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This release was published on openPR.