Smart Elevator Automation System Market to Grow at CAGR of 14.3% through 2027

Increasing population is resulting in the increasing heights of the buildings, every passing day. Therefore elevators are now become an essential factor in day today’s life as they enable people to rush quickly between floors of a skyscraper. It is used in daily routine, as these are installed in hospitals, offices, universities or any other skyscraper. Several developments in the elevators are leading them to become a smart elevator technology.

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A smart elevator automation system reflects the utilization of cutting edge technology to improve proper management and efficacy of traffic of the vertical movement of elevators in very tall buildings. Growing deployment of improved, high-speed destination dispatch services, as well as energy efficient resolutions for providing consumers with developed vertical transportation has led to the huge adoption of smart elevator system. This system is called as smart owing to their increasing usages for security purpose with the help of newest digital security measures such as destination dispatch and touch screens, biometrics and access control systems, apart from regular use of vertical transportation. Efficient management of automation and energy properties of the smart elevators provides them identity of highly advanced lifts than conventional lifts.

Factors Impacting Market Dynamics

The global market for smart elevators is estimated to increase at CAGR of double-digit throughout the assessment period (2015-2025). Increasing demand for efficient management of energy in commercial as well as public buildings is likely to propel demand for smart elevators. Several other factors that are responsible for the growth of the market are growing investment in infrastructure projects and structures, rising urbanization in developing economies and rising population across the world. Moreover, manufacturers of this system are aiming on executing number of research and development activities to enlarge enhanced features in the elevator system to improve its customer base. Leading companies in the market are inclined towards developing more improved destination dispatch services and connectivity, which is cloud based as well as makes utilisation of IOT. Other than this, several other trends in the global smart elevation automation system market such as introduction of cutting technologies in the elevator system, launch of eco-friendly or green elevators as well as high-tech destination dispatch services, gush in the strategic business activities like joint ventures, mergers and acquisition and partnerships along with the growth of outsourcing operations.

Key Segmentations

The global smart elevator automation system has been segmented on the basis of maintenance, equipment installation, modernization and repair. Among these aforementioned, the equipment installation services segment retained its dominance in the global market for previous few years and is forecasted to maintain its position over the foreseeable period.

Motors and Automation System, Sensors to Remain Dominant through 2025

The system comprises of various components such as biometric, card reader, security & control system, motors & automation system, sensors, touch screen & keypad. From these segments, motors & automation system, sensors were remained dominant in the year 2014 and projected to retain its dominance throughout the assessment period.

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Regional Analysis of Market

Geographically, the market has been segmented into several key region such as Western Europe, North America, Eastern Europe, APEJ, Middle East and Africa, Latin America, and Japan. Among these, the market in APEJ retained its dominance in the year 2014, procuring nearly one-third share of the global smart elevator automation system market. The APEJ is likely to be followed by Western Europe, according to the forecasts offered by the report. Moreover, the market in APEJ is estimated to exhibit highest growth rates compared to the other regions throughout the assessment period.

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This release was published on openPR.