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Global Smart Elevator Market Expected to Reach USD 25.20 Billion by 2022: Zion Market Research

According to the report, global smart elevator market was valued at around USD 11.85 billion in 2016 and is expected to reach approximately USD 25.20 billion by 2022, growing at a CAGR of slightly above 13.4% between 2017 and 2022.

/EIN News/ -- Sarasota, FL, Sept. 22, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart Elevator Market by Solution (New Deployment, Modernization, and Maintenance) for Residential, Commercial, Industrial, Institutional, and Others: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022”. According to the report, global smart elevator market was valued at around USD 11.85 billion in 2016 and is expected to reach approximately USD 25.20 billion by 2022, growing at a CAGR of slightly above 13.4% between 2017 and 2022.
Economic benefits pertaining to cost savings through the provision of low power consumption is spur demand of smart elevator market. The reduced passengers' waiting time and increased traffic management efficiency are also anticipated to fuel the smart elevator market significantly. Elevators are not only getting better because of smart technology, but innovation is also taking place on a number of fronts as engineers deal with taller buildings and new safety codes. At the same time, new technologies such as artificial intelligence (AI) and wireless technologies will offer up greater and greater efficiencies over time.

Browse through 29 Market Tables and 29 Figures spread through 110 Pages and in-depth TOC on "Global Smart Elevator Market: Industry Type, Size, Share, Trends and Forecast 2016 – 2022”.

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Elevators being the primary mode of vertical transportation amongst individuals, security in such automated systems are the biggest concern. Therefore, the required security measures are taken by the builders of the commercial and residential complexes in order to safeguard their customers/ individuals/ residents/ employees.  However, security has become an integrated feature of any building. Moreover, iris recognition, biometrics are some of the advanced features that are used in order to mitigate the security concerns. Smart elevator uses these security systems and provides stringent security to the buildings. Moreover, in the current business scenario, these security measures are positively affecting the smart elevators market and will be expected a large impact on the market in near future. 

As compared to the conventional elevators, installation of smart elevators requires high initial investment. The automated access control systems and security systems that are integrated into the smart elevators increases the total cost of the smart elevator which is restraining the growth of smart elevator market. The high initial cost associated with installing smart elevators can prove to be a deterrent for their adoption, according to FMI. Furthermore, the level of awareness about smart elevators is comparatively lower in developing countries vis-à-vis developed countries.

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Segmentation of smart elevator is done by solution and application. By solution, the market is fragmented into new deployment, modernization, and maintenance. On the basis of application, the market is segmented into residential, commercial, industrial, institutional and others. Technologically advanced features and integration of smart communication, access control, and security technology allows smart elevators to cater custom needs of various end use segments such as residential, commercial, healthcare, industrial and hospitality among others. Smart elevators can custom fit to unique requirements of each of these end-user segments and can provide reliability, hygiene, aesthetics, ride and destination control, space, and comfort as may require by the respective end-user.

Regionally, smart elevator market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In North America, smart elevator market will be expected to hold the largest share. This may be attributed due to already well-established infrastructure and early technology adopters in the region. Increasing demand from U.S. consumer for energy efficient system is being driven upwards to the smart elevator market.  Automated vehicle storage and retrieval (AVSR) is expected to play a cog role in developing the smart elevator market. AVSRs are used in multifamily and commercial high-rises to automate vehicle parking and storage to increase efficiency in densely populated areas. Hence, advancements in the AVSR market will crossover into the elevator market, leading to new developments and higher efficiencies. New technology is giving momentum to the smart elevator market. Destination dispatch technology is being used as office buildings and hotels in New York, Chicago, and San Francisco. Passengers enter a number of their destination floor on a touch screen panel and are assigned to a lettered elevator with other people who are going to the same floor. The elevator goes quickly to that floor, skipping stops at lower levels. People who want to go to other floors are sent to a different elevator. Technological developments in the construction industry are fueling the growth of in Europe smart elevator market in coming years. Economic development of the Asian countries such as China, Japan, India, and Korea led to rise in the spending capabilities of the region. Rising awareness about green environment across the region is contributing to the smart elevators market to grow in Asia -Pacific region. In addition to this, the initial investment for the installation of smart elevators is also high in this region which is expected to propel the demand of smart elevator market.

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The smart elevators market in the Middle East, Africa, and Latin America East is expected to witness speedy growth during the forecast period. Among all the countries in this region, UAE is likely to emerge as the most lucrative market for smart elevators and escalators in the near future. In addition, a significant increase in demand for smart elevators in recent years is seen from the construction sector and industrial infrastructure sector in nations such as Brazil and UAE among others. This increase in demand is driven by large expenditure on airport development, housing, ports, and rail transport.

Smart elevator market players are Schindler Holding AG, Hitachi Ltd, Honeywell International Inc., Otis Elevator Corporation, Bosch Security Systems, Hyundai Elevator Co. Ltd., Mitsubishi Electric Corporation, KONE Elevators Co. Ltd., ThyssenKrupp, Fujitec, and Others.

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Global Smart Elevator Market: Solution Segment Analysis

  • New Deployment
  • Modernization
  • Maintenance

Global Smart Elevator Market: Application Segment Analysis

  • Commercial
  • Residential
  • Infrastructure 
  • Institutional 
  • Industrial

Global Smart Elevator Market: Regional Segment Analysis

  • North America
    • U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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