Sarasota, FL, Feb. 01, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart Elevators Market by Solution (New Deployment, Modernization, and Maintenance) for Residential, Commercial, Institutional, Industrial and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, the global smart elevators market accounted for USD 11.21 Billion in 2016 and is expected to reach USD 26.33 Billion by 2022, growing at a CAGR of around 15.3% between 2017 and 2022.
The smart elevators systems have grown as conventional elevators have shown a remarkable demand in recent few years and this trend is expected to continue over the analysis period. Smart elevator saves both time and money. Elevators are used in residential hospitals, sports facilities, offices, buildings, hotels, arenas, and airports, thus smart technology is likely to be in high demand as efficiency in these venues directly affects the market demand. Elevators are getting better because of smart technology, and innovation is also taking place on a number of fronts as engineers deal with taller buildings and also new safety codes.
Browse through 13 Market Tables and 22 Figures spread through 110 Pages and in-depth TOC on “Global Smart Elevators Market: By Type, Solutions, Application, Size, Share, Trends, Analysis, Segment and Forecast 2016 – 2022”.
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The growth of global smart elevators market is primarily attributed to growing demand for energy-efficient solutions paired with improving global economies. Furthermore, increased spending in construction, stringent regulations and need to reduce operational cost and rising consumer disposable income are some of the key factors expected to prompt the market growth in the year to come. Reduced passengers waiting time and increased traffic management efficiency is expected to surge demand of smart elevators market. However, substantial initial investment is estimated to hamper the smart elevators market growth. Nonetheless, upgrading of existing elevators is expected to open up significant growth opportunities for smart elevators market in the years to come.
Solution segment of the market is bifurcated into modernization, new deployment, and maintenance. New deployments are expected to become most attractive solution segment in the year to come due to advanced security automation and access control systems. Maintenance components segment is also expected to favor the market growth in near future owing to rising maintenance activities of already installed products in North America and Europe.
Browse the full "Smart Elevators Market by Solution (New Deployment, Modernization, and Maintenance) for Residential, Commercial, Institutional, Industrial and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 - 2022" report at https://www.zionmarketresearch.com/report/smart-elevators-market
Smart elevators market is expected to offer high growth in all applications owing to widespread usage in the commercial and industrial application. The commercial application area is projected to grow at the highest CAGR and holds the largest market share, owing to cost savings, low power consumption and reduced operational cost. Demand in the residential and industrial sector is also rising as this technology is being opted at all levels and growth of smart elevator is largely attributed to growing demand for energy-efficient solutions and rapid urbanization.
North America held the largest share of the global smart elevators market. The major factor motivating the growth of the market is high disposal income and well-established infrastructure. Further high technology adoption rate in this region is predicted to propel the growth of smart elevators market in next few years. Currently, U.S. accounted for the largest market share in North America & predicted to retain its position throughout the forecast period. Growth in U.S. is largely driven by continuous product development by manufacturers and introduction of innovative products.
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Europe acquired the second highest market share of smart elevators market. Western Europe is expected to offer marvelous growth for smart elevators market in the analysis period. Increasing government mandates pertaining to the upgrade of existing elevator and growing demand for energy-efficient solutions are the major driving factors expected to accelerate the market growth significantly. In 2016, U.K. held the largest market share of smart elevators market.
Asia pacific is another most lucrative market for the smart elevator and it is expected to grow with highest CAGR. Favorable business environment and rising disposal income in countries like China, India and South Korea coupled with rapid infrastructure development are projected to witness spectacular growth over the analysis period in Asia Pacific region. Even if the market for smart elevators is at a nascent phase in rising economies of Asia Pacific, prominent players in the smart elevators market are likely to turn their attention to emerging countries in near future.
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Latin America also has promising markets for the further growth of the smart elevators. This is mainly due to rise awareness energy-efficient solution in the region. Brazil is expected show considerable growth owing to rising significant demand from industrial and commercial application segment. The Middle East and Africa region are also estimated to show significant growth in the coming years. Saudi Arabia, U.A.E., and South Africa are some of the countries that are expected to show remarkable growth in the years to come.
Some of the major players in smart elevators market are Hyundai Elevator Co. Ltd, ThyssenKrupp Elevator, Otis Elevator Company, Mitsubishi Electric Corporation, Schindler, Schneider Electric, Kone, Hitachi Ltd, Bosch Security Systems and Fujitec amongst others
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This report segments global smart elevators market as follows:
Global Smart Elevators Market: Solution Segment Analysis
- New Deployment
- Elevator Access Control & Security
- Elevator Automaton
- Modernization
- Maintenance
Global Smart Elevators Market: Application Segment Analysis
- Industrial
- Residential
- Commercial
- Institutional
- Others
Global Smart Elevators Market: Regional Segment Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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