Pune, India -- (SBWIRE) -- 12/23/2019 -- Market Synopsis:

Smart elevators are the cutting-edge technologically advanced elevator systems that include modern digital control systems. The developments of technologies such as sensors, biometrics, touch display, etc. are poised to lead the demand for the product over the next couple of years. This Market Research Future (MRFR) report highlights that the global smart elevator market is anticipated to expand at 15% CAGR through the assessment period 2027 to 2023. The market is estimated to touch USD 30 Bn mark, in terms of value, by the end of the evaluation period. The growth of the construction industry on the global front is poised to propel expansion of the smart elevator market in the coming years. Increasing urban population has led to a rise in the construction of skyscrapers. It requires the installation of smart elevators for redefining customer experience and offering power efficiency. These factors are anticipated to lead the expansion of the market for the next few years. Also, factors such as increasing disposable income and rising standards of living are presumed to favor growth of the Smart Elevator Market.

These elevators are highly in demand in industries and commercial buildings. The use of the latest smart technology assures a cut down of the operational costs. It also focuses on increasing energy efficiency while minimizing waiting time for users. These factors are supposed to drive the growth of the smart elevator market in the forthcoming years. Industry leaders in the construction industry are investing in the establishment of luxurious smart buildings. It is presumed to drive the growth of the smart elevator market over the next few years. In addition, the rising support by the governments in the development of infrastructure is poised to further catalyze growth of the smart elevator market in the upcoming years. Rising investments in the development of smart cities owing to rising urban population are expected to drive the proliferation of the smart elevator market in the nearby future. However, the cost of installation of smart elevators is quite high. It is anticipated to restrict growth rate of the market across the forecast period.

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Key Players:

Some of the key players of Smart Elevator Market include ThyssenKrupp AG (Germany), Otis Elevator Company (U.S.), Schindler Group (Switzerland), KONE Corporation (Finland), Johnson Controls Inc. (U.S.), Motion Control Engineering (U.S.), Mitsubishi Electric (Japan), Hyundai Elevator (South Korea), Hitachi (Japan), Fujitec (Japan) and Hyundai Elevator Co. Ltd (Iran).

Market Segmentation

- By type, the smart elevator market is segmented into freight elevator, passenger elevator, and fireproof elevators.
- By component, the smart elevator market is segmented into control system, maintenance, and communication system.
- By speed, the smart elevator market has been segmented into fast-speed, low-speed, high-speed, and super-speed.
- By application, the smart elevator is segmented into commercial, institutional and infrastructure, industrial, residential, and others. By service, the smart elevator market has been segmented into modernization, installation, and maintenance.

Regional Analysis

This report by MRFR offers an in-depth analysis of the global smart elevator market on the basis of region. The regional segments identified in the assessment are - North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). These regional segments are further sub-segmented on a country level basis. North America is expected to exhibit steady but constant growth. The region is equipped with advanced infrastructure that complements the installation of smart elevators. The focus on energy-efficient technology is expected to drive the growth of the smart elevator market in the region. In addition, Europe is also poised to exhibit similar growth pattern. The rising investments in the replacement of existing elevators in the region are likely to support market growth over the next couple of years. Asia Pacific, on the other side, is seen to invest in smart city projects. It is expected to drive the growth of the smart elevator market in the region in the years to come.

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Target Audience

- Research Firms.
- Government Agencies
- Smart Elevator Service Providers
- Associations, organizations, forums and alliances related to Smart Elevator
- Government bodies such as regulating authorities and policy makers
- Building owners
- Private construction/elevator consultants
- Government bodies involved in infrastructure modernization
- Software vendors
- Elevator associations

About Market Research Future
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.