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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Market Segmentation
The smart elevator market is segmented on the basis of type, component, services, speed, and application.
Based on the type, the smart elevator market is segmented into passenger elevator, freight elevator, and fireproof elevators.
The segment of component consists of maintenance, control system, and communication system.
By control, the market is segmented into access, elevator, sensors, and security.
Depending on the speed, the smart elevator market is segmented into low-speed, fast-speed, high-speed and super-speed.
The application-based smart elevator is segmented into industrial, commercial, institutional and infrastructure, residential, and others.
Key Players:
Some of the key players of Smart Elevator Industry 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).
Regional Analysis
Based on region, the smart elevator is segmented into four primary regions, which are Europe, Asia Pacific, North America, and the Rest of the World.
Among these, North America and Europe are predicted to grow steadily in the global smart elevator market. The reasons being the fact that the regions are already equipped with the advanced infrastructure. Moreover, there is a surging need for energy efficient solution to replace the prevailing elevators with the sophisticated technology.
Asia Pacific, on the other hand, is also expected to grow at the fastest rate over the forecast period. Countries in the region, such as India, Japan, and China are the leading countries contributing to the smart elevator market. This is the result of the rapid transformation of infrastructure, which is integrated with smart solutions. Also, India is touted as the fastest growing economy on account of a review of regulation policies of foreign direct investment in real estate as well as the commercial sector.
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TABLE OF CONTENTS
LIST OF TABLES
Table1 World Population By Major Regions (2017 To 2023)
Table2 Global Smart Elevator Market: By Region, 2017-2023
Table3 North America Smart Elevator Market: By Country, 2017-2023
Table4 Europe Smart Elevator Market: By Country, 2017-2023
Table5 Asia Pacific Smart Elevator Market: By Country, 2017-2023
Table6 The Middle East & Africa Smart Elevator Market: By Country, 2017-2023
Table7 Latin America Smart Elevator Market: By Country, 2017-2023
Table8 Global Smart Elevator By Type Market: By Regions, 2017-2023
Table9 North America Smart Elevator By Type Market: By Country, 2017-2023
Table10 Europe Smart Elevator By Type Market: By Country, 2017-2023
Table11 Asia Pacific Smart Elevator By Type Market: By Country, 2017-2023
Table12 The Middle East & Africa Smart Elevator By Type Market: By Country, 2017-2023
Table13 Latin America Smart Elevator By Type Market: By Country, 2017-2023
Table14 Global Smart Elevator By Industry Market: By Regions, 2017-2023
Continued…
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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.
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