Global Smart Elevator Market: Smart elevator systems consist of advanced digital security system controls such as biometrics, touch screen, destination dispatching, and access control systems. These systems help to reduce passenger waiting time and for efficient traffic management in commercial, residential, and other buildings. Increasing adoption in hospitals, sports facilities, offices, buildings, hotels, and airports is expected to further boost demand for smart elevators in the global market.
Emergence of smart city concept, rapid urbanization, and need for energy efficient solutions are major factors driving growth of the global smart elevators market. In addition, increasing number of skyscrapers, rising investments in construction projects, and increasing disposable income among consumers are some other factors driving growth of the global smart elevators market. Increasing need for advanced security solution along with increasing demand for enhanced, timesaving, and efficient mobility solutions are factors further propelling growth of the global market. Moreover, favorable government regulations and focus on green infrastructure is further boosting demand for smart elevators in the global market.
A major factor hampering growth of the global smart elevators market is high initial investment. However, upgrading of existing elevators to smart elevators, as it consumes less energy and saves time, is expected to open up considerable growth opportunities for the global smart elevators market in coming years.
The global smart elevators market is segmented on the basis of solution, application, and region.
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North America dominates the global smart elevators market and is expected to maintain its dominance during the forecast period. The market in North America is expected to register highest CAGR of XX.X% during the forecast period. This growth is attributed to well-established infrastructure, high disposable income, and high technology adoption rate.
Europe holds second position in the global market owing to increasing government orders for upgradation of conventional elevators and increasing demand for energy efficient solutions. The market in U.K holds the largest revenue share. The Market is Asia Pacific is expected to witness significant growth and is expected to register a CAGR of XX.X% during the forecast period.
Key players in the global smart elevators market are Schneider Electric, Siemens AG, ThyssenKrupp Elevator, Fujitec Co. Ltd., Mitsubishi Electric, Hitachi Ltd., KONE Corporation, Otis Elevator, Hyundai Elevator Co. Ltd., and Keyscan Inc.