The worldwide smart elevator automation system market is estimated to rise at a CAGR of 9.2% in terms of value. Due to the increased development of new high-rise buildings and rapid urbanization, the worldwide smart elevator automation system market was valued at US$ 15.5 Billion in 2016 and is expected to grow considerably to US$ 37.68 Billion by 2026.
FMI has classified the worldwide smart elevator automation system market by service, component, end users, and geography in this analysis. The smart elevator automation system market is divided into three segments based on service: installation, repair & maintenance, and modernization. The smart elevator automation system market is divided into card readers, biometrics, touch screens and keypads, security and control systems, sensors, motors and automation systems, and building management systems based on components.
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Future Market Insights recently published a report titled “Smart Elevator Automation System Market – Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027”. Smart elevator automation system is a new generation of elevators equipped with innovative technologies, which offer various facilities along with security. The smart elevator automation system is designed to minimize the overall energy consumption and manage passenger traffic efficiently within a building.
Smart Elevator Automation System Market: Segmental & Regional Forecast:
Governmental regulations & standards for global green infrastructure, reduction in operational cost, and automation are the major factors expected to drive the growth of the smart elevator automation system market. In terms of value, the residential sector sub-segment is projected to register high growth during the forecast period in the global smart elevator automation system market.
Based on components, the card reader sub-segment in the smart elevator automation system market is expected to grow at a high CAGR of 19.2% over the forecast period. However, the sensor motor & automation system sub-segment is expected to capture a large share of the global smart elevator automation system market as their demand is increasing to maximize energy efficiency and elevator travel speed. In terms of value, the sensor motor & automation system sub-segment is expected to create an incremental opportunity of US$ 7,333.7 Mn during the forecast period in the global smart elevator automation system market.
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Furthermore, the global smart elevator automation system market has been segmented into seven major regions, namely North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan, and the Middle East & Africa (MEA). In terms of value, the Asia Pacific Exc. Japan’s Smart elevator automation system market is estimated to expand with a CAGR of 18.6% over the forecast period.
This can be attributed to the transformation of the existing infrastructure and an increasing number of smart city projects. In Western Europe, Germany is expected to be the dominant market for smart elevator automation systems and to create an incremental opportunity of US$ 2,042.8 Million between 2017 and 2027. The growing demand for enhanced safety and security systems is one of the major factors fuelling the growth of the smart elevator automation system market in Western Europe.
Leading Key Players:
- Fujitec Co., Ltd.
- Mitsubishi Electric Corporation
- Hitachi Ltd
- Kone Corporation
- Otis Elevator Company (I). ltd.
- ThyssenKrupp AG
- Schindler Group
- Honeywell International Inc.
- Robert Bosch GmbH
- Hyundai Elevator
- Sigma Elevator Company
- Toshiba Elevator and Building Systems Corporation
- Huawei Technologies Co., Ltd.
- TK Elevators
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Smart Elevator Automation System Market Segmentation:
By Component:
- Card Reader
- Biometric
- Touchscreen and Keypad
- Security and Control System
- Sensors, Motors, and Automation Systems
- Building Management System
By Service:
- Installation Service
- Maintenance and Repair
- Modernization Service
By End User:
- Residential Sector
- Commercial Sector
- Industrial Sector
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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