The smart elevator automation system market is projected to experience a robust compound annual growth rate (CAGR) of 9.2% in terms of market value. This growth can be attributed to the expanding construction of tall buildings and the rapid pace of urbanization. As a result, the smart elevator automation system market is anticipated to witness significant expansion, reaching an estimated value of US$ 37.68 billion by the year 2026.
The 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. Regarding 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. 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 Million 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.
Companies Operating in the Smart Elevator Automation System Market:
Examples of some of the key participants covered in the report on the smart elevator automation system market include Fujitec, Mitsubishi, Hitachi, Kone Corporation, Otis Elevator, Schindler, ThyssenKrupp Elevator, Tyco International, and Honeywell. The report also describes company-specific strategies, key differentiators, market structure, and competitive share analysis related to prominent industry stakeholders.
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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