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. With the advancement in technology and changing building infrastructure, smart elevator automation systems have become versatile to securely manage building traffic. These factors are expected to boost the growth of the global smart elevator automation system market.
Smart Elevator Automation System Market: Overview
In terms of value, the global smart elevator automation system market is expected to grow at a CAGR of 14.3% during the forecast period. The global smart elevator automation system market was valued at US$ 8,487.6 Mn in 2016, and is projected to grow significantly to reach US$ 36,417.8 Mn by 2027 owing to increasing construction of new high-rise buildings and growing urbanization.
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In this report, FMI has segmented the global smart elevator automation system market on the basis of service, component, end users and region. By service, the smart elevator automation system market is further segmented into installation service, repair & maintenance service and modernization service. On the basis of component, the smart elevator automation system market is further segmented into card reader, biometric, touch screen and keypad, security and control system, sensors, motors and automation system and building management system. By end users, the smart elevator automation system is further segmented into residential sector, commercial sector, hotels and others.
Smart Elevator Automation System Market: Segmental & Regional Forecast
Governmental regulations & standards for global green infrastructure, reduction in the 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. However, the commercial sector sub-segment is expected to capture more than 35% of share of the global smart elevator automation system market by the end of 2017. Moreover, the increasing need to reduce passenger waiting time in high-rise hotels is also expected to play a vital role in driving the demand for smart elevator automation system.
Based on component, 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 large share in the global smart elevator automation system market as their demand is increasing to maximise 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.
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 Smart elevator automation system market is estimated to expand with a CAGR of 18.6% over the forecast period. This can be attributed to transformation of the existing infrastructure and increasing number of smart city projects. In Western Europe, Germany is expected to be the dominant market for smart elevator automation system, and to create incremental opportunity of US$ 2,042.8 Mn 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.
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Companies Operating in the Smart Elevator Automation System Market
Examples of some of the key participants covered in the report of 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.