The worldwide smart elevator automation system market is estimated to develop at a CAGR of 14.3% during the forecast period 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$ 8,487.6 Mn in 2016 and is expected to grow considerably to US$ 36,417.8 Mn by 2027.
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.
Segmental and Regional Forecasts for Smart Elevator Automation Systems
The smart elevator automation system market is predicted to develop due to government rules and requirements for global green infrastructure, as well as lower operating costs and automation. In terms of value, the residential sector sub-segment of the worldwide smart elevator automation system market is expected to rise rapidly over the forecast period.
In the smart elevator automation system market, the card reader sub-segment is predicted to develop at a high CAGR of 19.2 percent over the forecast period. However, the sensor motor & automation system sub-segment is predicted to account for a significant portion of the worldwide smart elevator automation system market, as demand for energy efficiency and elevator travel increases.
The worldwide smart elevator automation system market has also been divided into seven primary regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan, and the Middle East and Africa (MEA). The Asia Pacific Exc. Japan’s Smart elevator automation system market is expected to grow at a CAGR of 18.6% over the projected period in terms of value.
This is due to the transformation of existing infrastructure and the rise in the number of smart city initiatives. Germany is predicted to be the leading market for smart elevator automation systems in Western Europe, with a US$ 2,042.8 million incremental potential between 2017 and 2027. One of the primary reasons driving the growth of the smart elevator automation system market in Western Europe is the rising need for increased safety and security systems.
Companies Operating in the Smart Elevator Automation System Market
Fujitec, Mitsubishi, Hitachi, Kone Corporation, Otis Elevator, Schindler, ThyssenKrupp Elevator, Tyco International, and Honeywell are some of the prominent players mentioned in the smart elevator automation system market study. The study also includes information on company-specific strategies, key differentiators, market structure, and competitive share analysis for major industry players.
