Smart Elevator Automation System Market to Display Impressive Growth of 9.2% with Rising Demand by 2026

November 30, 2022November 30, 2022 ankush

In terms of value, the global smart elevator automation system market is expected to grow at a CAGR of 9.2% over the forecast period. The global smart elevator automation system market was valued at US$ 8,487.6 Mn in 2016 and is expected to grow significantly to US$ 36,417.8 Mn by 2026 due to increased development of new tall structures and growing urbanisation.

FMI has segmented the global smart elevator automation system market into help, part, end clients, and region in this report. The smart elevator automation system market is also divided into establishment administration, repair and upkeep administration, and modernization administration.

Future Market Insights recently published the report “Smart Elevator Automation System Market – Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2016 – 2026.” Smart elevator automation system is another age of elevators outfitted with imaginative innovations that provide various offices in addition to security.

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The smart elevator automation system is designed to reduce overall energy consumption while effectively managing traveller traffic within a structure. Smart elevator automation systems have become adaptable to safely oversee building traffic as innovation and structure foundation have progressed. These variables are expected to aid the growth of the global smart elevator automation system market.

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.

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.

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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 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.

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.

Key Segments Covered