Zion Market
Research has published a new report titled “Smart and Connected Elevators and
Elevators Control System Market for
Residential, commercial, institutional: Global Industry Perspective,
Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report,
the global smart and connected elevators and elevators control system market
was valued at approximately USD 11.21 Billion in 2017 and is expected to reach
approximately USD 26.33 Billion by 2022, growing at a promising CAGR of around
15.3% between 2016 and 2022.
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Smart and
connected elevators are mainly used in buildings such as hotels, residences,
arenas, offices and airports, hospitals, sports facilities, and others. it can
minimize overall energy consumption and manage passenger traffic efficiently
within a residential and commercial building. The deployment of automation to
the elevator systems can reduce the wait time and increases efficient
management of the traffic in buildings.
Businesses
need for smart solutions to equip them against threats and safeguard their
properties. This will propel the growth for smart and connected elevators.
Additionally, the global smart and connected elevators and elevator control
systems market will also benefit from the growing demand from consumers for
energy-efficient solutions. Smart elevators feature light sensors and other
technologies that save energy and improve usability for people with special
needs.
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Contents) @
On the basis
of application, the smart and connected elevators market is divided for
residential, commercial and institutional. The residential and commercial
applications leading this segment owing to increased industrialization and real
estate construction sites. Rapid urbanization and growth in elderly population
globally combined with the maintenance and modernization of the existing
elevators are strongly driving the growth of the global elevators market. The
continuous evolution of Internet of Things has triggered the growth and opportunity
in elevators business. Internet of things defines the interconnection of many
devices and equipment that help deliver data on the internet. IOT offers
service that allows to collecting, exchange and analyzing data with its
operator, manufacturer and other devices. With the help of IOT modern elevators
can anticipate traffic and also respond in real time. Connected sensors in an
elevator, passenger traffic is better managed by reducing wait time.
North
America was the dominant market for smart elevators market in 2016. High
technology adoption rate paired with well-established infrastructure are major
driving factors in North America region’s growth. Asia Pacific is anticipated
to grow at the highest CAGR for smart elevator market in the analysis period.
Rapid infrastructure development, rising consumer disposable income, and the
presence of developing economies, rapid urbanization is projected to observe
noticeable growth over the analysis period in Asia Pacific. Latin America and
the Middle East is also predicted to grow significantly in coming years due to
increasing demand from commercial application.
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Key players
operating in this market include Thyssenkrupp AG, OTIS Elevator Company, Kone
Corporation, Schindler Group, Hitachi Ltd., Hyundai Elevator Co.Ltd., Toshiba
Elevators and Building Systems Corporation, Mitsubishi Electric Corporation,
Fujitec Co., Ltd., Motion Control Engineering, Inc., Thames Valley Controls,
Eito&Global Inc.
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Zion Market
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