Bharat Book Bureau Provides the Trending Market Research Report on “Smart Elevator Market by Offering (Solution [Control System {Security Control, Elevator Control, Access Control}, Maintenance System, Communication System], Services [New Installation, Modernization, Maintenance]), and End Use – Global Forecast to 2028”under Electronics Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
Smart Elevator Market by Offering (Solution [Control System {Security Control, Elevator Control, Access Control}, Maintenance System, Communication System], Services [New Installation, Modernization, Maintenance]), and End Use – Global Forecast to 2028
The research report titled “Smart Elevator Market by Offering (Solution [Control System {Security Control, Elevator Control, Access Control}, Maintenance System, Communication System], Services [New Installation, Modernization, Maintenance]), and End Use – Global Forecast to 2028” provides an in-depth analysis of the global smart elevator market across five major geographies and emphasizes on the current market trends, market size, market shares, recent developments, and forecast till 2028. The Global Smart Elevator Market is expected to reach $31.8 billion by 2028, at a CAGR of 11.4% during the forecast period, 2021-2028.


Succeeding extensive secondary and primary research and in-depth analysis of the market scenario, the report carries out an impact analysis of the key industry drivers, restraints, and opportunities. The smart elevators market is witnessing growth due to the growing adoption of intelligent building solutions, advanced security, increased construction of high-rise buildings, growing demand for reducing energy consumption solutions, growing number of smart cities, and need for energy efficiency tools. Growing demand for energy-efficient building solutions drives the smart elevators market. This vertical transportation solution reduces waiting and traveling time, integrates access control, and provides better traffic control management. However, the deployment of smart components in existing elevators and security risks associated with smart elevator systems are challenges for the smart elevators market.
The study offers a comprehensive analysis of the global smart elevator market concerning offering (solutions [control system {security control system , elevator control system, access control system }, maintenance system, communication system], services [new installation, modernization, maintenance & repair]), and end use (residential, commercial, industrial, institutional, other end uses) and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on offering, the smart elevators market is segmented into solutions and services. The solutions segment comprises control, maintenance, and communication systems. The maintenance systems segment is projected to grow at the highest CAGR during the forecast period. The high growth of this segment is mainly attributed to the smart elevator feature of proactive planning of maintenance to avoid the breakdown of the system. Smart elevator monitors each elevator component proactively and generates alarms, further reducing repairing costs and operational costs. Also, smart elevators provide proactive, condition-based analysis and predictive maintenance, which building owners can utilize for proper maintenance, which further boosts the demand for smart elevators.
The services segment comprises of new installation, modernization, and maintenance & repair. The new installation segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the emerging construction activities across the globe. Developing countries such as India, Indonesia, Italy, Mexico, South Korea, and Saudi Arabia are expected to lead the new installation segment due to the growing construction of commercial and residential buildings. Also, the new installation of smart elevators reduces waiting time and traveling time for passengers as it cuts down unnecessary stops; thus, the new installation segment is expected to grow at the highest rate.
Based on end use, the global smart elevators market is segmented into residential, commercial, industrial, and institutional. The residential segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing construction of technically advanced and automated residences, homes, and apartments. Also, the smart elevator’s access control feature limits the entry of salespersons and tenants on specific floors for safety purposes. Additionally, the control system in smart elevators provides alarms for maintenance & repair, criminal activities, and property damage, further supporting the growth of the market.
Geographically, the market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is expected to account for the highest share in 2021 and is expected to grow at the highest CAGR during the forecast period. Asia-Pacific follows North America in terms of share, attributed to the construction of high-rise and complex infrastructure across all industry verticals.
The key players operating in the global smart elevators market are Hitachi, Ltd. (Japan), TK Elevator Corporation (U.S.), Schindler Group (Switzerland), Otis Worldwide Corporation (U.S.), KONE Corporation (Finland), Mitsubishi Electric Corporation (Japan), Fujitec Co., Ltd.(Japan), Hyundai Elevator Co., Ltd. (South Korea), Honeywell International, Inc. (U.S.), Toshiba Corporation (Japan), Bosch Group (Germany), Huawei Technologies Co., Ltd. (China), Thames Valley Controls Ltd (U.K.), Motion Control Engineering Inc. (U.S.), and Sigma Elevator Company (South Korea).
Key Questions Answered in the Report-•Which are the high-growth market segments in terms of solution, offering, end use, and geography?•What is the historical market size for the global smart elevators market?•What are the market forecasts and estimates for the period 2021-2028?•What are the major drivers, restraints, opportunities, and challenges in the global smart elevators market?•Who are the major players in the market, and what share of the market do they hold?•Who are the major players in various countries, and what share of the market do they hold?•How is the competitive landscape for the global smart elevators market?•What are the recent developments in the global smart elevators market?•What are the different strategies adopted by the major players in the market?•What are the key geographic trends, and which are the high-growth countries?•Who are the local emerging players in the global smart elevators market, and how do they compete with other players?
Browse our full report with Table of Content : https://www.bharatbook.com/report/848446/smart-elevator-market-by-offering-solution-control-system-security-control-elevator-control-access-control-maintenance-system-communication-system-services-new-installation-modernization-maintenance-and-end-use-global-forecast-to
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