Global Smart and Connected Elevators Market Set for Rapid Growth, to Reach around USD 26.33 Billion by 2022

Sarasota, FL -- (SBWire) -- 01/22/2018 --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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The concept of smart and connected elevators has been developed mainly to cuts down on wait times, ride times, and unnecessary stops. When compared with traditional elevators, smart elevators move people to and from their desired floors, also computerized and gather more information. These are efficient in its operation and helps save time considerably. These systems proactively calculate the number of people going on each floor and accordingly send cars. The whole idea of smart and connected elevators has been designed to minimize overall energy consumption and manage passenger traffic within a building. This can be implemented in end user industries like hotels, residences, arenas, hospitals, sports facilities, offices and airports among others

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Increasing consumer demand for safe & energy efficient technologies along with modernization of conventional elevators owing to urbanization are driving the smart and connected elevators and elevators control system market, In order to do cost cutting construction companies will opt for automated solutions which in turn will increase the demand for these systems. The growing economy is also driving force and hence demands smart and connected elevators and elevator control system will increase in near future. These smart and connected elevators designed with automation technology and helps reduce waiting time by efficiently managing traffic. Several other technologies have been embedded in this system are biometrics, destination access and dispatching control systems, digital security control system etc.

Smart and connected elevators and elevators control system market has been segmented on the basis of application and regions. Application segment includes residential, commercial and institutional. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. Asia Pacific dominates smart and connected elevators market owing to increasing number of business parks and residential projects. China and India are the two leading countries are the most prospective countries for smart and connected elevators market. In India and China availability of land and growing industrialization will increase the demand for these systems. Considering North America and Europe which are comparatively developed markets and about to reach saturation phase in near future. Many companies are expanding their business in order to serve the growing demand for smart and connected elevators and considering its prospects.

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Thyssenkrupp AG, OTIS Elevator Company, Kone Corporation, Schindler Group, Hitachi Ltd., Hyundai Elevator Co.Ltd., Toshiba Elevators and Building Systems Corporation, Mitshubishi Electric Corporation, Fujitec Co., Ltd., Motion Control Engineering, Inc., Thames Valley Controls, Eito&Global Inc. , are some of the leading key players in smart and connected elevators and elevator control system market. Launching of new products, joint ventures and partnerships are the strategies followed by the organizations for the growth of the market. Thyssenkrupp AG has recently developed an elevator monitoring solution MAX. It's a cloud based application which will provide improved service with increased efficiency while alerting building maintenance staff before breakdowns. Rush hour surges can be anticipated in large buildings and skyscrapers. Even Otis elevators have developed smart elevators which will anticipate who you are which floor you want to go. This will also connect lights and air conditioning units of office.