London, UK -- (SBWIRE) -- 06/01/2015 -- Smart Elevator Market Overview

Smart elevators are also called as intelligent elevators, they are advanced systems used for automatic vertical transportation of goods as well as passengers. Smart elevator helps in reduction of waiting time and also improves traffic management efficiently in residential, commercial and other buildings. Smart elevator system is termed as 'smart' because apart from ordinary use of vertical transportation, this system is also used as a security system with the latest digital security controls, such as biometrics and access control system, destination dispatching and touch screen. Energy efficiency and automated features of these smart elevators makes them advanced from normal lifts.

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Smart Elevator Market Dynamics

Global smart elevator market is expected to witness significant growth during forecasted period 2015-2025. Factors driving the growth of smart elevators market are increasing demand of safety and security, inclination towards energy efficient solutions, advanced development in construction industry and global economic development. Furthermore, smart elevator provides various advantages, such as decreased passenger waiting time, sophisticated technology and high safety and security which additionally benefits the market growth. On the other hand, factors which are restraining the growth of global smart camera market are requirement of large initial investment and low adoption rate.

Smart Elevator Market Segmentation

Global smart elevator market is segmented on the basis of applications, product type, solution, and region. On the basis of applications, the market is sub-segmented into wide range of applications, such as commercial, industrial, residential, institutional and others. Out of all these applications, commercial applications of smart elevators dominated the present global smart elevator market. It is because of rising commercial sector with high infrastructural development in offices, financial institutions, retail and manufacturing sector. On the basis of product type, the market is further sub-segmented into different smart elevators product system, such as biometrics & access control, touch screen, automation and controls, fire alarm system and visitor management system. On the basis of solution, the market is further sub-segmented into new deployments, maintenance and elevator modernization. Out of these solutions, elevator modernization is largest in terms of market value with highest revenue.

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Smart Elevator Market: Region-wise Outlook

On the basis of region, the market is sub-segmented into seven global regions, North America, Latin America, Asia – Pacific (excluding Japan), Japan as a separate region, Western Europe, Eastern Europe and Middle East and Africa. Currently, global smart elevator market is dominated by North America region and it is largest in terms of market revenue. Growth in this region is mainly because of advanced infrastructure, technological development and high adoption of automation. Europe is the second largest market globally in terms of market value. Asia-Pacific region is forecasted as fastest growing region for global smart elevator market. Market growth in this region is fuelled by ever increasing construction market in developing countries such as India and China, where there is huge demand for smart elevator.

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