Albany, NY -- (SBWIRE) -- 10/12/2017 -- Future Market Insights presents interesting insights and a revised forecast of the global smart elevator automation system market in a new report titled "Smart Elevator Automation System Market: Global Industry Analysis & Opportunity Assessment 2017-2027." The smart elevator automation system market includes elevators that are based on new technologies and uses new technologies such as card readers, biometrics, touch pads and other advanced security technologies. According to the report, the global smart elevator automation system market was valued at US$ 8,487.6 Mn in 2016, and is expected to register a CAGR of 14.3% from 2017 to 2027. Advancement in elevator technologies and increasing demand for eco-friendly elevators are major factors driving revenue growth of the global smart elevator automation system market. However, high cost and lack of awareness about the latest technologies are restraining the market growth of smart elevator automation systems at a global level.

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Global Smart Elevator Automation System Market: Segmentation & Forecast

The global smart elevator automation system market is categorised on the basis of services, component, end-user and region. On the basis services, the market is segmented as installation service, repair & maintenance, modernisation. The installation service segment is anticipated to register a CAGR of 12.0% during the forecast period. On the basis of component, the global market is segmented into card reader, biometric, touch screen & keypad, security & control system, sensor motor & automation, and building management system. The revenue contribution from the building management system segment is anticipated to expand at a CAGR of 12.9% during the forecast period. On the basis of end-user, the global market is segmented into residential sector, commercial sector, hotels and others. The revenue contribution from the commercial sector segment is anticipated to expand at a CAGR of 11.5% during the forecast period.

This report also covers trends driving each segment and offers analysis and insights regarding the potential of the smart elevator automation system market in regions including North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and Middle East and Africa. Among the regions, APEJ is projected to exhibit relatively high growth in the global market, registering a CAGR of 18.6% over the forecast period. Revenue from the smart elevator automation system market in Asia Pacific is estimated to account for over 15.4% of the global smart elevator automation system market revenue in 2017. Smart elevator automation system providers can focus on expanding across several countries in APAC and North America regions such as India, China and U.S.

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Key Market Players

Key competitors in the smart elevator automation system market profiled in the report include Fujitec, Mitsubishi, Hitachi, Kone Corporation, Otis Elevator, Schindler, ThyssenKrupp Elevator, Tyco International, and Honeywell.