Smart Elevators and Escalators Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2023
Albany, NY -- (SBWIRE) -- 06/19/2018 -- Feeding-off rapid infrastructural development across emerging economies and driven by the trend of energy efficiency, a fresh business intelligence report by Transparency Market Research (TMR) has projected the demand in the global smart elevators and escalators to expand at a formidable CAGR of 6.8% during the forecast period of 2017 to 2023. However, despite the fruitfulness of the market for smart elevators and escalators, the analyst of the report has detected that the global shares are already reserved by a handful of players, who are well-established in terms of geographical presence and technological expertise. Major players, such as Schindler Holding Ltd., Otis Elevator Company, Kone Corporation, and ThyssenKrupp AG, have swiftly made a mark in developing countries and are able to fend-off the competition coming from notable regional players such as Toshiba Elevator, Mitsubishi Electric Corporation, Hyundai Elevator, Hitachi Ltd., and Siemens Building Technologies AG.
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Global Smart Elevators Market to Breach $150 Billion Mark by 2023
Going forward, leaders of the smart elevators and escalators market are expected to aspire greater shares via product innovation and acquisition of domestic vendors. Green initiatives are being adopted across developed and developing countries and vendors who can cater to the changing demands will stay ahead of the curve. The analyst of the report has estimated that the companies operating in the smart elevators and escalators market will have an opportunities worth US$162.56 billion to share from, by the end of 2023, with US$150.03 billion generated from the elevators segment alone.
Based on type, the report bifurcates the elevator segment into 450 kg to 1,150 kg, 1,150 kg to 1,500 kg, and 1,500 kg to 2,000 kg, whereas escalators have been sub-segmented into moving stairs and moving walkway escalators. Application-wise, the report gauges the potential of the demand that can be expected out of the fields of commercial, hospital, residential, parking building, retail, and hotels. Geographically, the report has examined figurative lucrativeness of every important region and country, rating Asia Pacific as the region with maximum potential.
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The need for energy efficiency is the primary factor that is promoting the adoption of smart elevators and escalators over their traditional counterparts. As a result of rapid architectural and construction activities, installation of smart elevators and escalators is increasing not only in high-rise buildings but also in low-rise and mid-rise building. A number of new infrastructural projects are in pipeline in the emerging economies of India, Middle East, and China, which will augment the demand in the global smart elevator and escalator market in the near future. The vendors of the market are also expected to gain from the construction of numerous shopping malls, five star hotels, luxury apartments, high-rise apartments, corporate offices, and premium condominiums. On the other hand, uncertainty related to economic growth of a number of underdeveloped countries, requirement to comply with governmental regulations, and substantial cost of periodic maintenance are some of the restraints obstructing the market from attaining its true potential.