Sarasota, FL -- (SBWIRE) -- 07/07/2017 -- Zion Market Research has published a new report titled "Smart Elevators Market by Solution (New Deployment, Modernization, and Maintenance) for Residential, Commercial, Institutional, Industrial and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022." According to the report, the global smart elevators market accounted for USD 11.21 Billion in 2016 and is expected to reach USD 26.33 Billion by 2022, growing at a CAGR of around 15.3% between 2017 and 2022.

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The smart elevators systems have grown as conventional elevators have shown a remarkable demand in recent few years and this trend is expected to continue over the analysis period. Smart elevator saves both time and money. Elevators are used in residential hospitals, sports facilities, offices, buildings, hotels, arenas, and airports, thus smart technology is likely to be in high demand as efficiency in these venues directly affects the market demand. Elevators are getting better because of smart technology, and innovation is also taking place on a number of fronts as engineers deal with taller buildings and also new safety codes.

The growth of global smart elevators market is primarily attributed to growing demand for energy-efficient solutions paired with improving global economies. Furthermore, increased spending in construction, stringent regulations and need to reduce operational cost and rising consumer disposable income are some of the key factors expected to prompt the market growth in the year to come. Reduced passengers waiting time and increased traffic management efficiency is expected to surge demand of smart elevators market. However, substantial initial investment is estimated to hamper the smart elevators market growth. Nonetheless, upgrading of existing elevators is expected to open up significant growth opportunities for smart elevators market in the years to come.

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Solution segment of the market is bifurcated into modernization, new deployment, and maintenance. New deployments are expected to become most attractive solution segment in the year to come due to advanced security automation and access control systems. Maintenance components segment is also expected to favor the market growth in near future owing to rising maintenance activities of already installed products in North America and Europe.

Smart elevators market is expected to offer high growth in all applications owing to widespread usage in the commercial and industrial application. The commercial application area is projected to grow at the highest CAGR and holds the largest market share, owing to cost savings, low power consumption and reduced operational cost. Demand in the residential and industrial sector is also rising as this technology is being opted at all levels and growth of smart elevator is largely attributed to growing demand for energy-efficient solutions and rapid urbanization.

North America was the dominant market for smart elevators market in 2016. High technology adoption rate paired with well-established infrastructure are major driving factors in North America region's growth. Asia Pacific is anticipated to grow at the highest CAGR for smart elevator market in the analysis period. Rapid infrastructure development, rising consumer disposable income, and presence of developing economies, rapid urbanization is projected to observe noticeable growth over the analysis period in Asia Pacific. Latin America and the Middle East is also predicted to grow significantly in coming years due to increasing demand from commercial application.

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Some of the major players in smart elevators market are Hyundai Elevator Co. Ltd, ThyssenKrupp Elevator, Otis Elevator Company, Mitsubishi Electric Corporation, Schindler, Schneider Electric, Kone, Hitachi Ltd, Bosch Security Systems and Fujitec amongst others

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