Global smart elevator market: $16.5 billion industry by 2018

Press Release   •   Jun 18, 2013 17:04 BST

The global smart elevator market is forecast to grow to a value of around $16.45 billion by the end of 2018, growing at a CAGR growth rate of 10.5% between 2013 and 2018.

The increasing trend of high rise building is leading to the growth in elevators market, as the best means of vertical transport is an elevator. Integration of access controls in elevators to address the security allows the administrator to not only take control over the access of unauthorized person but also to manage the efficient flow of people in elevator car. It also helps individuals to reach their respective floors safely and take preventive step in case of any breach.

Demand for energy efficient solutions, enhanced security, and demand for improving the standards of the individuals have resulted in the development of the elevator automation and modernization market. Energy efficiency and centralized controls are the driving factors in elevator automation. Better controls, higher speed, and reduction in operating cost need special attention with respect to the various components in elevators such as sensors, motors, lighting, door access, operating panels, and mechanical system. Utmost consideration needs to be given while integrating with the other security measures such as fire, alarm, and surveillance as the safety of the individual is on stake.

The scope of new installation in regions like Americas and Europe is low as they are already equipped with the latest technology. However, regions like APAC where construction is increasing exponentially have opened new avenues for the elevator industry.

For more information on the Global smart elevator market, please click here: Global smart elevator market issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.