Smart elevator market to increase at a CAGR of 10.5%

Press Release   •   Jun 20, 2013 15:22 BST

The smart elevator market has been forecast to increase at a compound annual growth rate (CAGR) of 10.5% over the next five years, to reach a value of approximately $16.45 billion by the end of 2018.

Smart elevators are designed to transform the simple act of travelling between floors. Instead of pushing a button to go up or down, passengers first select the floor they want. Then they are directed to the elevator that will take them to their destination with the fewest number of stops.

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 unauthorised 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 modernisation market. Energy efficiency and centralised 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.

Because smart elevators make fewer stops, they use less energy. Building owners like them because they mean fewer large crowds forming in lobbies waiting for the next car. Smart elevators can also calculate the weight of their passengers to prevent too many people from getting on. It can also slow down if a disabled person is boarding.

For more information on the smart elevator market, see the latest research: Smart Elevator Market

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