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A smart elevator automation system is a next-generation elevator system equipped with novel technologies offering various facilities and security. A smart elevator automation system is designed to reduce overall energy consumption and handle passenger traffic effectively. There are different services included in the smart elevator system such as installation service, modernization service, and repair & maintenance service.

Market Statistics:

The global smart elevator automation system market is expected to surpass US$ 59,446.6 Mn in terms of value by the end of 2028.

Global Smart Elevator Automation System Market: Drivers

Enhanced user experience is expected to boost the global smart elevator automation system market during the forecast period

Deployment of smart elevators is increasing in high-rise residential and corporate buildings across the globe, owing to smart features and benefits that enhance passenger experience i.e. increased customizability, minimum waiting time, etc. For instance, Otis offers a Compass destination management solution, which provides enhanced personalized experience with orderly traffic flow, less waiting time, and improved efficiency and performance.

Global Smart Elevator Automation System Market: Opportunities

Rising demand for energy-efficient and eco-friendly elevators can present lucrative growth opportunities in the global smart elevator automation system market

Rising energy costs and environmental awareness across the globe is driving demand for smart elevators, considering the fact that such elevators consume 30% less power compared to their traditional counterparts or basic elevator models. Furthermore, smart elevator providers are committed to introducing eco-friendly products to meet stringent environmental regulations. For instance, Hyundai offers E-nosG, a smart elevator equipped with eco-friendly technology.

Global Smart Elevator Automation System Market: Recent Developments

In October 2020, Hitachi, a Japan based multinational company acquired a 9.99% share in Yungtay Engineering, a Taiwan based company which is engaged in the design, production, installation and maintenance of elevators and escalators to strengthen its elevator and escalator market.

In August 2020, Otis, a U.S. based transport company acquired Bay State Elevator, a U.S. based company which provides elevator installation, maintenance, and service to expand in the northeast US.

In March 2020, Thyssenkrupp, a Germany based multinational company entered an agreement with Advent, Cinven, and RAG Foundation to sell its Elevator Technology business segment to strengthen its cash flow and lower its structural costs.       

Global Smart Elevator Automation System Market: Restraints

Global economic slowdown is expected to hinder the global smart elevator automation system market growth over the forecast period

The entire world has witnessed a significant economic decline in the recent past, especially due to the COVID-19 pandemic. As a result of this, building owners are hesitant towards adoption smart elevator systems, since they are significantly more expensive than conventional elevator system. Therefore, these factors are expected to drive growth of the global elevator automation system market growth over the forecast period.

Global Smart Elevator Automation System Market - Impact of Coronavirus (Covid-19) Pandemic

Globally, as of 5:09pm CEST, 20 October 2021, there have been 241,411,380 confirmed cases of COVID-19, including 4,912,112 deaths, reported to WHO. Emergence of Covid-19 has led to increasing adoption of automation in various sectors. The deployment of automation to the elevator systems reduces the wait time, increases efficient management of the traffic in residential, commercial and institutional buildings. Such scenario is expected to aid in growth of the global smart elevator automation system market.  

To know the latest trends and insights prevalent in the Global Smart Elevator Automation System Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/smart-elevator-automation-system-market-4832

Key Takeaways:

  • The global smart elevator automation system market was valued at US$ 15,473.0 Mn in 2020 and is forecast to reach a value of US$ 59,446.6 Mn by 2028 at a CAGR of 18.5% between 2021 and 2028.
  • The installation and service segment was valued US$ 8,187.4 Mn in 2020 and is expected to witness a CAGR of 14.6% over the forecast period.

Market Trends:                                                                           

North America Trends

Among regions, North America is expected to witness significant growth in the global smart elevator automation system market during the forecast period. This is owing to the rapid growth of the construction industry and rising infrastructure development across the region. Furthermore, growing adoption of smart elevators in the commercial sector is expected to boost the regional market growth over the forecast period.

Asia Pacific Trends

Asia Pacific is expected to register a robust growth rate in the global smart elevator automation system market over the forecast period. This is owing to the rapid growth construction sector across emerging economies such as India, Japan, and China. Furthermore, increasing the adoption of the smart elevator system in residential and institutional sectors is expected to boost the regional market growth in the near future.

Global Smart Elevator Automation System Market: Competitive Landscape   

Major companies operating in the global smart elevator automation system market are Fujitec Co. Ltd., Honeywell International Inc., Mitsubishi Electric Corporation, Tyco International Limited, Hitachi Ltd., Schindler Group, Kone Corporation, ThyssenKrupp Elevator AG, and Otis Elevator Company.

Key Developments

Major companies are focused on mergers and acquisitions, in order to enhance the market presence. For instance, in July 2020, ThyssenKrupp Elevator AG acquired Winnipeg Elevator Group.

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