Rise in consumer disposable income in emerging markets, better control of elevator traffic, and overall improvement in global economies are expected to drive the global smart elevator market growth over the forecast period. Rapid urbanization in emerging economies such as China, India, and Malaysia are also expected to favorably impact the smart elevator market growth. In addition, modernization of conventional elevator systems in developed countries such as the U.S., the UK, Canada, and France are also expected to fuel market growth over the next few years. The growth may also be attributed to surging demand for energy-efficient solutions and enhanced security. In addition, global green infrastructure standards and statutory requirements are also estimated to be instrumental in compelling deployment of smart elevators in new structures as well as current infrastructure.
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Smart elevators are technologically advanced systems that allow automated vertical transportation of passengers or goods. Smart elevator system comprises new-age digital security system controls such as destination dispatching, touch screen, biometrics, and access control systems. The system is automated and reduces waiting time as well as increases traffic management efficiency in commercial, residential, and other application areas.
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High manufacturing and installation costs may pose a challenge to the smart elevator market growth over the next few years. However, integration of smart communication, access control, security technology, and a few other value-added features allows smart elevators to cater to the customer-needs across various end-use segments such as residential, commercial, healthcare, industrial, and hospitality, which is further expected to drive growth in this market. Furthermore, the growing number of high-rise and tall buildings demand comfortable, energy-efficient and vertical transportation systems, which is further expected to favorably impact market growth. Increasing safety concerns and developments towards the incorporation of access controls are also expected to impel the global smart elevator market growth. Furthermore, smart elevator also offers several benefits such as reliability, hygiene, aesthetics, ride & destination control, space, and comfort, which may also fuel market demand. Energy efficiency coupled with centralized controls is also expected to propel market growth over the forecast period.
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North America is expected to witness high growth followed by Europe. Asia Pacific is expected to emerge as the dominant regional market over the next few years owing to surging construction sector and rise in consumer purchasing power.
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