Published on : May 15, 2018
Albany, New York, May 15, 2018: In recent times, rapid urbanization and infrastructural development in emerging economies have given rise to the smart technologies. As a result of rapid architectural and construction activities, installation of smart elevators and escalators is increasing steadily. Market Research Hub (MRH) has freshly broadcasted a study titled “Smart Elevators and Escalators Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2023” to its massive repository, which precisely forecasts the future of the market and also gives an impression of the present market situation. In this study, analysts have projected the demand in the global smart elevators and escalators to expand at a formidable CAGR of 6.8% during the forecast period of 2017 to 2023.
In the market overview section, an in-depth qualitative assessment of factors that are responsible for driving and limiting the growth of this market and for its future opportunities has been presented. For a better understanding of the global market for silicon wafer, the analysts have broadcasted the market into MEA, North America, Latin America, Japan, Asia-Pacific and Europe. For each regional segment, the market size and forecast has been provided for the period from 2015 to 2025 along with the CAGR (%) for the forecast period from 2017 to 2025. A vital section covering market segmentation has been also presented in the study which offers an analysis of types and applications.
Market Summary and Factors Fueling Market Growth
• Smart elevator and escalator have easier, faster and more energy efficient compared to old one. Like earlier times, these are installed in mixed-used buildings, hotels, commercial buildings, IT parks, residential buildings, restaurants, and retail outlets, but with smart features. For example- the automatic stopping of the system when escalator is not being used, and selecting the floor instead of pushing a button to go down or up.
• Presently, Aging population is likely to be the key factor driving the smart elevator and escalator market during the forecast period. Also, the market for smart elevators and escalators is gaining traction from government emphasis on conserving energy and promoting methods that do that.
• It has also been detected that most of the demand is from new construction sites, leaving a challenge for the vendors to entice replacement of traditional elevators. It has been also observed that upcoming smart cities across the world, particularly in the BRICS nations, is expected to open vast new opportunities in the near future.
• In terms of geography, Asia Pacific is expected to grow at a high rate which will affect the market positively during the forecast period 2017-2023. The rapid expansion of the real estate industry as a result of economic prosperity of emerging economies such as China and India are the prime factors for this region growth.
Later, the competitive landscape offered in the report is a valuable resource for readers, as it helps in gauging the complete competitive scenario in the market. Key players outlines in the study are Toshiba Corporation (Japan), Schindler Holding Ltd.(Switzerland), Otis Elevator Company (U.S.), Mitsubishi Electric Corporation (Japan), Hitachi Ltd.(Japan), Cisco Systems, Inc (U.S.),Fujitec Co., Ltd. (Japan), ThyssenKrupp AG (Germany), Kone Corporation (Finland), Kleemann Hellas SA (Greece) among others.
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