VALLEY COTTAGE, N.Y., Sept. 1, 2015 (GLOBE NEWSWIRE) -- Increase in the number of high-rise buildings and enhanced focus on safety and security are fuelling the demand for smart elevators globally, according to Future Market Insights (FMI). FMI, in its research report, "Smart Elevator Automation System Market: Global Industry Analysis and Opportunity Assessment 2015-2025", offers key insights on this robustly expanding market.
The global smart elevator automation system market, valued at US$ 6,622 Mn in 2014, is expected to expand at a compound annual growth rate (CAGR) of 16.2% during the forecast period 2015-2025, and reach US$ 33.45 Bn.
Infrastructural development, especially in emerging world, is expected to provide an impetus to the smart elevator automation system market. Owing to tremendous pressure on land, both government and private sector are looking at vertical growth, fuelling the incorporation of smart elevators.
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Smart elevators offer reduced waiting time, enhanced safety and security, and an eco-friendly option, owing to which their demand has witnessed a surge among premium real estate developers. FMI expects that during the forecast period more infrastructure companies will adopt smart elevators, providing a fillip to the market.
The high initial cost associated with installing smart elevators can prove to be a deterrent for their adoption, according to FMI. Furthermore, the level of awareness about smart elevators is comparatively lower in developing countries vis-à-vis developed countries.
The key trends analysed by FMI in the global smart elevator system market include introduction of eco-friendly elevators, surge in mergers and acquisitions, and introduction of advanced technologies. Rising deployment of advanced destination dispatch system is also expected to gain traction during the forecast period.
FMI has segmented the global smart elevator automation system market on the basis of service into installation, modernisation, and repair & maintenance. Installation services currently account for the largest share, however, owing to projected increase in the modernisation, and repair & maintenance segment, FMI estimates this segment to lose 820 BPS during the forecast period 2015-2025.
On the basis of component, FMI has segmented the market into,
- Touchscreen and keypads
- Card reader
- Building management system
- Security System
- Sensors, motors, and automation system
Among these segments, sensors, motors, and automation system dominates the overall market, representing nearly 69.3% market share. FMI expects this segment to retain its dominance and account for 68.2% market share by 2025. In terms of value, this segment is projected to be worth US$ 22.81 Bn by the end of forecast period.
FMI, in its research report, has also segmented the global smart elevator automation system market on the basis of end-users. The key segments on the basis of end-user include commercial sector, residential sector, hotels, and 'others'.
Commercial sector currently accounts for the bulk of the demand for smart elevator automation systems, however, by the end of forecast period, residential sector is expected to surpass the commercial sector, in terms of market revenue. The residential sector of the market is projected to create absolute $ value opportunity of US$ 12.90 Bn during the forecast period 2015-2025.
Asia Pacific Excluding Japan (APEJ), North America, and Western Europe are the most lucrative markets for smart elevator automation system. Together, they collectively represent over 90% share of the total market, in terms of revenue.
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FMI estimates the market in APEJ to witness stellar growth during the forecast period, owing to the robust pace of infrastructural development in the region. According to FMI, APEJ's share in the global smart elevator automation system market, will expand from 32.3% in 2014 to 49.8% by the end of 2025.
The key companies analysed by FMI in its research report include KONE Corporation, United Technologies Corporation, ThyssenKrupp Elevator AG, Tyco International Limited, Fujitec Co. Ltd. and Mitsubishi Electric Corporation.
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Source: Future Market Insights