Elevator Automation Market Revenue Forecast and Trend analysis by Key Players such as KONE Corporation, Hitachi, Bosch Security Systems, Fujitec, Thyssenkrupp AG, Mitsubishi Electric Corporation, Hyundai Elevator
Automated elevators make use of advanced technology for enhancing efficiency, achieving proper vertical movement of elevators and enhancing traffic management. Smart elevators help to achieve increased energy efficiency and advanced destination dispatch solution. These systems further provide the latest digital security measure (such as access control systems), and touch screens. Embedded with automated features, automated elevators have more benefits over the traditional lifts.
These elevators come with pre-fitted automated features that significantly contribute to the reduction of waiting time, hence fueling the global elevator automation market. The growing need for energy-efficient elevators for the conservation of energy wasted during operations has led to the implementation of automated elevators. Furthermore, increasing concern for the development and security of the constructed (residential, commercial & institutional) premises has fueled the demand for the elevator automation market globally. Additionally, rapid urbanization and increased expenditure on constructional projects have triggered the need for automated elevators and associated control systems.
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The “Global Elevator Automation Market Analysis to 2025” is a specialized and in-depth study of the Elevator Automation industry with a focus on the global market trend. The report aims to provide an overview of the global Elevator Automation market with detailed market segmentation by services, industry vertical and geography. The global Elevator Automation market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading market players and offers key trends and opportunities in the market.
Top Key Vendors:
– KONE Corporation
– Hitachi, Ltd.
– Bosch Security Systems
– Fujitec
– Thyssenkrupp AG
– Mitsubishi Electric Corporation
– Hyundai Elevator Co., Ltd.
– Otis Elevator Company
– Schindler
– Honeywell International Inc.
– Tyco
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The major factor hindering the global elevator automation market is the high manufacturing cost of automated elevators. Additionally, the huge installation cost of automated elevators into buildings restraint the growth of the global elevator automation market. Due to the above-mentioned reasons, the adoption rate of automated elevators is very low and it is expected the impact of this factor will subside during the forecast period.
Furthermore, owing to the rapid advancement in computer and automation technology, the concept of smart elevators is expected to be soon cast into products (smart automated elevators), thereby anticipated to boost the global elevator automation market. Security is the main concern to propel the demand for more advanced and sophisticated elevators, thus, smart elevators are deployed at entry point systems to prevent unauthorized access and tailgating. They also provide adequate safeguards through various identification and validation techniques. Moreover, energy efficiency and centralized controls are expected to be key factors for the adoption of smart elevators. The regulations and standards made regarding increased efficiency and energy conservation are expected to add to the growth of the global elevator automation market.
The global elevator automation market has been segmented based on services into installation services, repair & maintenance services, and modernization services. Additionally, the global elevator automation market is fragmented on the basis of products such as elevator access controls & security, automation and controls, biometrics, touchscreens and keypads, card reader, security controls, sensors, and elevator modernization. In addition, the global elevator automation market is segmented based on applications which include the residential sector, commercial sector, industrial sector, institutional sector, and infrastructure sector.
Geographically, the global elevator automation market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America (SAM). Currently, developed regions such as North America and Europe aiming for better infrastructure and launch of technologically advanced products are leading the global elevator automation market. Owing to a large number of potential users, the elevator automation market in APAC is expected to grow significantly during the forecast period.
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