Smart Elevator Market Size and Share, Trends and Growth to 2022: Hexa Reports

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Smart Elevator Market Share, Size, Trends and Growth, By
Product Analysis, Application and Segment Forecasts To

Global smart elevator market was estimated to be USD 10.50 billion in 2014 and is expected to witness
significant growth on account of its increasing adoption in emerging economies of Asia Pacific, Middle
East and Latin America. Safety, reliability and longer durability is expected to drive growth.
Increasing requirement for faster vertical mode of transportation owing to the increasing number of
skyscrapers along with growing purchasing power of consumers in Brazil, China, and India is expected to
fuel growth. Rising need for energy efficient systems along with controlled transportation traffic are
other key parameters fueling demand. Favorable government regulations along with expeditious
infrastructure development in emerging countries are also expected to result in development of the
industry in the near future. The market is anticipated to reach USD 30.55 billion by 2022.
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Technological innovations resulting in several benefits including digital control security are also likely to
contribute to growth. Better traffic management, cost efficient power consumption, and reduced
waiting time for passengers are also expected to boost the market at a significant rate.

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Demand for smart elevators in new deployment solutions accounted for over 40% of the global market
revenue in 2014. Increasing government spending on infrastructure development, particularly in Asia
Pacific, is expected to augment growth over the forecast period.
Elevator automation including efficient transportation and time-energy saving deployment, is expected
to witness significant gains over the forecast period at a CAGR of 15.6%. Elevator access...