Smart elevators are very different than ordinary elevators. It contains various technologies for security and system controls such as biometrics and access control systems. These features help in reducing waiting time for customers and enhance traffic management efficiencies. The global smart elevators market is expected to grow at a very fast rate during the forecast period. The major drivers contributing to the growth of the market include increasing demand for the energy-efficient solutions along with advanced security automation and access control systems. In addition, increasing construction & infrastructure transformation activities across the globe and global economic improvement are also augmenting the smart elevators market growth. However, factors such as high initial investment in the installation of smart elevators and increasing operational costs may hamper the growth of the smart elevators market. Further, law awareness emerging economies such as India and Brazil are predicted to limit the growth of the market.
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The global smart elevators market is segmented on the basis of type and application. On the basis of the type, the market is further classified into passenger and freight. Among these, the passenger elevator segment is expected to have a significant market share during the forecast period owing to its increasing application in residential and commercial buildings. The freight elevator segment is expected to grow at the fastest rate during the forecast period attributed to increasing application in the industrial sector. On the basis of the application, it can be further classified into residential, commercial, industrial and others. The residential segment is expected to capture the significant market share in 2019. Major market players operating in the global smart elevators market are ThyssenKrupp Elevator AG, Schindler Holding AG, Otis Elevator Co. (A United Technologies Co.), Mitsubishi Electric Corp. and Hyundai Elevator Co. Ltd.
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· Market Segmentation
By Type
Passenger
Freight
By Application
Residential
Commercial
Industrial
Others (Institutional)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
