Energy Efficient Smart Elevator Market Has Great Potential for Global Growth

Energy Efficient Smart Elevator Market Has Great Potential for Global Growth

An elevator is by far the best medium of vertical transport. Increasing number of skyscrapers and high rising public edifices is leading to the demand for efficient elevator systems. Although elevators have already become a commonplace, numerous technological advancements keep their demand pattern unchanged. In fact, smart elevator market is booming with tremendous growth in the demand and applications on global market. Smart elevator is a simple concept, which is extremely effective at crowded buildings and important public places including government offices and hospitals.

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The system of smart elevators is based on a very simple fact, which is to help the people reach to their desired destination or floor in minimum time span. These elevator systems sort the people based on the floors they have chosen and then sequence them in the correct order. This process saves about 50% time usually required for using elevators. These systems have a strong and efficient access control system that gives administrators the access to the entire system. They can manage the unusual flow of people and can keep unauthorized people away from the entering the cars. This additional feature provides integrated security, which is vital in important public buildings.

Smart elevators market is segmented based on the type of access control and security drills, modernization, automation and global demands for these smart cars for vertical travel. Biometrics, card based access, security guard touch screen and keypads are the basic access control and security controls. Sensors, controllers, building automation system (BMS), drives, and motors are the basic types of automation used for smart elevators. As far as modernization of the elevators is concerned, it depends on the type of operating panels and various electronic devices that are installed on the cars. Better controls, speed and enhanced security are the basic requirements of modern elevators.

Various buildings and organizations are replacing their old and conventional elevator systems with smart elevators. This shift of interest is the reason behind huge growth in demand and revenue in the global smart elevator market. The market is expected to grow at the CAGR of 10.5% from 2013. This trend is likely to continue until 2018. The market is expected to reach past 16.45 billion dollars at the end of next five years. Increased demand for efficient systems, enhanced security, fast and convenient elevators and growth in global urbanization are the major drivers for this market. Increased high-rise constructions due to space constraints also call for increased demand of these systems.

Situational reasons like the upcoming global events such as Olympics 2016 and Soccer World Cup 2014 will increase the demand for these systems on targeted areas. Although North America and Europe are leading the market, they have low chances of new installations. However, developing regions like Asia and Pacific, Australia and Latin America have great potential for consumption and increased revenue channels.


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