Valley Cottage, NY -- (SBWIRE) -- 11/28/2017 -- A "smart elevator automation system" refers to the use of advanced technology to enhance energy efficiency and proper traffic management of vertical moment of elevators in high-rise buildings. Smart elevator automation system has become a buzz word with increasing deployment of high-speed, energy efficient and advanced destination dispatch solutions, for providing users with enhanced vertical transportation services. Smart elevator system is termed as 'smart' because, apart from ordinary use of vertical transportation, this system is also used as a security system with the latest digital security controls, such as biometrics and access control systems, destination dispatching and touch screen. Energy efficiency and automated features of these smart elevators make them more advanced than traditional lifts.

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Market Value and Forecast

The global smart elevator automation system market is anticipated to expand at a double-digit CAGR during the forecast period. Growth of the global smart elevator automation system market is mainly driven by increasing demand for energy efficient and high speed elevators, rising investment on infrastructure development projects, growing population and increasing urbanization in big cities of the world. Additionally, smart elevator automation system providers are focused on carrying out various R&D activities to add innovative features in their elevators, in order to attain a sustainable advantage over competitors and enhance their customer base. The major players in the smart elevator automation system market are working towards introducing advanced destination dispatch solutions and cloud based connectivity utilizing Internet of Things (IoT). Besides, major trends witnessed in the smart elevator automation system market include introduction of ecofriendly or green elevators and advanced destination dispatch solutions, introduction of advanced technologies in the elevator, surge in acquisitions and mergers, partnerships & collaborations and growing outsourcing of operations.

Segmentation, by Service

The smart elevator automation system market can be segmented into equipment installation services, repair & maintenance services and modernisation services. Of all these segments, the equipment installation service dominated the global smart elevator automation system segment in 2014 and is expected to continue to dominate the market till 2025.

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Segmentation, by Component

The smart elevator automation system consists of different components. These include card reader, biometric, touch screen and keypad, security and control system, sensors, motors and automation system and building management system. Among the aforementioned segments, in 2014, the sensors, motors and automation system segment dominated the market and is expected to remain dominant over the forecast period.

Segmentation, by End User

The end-users segments in the market include residential sector, commercial sector, hotels and others. In 2014, the residential sector was the second-largest contributor to the global smart elevator automation system market. Additionally, in terms of revenue contribution, the residential sector is expected to outpace the commercial sector by the end of 2025.

Key Regions

The global smart elevator automation system market includes seven major regions – North America, Western Europe, Asia-Pacific Excluding Japan (APEJ), Japan, Eastern Europe, Latin America and the Middle East & Africa. Of all the regions, Asia Pacific Excluding Japan (APEJ) dominated the market, accounting for 32.3% share of the overall smart elevator automation system market, in 2014. Western Europe ranked second, accounting for 31.8% share of the market in the same year, followed by Western Europe. In addition, Asia-Pacific is anticipated to become the fastest growing region in the smart elevator automation system market in the coming years.

Key Players

Some of the key players identified in the global smart elevator automation system market are Kone Corporation, Otis Elevator Company, Schindler Group, ThyssenKrupp Elevator AG, Mitsubishi Electric Corporation, Fujitec Co., Ltd., Tyco International Limited, Hitachi Ltd. and Honeywell International Inc. Major players in the market follow the strategy of introducing innovative and cost effective solutions to buy out competition. In addition, strategic partnership, collaborations and joint ventures are the other major strategies followed by various providers in the smart elevator automation system market to outperform competitors.