Portland, OR -- (SBWIRE) -- 07/06/2017 -- Smart Elevators are advanced systems that allow automated vertical transportation of goods or passengers. As this system utilizes automation, it reduces the waiting time and increases traffic management efficiency in residential, commercial and other buildings.

The Smart Elevators market, driven by modernization of existing elevator systems, would experience a radical shift by 2020. With large number of new deployment anticipated in developing Asian counties, new deployments of the smart elevators would take over the modernization revenue by 2020. Chinaalone accounts for about 53% of the upcoming high-rise projects across the world.

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Globally, the growing number of high-rise buildings has escalated the demand for quick, comfortable, efficient, and secure vertical transportation system. Moreover, global green infrastructure standards and statutory requirements are instrumental in compelling deployment of smart elevators in new structures as well as current infrastructure. "The modernization of conventional elevator systems in developed countries such as U.S., UK, Canada, and Francehas been major contributor to smart elevator market revenue so far. However, over the period, upcoming high-rise buildings would adopt fresh deployment of smart elevator systems," noted AMR analyst Bryan Olson. "As a result, new deployment of smart elevators would surpass the modernization segment revenue and contribute more than 52% of the overall smart elevators market revenue," adds analyst. Technologically advanced features and integration of smart communication, access control and security technology allows smart elevators to cater custom needs of various end use segments such as residential, commercial, healthcare, industrial and hospitality among others. Smart elevators can custom fit to unique requirements of each of these end-user segments and can provide reliability, hygiene, aesthetics, ride and destination control, space, and comfort as may require by the respective end-user.

According to WHO data there is a tremendous change in number of people residing in cities. In 2014, the urban population accounted for 54% of the total world population as compared to 34% in 1960. The estimates suggest that the shift would exemplify during 2015 - 2020 and cities across the globe would see 1.8% growth in population every year. Limitation of geographical expansion of cities would result in vertical growth and more number of high-rise projects shall be commissioned, eventually triggering the demand for time, space and energy saving smart elevators.

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Key Findings of Smart Elevator Market:

1. Global market for smart elevators applications is gaining momentum with residential and industrial usages to provide major growth during the forecast period (2014 - 2020)

2. Industrial applications will grow at a CAGR of 16.6% during the forecast period, fastest among all applications

3. Maintenance of smart elevators would unveil another area for monetization, which will pick up after year 2015, with highest CAGR of 49.4%

4. Asia-Pacific would be the lucrative market, both in terms of size and growth. It would reach$5.1 billion by 2020, with fastest CAGR of 19.8%

5. The elevators in upcoming high-rises would be smart elevators to greater extent, which would pose new deployment market as largest revenue contributor by 2020.

Global vendors of vertical transportation systems are now quickly shifting their focus to smart elevators to remain competitive. ThyssenKrupp, which maintains and manages more than 1.1 million elevators, has now integrated cloud to its elevator systems to gather valuable data about systems and sensors to improve its maintenance service. In 2014, Schindler Elevator Corporation successfully completed the installation and modernization of its PORT elevator technology at the Union Plaza office building, Puerto Rico. Moreover, buildings such as the Hearst Tower and the Bank of America in Manhattan, the Humana headquarters in Louisville and the Crescentin Dallas are few of the many projects where Schindler Corporation has installed as its smart elevator destination dispatch technology system. The report profiles major players in the smart elevator market, namely ThyssenKrupp, Fujitec, Schindler Holding AG, Fujitec, Honeywell International, Otis Elevator Corporation., Bosch Security Systems, Hitachi Ltd., Mitsubishi Electric Co. Ltd. and Hyundai Elevator Co. Ltd.