Global Smart Elevators and Escalators Market to Reach USD 162.56 Billion in 2023, RoW Projected to be Most Attractive Regional Market: Transparency Market Research

May 27, 2016, 10:30 ET from Transparency Market Research

ALBANY, New York, May 27, 2016 /PRNewswire/ --

Transparency Market Research has published a new market report titled "Smart Elevators and Escalators Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023", the global smart elevators and escalators market in terms of revenue was valued at USD 96.63 billion in 2014, which is expected to reach USD 162.56 billion by 2023, growing at a CAGR of 6.3% from 2015 to 2023.

Smart elevators and escalators are more energy efficient, easier and faster than older elevators. The smart elevators and escalators market by region has been segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). In 2014, Asia Pacific held the largest share of the market globally, followed by Rest of the World (RoW), Europe and North America.

Asia Pacific is projected to be the fastest growing market for smart elevators and escalators. China and Japan are the key contributors to the market in this region. Rapid expansion of real estate industry in the APAC region is set to bolster the growth of the smart elevators and escalators market. Moreover, Asia Pacific is anticipated to witness a considerable rise in the construction sector such as increasing public and private infrastructural development projects. Smart elevators offer many advantages and conveniences that are not available with traditional elevators. They can reduce wait times, improve energy efficiency and integrate access control features. Smart elevators and escalators are being installed in various types of building such as commercial, residential, healthcare, hospital, retail, and industrial among others. In addition, increasing geriatric population in countries such as Japan and China is expected to fuel the demand for smart elevators and escalators. Asia Pacific is expected to grow at a high rate during the forecast period 2015 - 2023. Factors such as the growth of the global urban population, aging population, changing demographics, and urbanization among others are likely to boost the growth of the market in the near future. In the twelfth five-year plan (2012-2017), the government of India plans to invest more than 7% of its total investment in industrial infrastructure development and construction. As part of this plan, share of private parties has increased to 50% within private-public partnerships established to develop industrial infrastructure and construction projects in India.

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Rest of the World (RoW) includes regions such as the Middle East, Africa, and Latin America. The smart elevators and escalators market in the Middle East is expected to witness speedy growth during the forecast period. Among all the countries in this region, UAE is likely to emerge as the most lucrative market for smart elevators and escalators in the near future. The Middle East region held the largest share of the market in RoW. There has been an increase in construction and reconstruction activity in developing countries of RoW. In addition, a significant increase in demand for smart elevators and escalators in recent years is seen from the construction sector and industrial infrastructure sector in nations such as Brazil and UAE among others. This increase in demand is driven by large expenditure on airport development, housing, ports and rail transport.

Italy held the largest share of the Europe smart elevators and escalators market in 2014. Technological developments in construction industry are fueling the growth of the market in Europe during the forecast period of 2015 - 2023. The smart elevators and escalators market in Europe is anticipated to rise with its rising applications in technologies such as demand for energy efficient smart escalator and elevator and uses of biometrics in smart elevator among others.

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Mexico is the major market in North America for the smart elevators and escalators market. Increase in the geriatric population fueling the demand for smart elevator and escalator market in North America. According to Population Reference Bureau (P.R.B.), in 2015, 40 million people in the U.S. are above the age of 60, but this number is expected to be double by 2050.

Key players profiled in this report include Cisco Systems, Inc (U.S.), Toshiba Corporation (Japan), Otis Elevator Company (U.S.), Mitsubishi Electric Corporation (Japan), Schindler Holding Ltd.( Switzerland), Hitachi Ltd.( Japan), Fujitec Co., Ltd. (Japan), ThyssenKrupp AG (Germany), Kone Corporation (Finland), Kleemann Hellas SA (Greece) among others.

The segments covered in the Smart Elevator and Escalator market are as follows:

Global Smart Elevator and Escalator Market: By Type 

  • Elevator
    - 450kg-1,150kg
    - 1,150kg-1,500kg
    - 1,500kg-2,000kg
  • Others.
    - Escalator
    - Moving Walkway Escalators
    - Moving Stairs

Global Smart Elevator and Escalator Market: By Application Type 

  • Commercial
  • Hotels
  • Retail
  • Residential
  • Transportation
  • Hospital
  • Parking Building
  • Others.

Global Smart Elevator and Escalator Market: By Geography 

  • North America
    - U.S.
    - Canada
    - Mexico
  • Europe
    - U.K.
    - Germany
    - France
    - Italy
    - Rest of Europe
  • Asia Pacific
    - India
    - China
    - Japan
    - Rest of Asia Pacific
  • Rest of the World (RoW)
    - Middle East
    - Latin America
    - Africa

Other Research Reports by Transparency Market Research: 

  • Managed Print Services market

  • Managed File Transfer Market

  • Interactive Whiteboard Market

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