(PRWEB) June 27, 2013
According to a new market research report "Smart Elevator Market: Access Controls & Security (Card Based, Biometrics, Touch Screens & Keypads, Security); Automation (Sensors & Controllers, Motors & Drives, BMS); Modernization (Operating Panels, Electronic Device) (2013-2018)" published by MarketsandMarkets, the total smart elevator market is expected to reach $16.45 billion by 2018 growing at a CAGR of 10.5% from 2013 to 2018.
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The demand for security is propelling with respect to the advanced and more sophisticated technology being introduced in the market. Organizations are more attentive to equip themselves for such threats and need to safeguard their properties. Demand for energy efficient solutions, enhanced security, and improving the standards of the individuals have led to the development of the smart elevators market (i.e. elevator access controls and security, automation, and modernization market). Energy efficiency and centralized controls are the driving factors in elevator automation.
A well maintained elevator lasts for around 20 years or we can say it is an average life of an elevator. After a stipulated time frame, upgrading an already installed elevators-system is a must be it due to statutory requirements for increasing handling capacity or comfort, saving energy costs.
Updating controllers, communication panel, drives, cabins, doors, lightening and sensors and other and innovative operating and display elements with new technologies will enhance elevators life, saves energy and power, improved usability for people with special needs. 45% of revenue will be generated from new installation, modernization, and servicing; which would collectively contribute for 55% of revenue.
The surge in construction sector after the financial crisis has created a huge demand for elevators. The market for elevator access control, modernization, and automation will also gain momentum. China will solidify its position as the world’s largest market for elevators, with domestic demand growing over 12% per year. Infrastructure development and global sporting events such as World Cup Soccer in 2014, Olympics in 2016 offer excellent opportunities to the market growth.
The report has detailed segmentation by products, applications, and geography for Smart Elevators Market. Elevator access controls and security market is further segmented into card based, biometric based, keypad and touch based, surveillance system, intruder alarm, and visitor management system. Elevator automation includes sensor and controllers, motors and drives, building management system. Operating panels, electronic equipment, and landing system are covered under elevator modernization market.
The application segmentation of the market covers the different types of buildings like commercial, institutional, residential, and others. These broad application sectors have been further segmented by the type of buildings. For instance, the commercial application has been further segmented by offices, lodging, retail, healthcare, and warehouses manufacturing.
One of the objectives of the research study is to analyze the market trends for each of the product types. The report also covers Porters five force analysis, value chain with detailed process flow diagram, and market dynamics such as drivers, restraints, and opportunities for the elevator access controls and security, automation, and modernization markets.
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