Top Insights on the Global Elevator and Escalator Market | Technavio
March 13 2018 - 2:03PM
Business Wire
Technavio market research analysts forecast the global
elevator and escalator market to grow at a CAGR of around
8% during the period 2018-2022, according to their latest
report.
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Technavio has published a new market
research report on the global elevator and escalator market from
2018-2022. (Graphic: Business Wire)
This market research report segments the global elevator and
escalator market into the following products (elevators and
escalators) and key regions (the Americas, APAC, and EMEA).
This report is available at a USD 1,000 discount for a
limited time only: View market snapshot before
purchasing
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In this report, Technavio analysts highlight the increasing
demand for smart elevators as a key factor contributing to the
growth of the global elevator and escalator market:
Increasing demand for smart
elevators
The development of smart elevators is a result of the efforts to
design energy-efficient elevators that can also minimize the time
taken to travel between the floors of a building. In smart
elevators, when the user selects the destination floor, the
elevator directs him or her to the elevator, which will take them
to the chosen floor with the least number of stops. The
functionalities of a smart elevator go beyond vertical
transportation. Smart elevators may include systems that act as a
facility for security and include controls such as biometrics,
touchscreens, access control, and destination dispatch systems.
The major advantages of smart elevators over traditional
elevators include improved energy efficiency, better control of
elevator traffic, reduced wait times, and integrated access control
features. One of the most important features of smart elevators is
the destination dispatch feature. This feature groups passengers
depending on their destination floors, thereby reducing the wait
time and travel time by 50%. Besides, the destination dispatch
feature also reduces congestion in lobbies, improves passenger
comfort, and makes elevators less crowded.
According to a senior analyst at Technavio
for research on construction, “Smart elevators can
distinguish employees of a company based on their IDs and assign
them to the correct elevator to reduce travel and wait times. Due
to these advantages, smart elevators have witnessed an exponential
rise in popularity, and their demand is expected to grow during the
forecast period. The rapidly increasing popularity of smart
elevators and their increased demand are expected to be a key
growth factor for the global elevator and escalator market.”
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Global elevator and escalator market
geographical segmentation
EMEA dominated the global elevator and escalator market,
accounting for a market share of more than 45%. It was followed by
APAC and the Americas respectively. The market share of EMEA is
anticipated to decrease slightly during the forecast period.
However, the market share of APAC and the Americas is expected to
increase to some extent during this period.
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version on businesswire.com: http://www.businesswire.com/news/home/20180313006296/en/
Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
+1 844 364 1100UK: +44 203 893 3200www.technavio.com