Future Market Insights (FMI) provides key insights on the smart elevator automation system market in its market research report, “Smart Elevator Automation System Market: Global Industry Analysis and Opportunity Assessment 2015-2025.” According to the report, introduction of green elevators, surge in mergers & acquisitions, and introduction of advanced technologies are key trends in the market.
FMI, in its report, has segmented the smart elevator automation system market on the basis of service into installation service, modernisation service, and repair & maintenance service.
Installation services currently account for the largest market value share, and FMI expects the status quo to remain unchanged during the forecast period 2015-2025. However, owing to higher demand for modernisation services, the installation services segment is expected to lose 820 BPS during the forecast period.
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According to FMI, pressure on land is forcing both government and private sector to invest in high-rise buildings. Owing to this, the demand for smart elevator installation has gone up in the recent past, and FMI expects this trend to continue in the future as well.
The repair & maintenance service segment of the smart elevator automation system market is expected to gain 550 BPS during the forecast period 2015-2025. FMI expects this segment to account for 30.9% market value share by 2025, up by 5% from 2015 levels.
The repair and maintenance service segment of the smart elevator automation system market is driven by high demand from the US and UK, countries with high adoption of smart elevators.
Among all the segments on the basis of service, modernisation service segment is expected to expand at the highest CAGR during the forecast period. The demand for replacing conventional elevators with automated systems is gaining traction globally, fuelling the demand for modernisation services. FMI expects this segment to expand at a CAGR of over 18% through 2025.
On the basis of components, FMI has segmented the smart elevator automation system market into touchscreen and keypads, biometrics, card reader, building management system, security system, and sensors, motors and automation system.
Among these, sensors, motors, and automation system segment holds a dominant position in the smart elevator automation system market, accounting for a whopping 69.2% market value share in 2015. FMI expects this segment to retain its dominance through the forecast period, however, it will lose 1% market share owing to growth of other segments.
Development of technologically advanced sensors and automation systems that can be deployed in elevators is one of the key factors fuelling this segment.
Biometrics is the second largest segment on the basis of components. According to FMI, its market value share was 12.9% in 2015, and it is expected to gain 460 BPS during the forecast period. Enhanced focus on privacy is one of the key factors driving the smart elevators automation system market.
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FMI has also segmented the smart elevator automation system market on the basis of end user into commercial, residential, hotels, and ‘others’.
Among these, the commercial sector currently accounts for the largest market share, however, owing to incorporation of smart elevator automation systems in the residential sector, the commercial sector is expected to lose its dominant position.
According to FMI, residential sector, which accounted for 31.7% market value share in 2015, is expected to gain 1,230 BPS during the forecast period 2015-2025, representing a market value share of 44.8% by 2025.
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