QatarBusinessToday.com
No Result
View All Result
  • About Us
  • Contact Us
  • Business
  • Energy
  • Finance
  • Healthcare
  • Real Estate
  • Travel
  • Tech
  • Middle East
  • Press Releases
Submit a Press Release
  • Business
  • Energy
  • Finance
  • Healthcare
  • Real Estate
  • Travel
  • Tech
  • Middle East
  • Press Releases
No Result
View All Result
QatarBusinessToday.com
Submit PR
Home Press Releases

Smart Elevator Market to Be Worth $31.77 Billion by 2028

Newsroom by Newsroom
September 8, 2022
Share on FacebookShare on Twitter


(EMAILWIRE.COM, September 08, 2022 ) According to a new market research report titled “Smart Elevator Market by Offering (Solution [Control System {Security Control, Elevator Control, Access Control}, Maintenance System, Communication System], Services [New Installation, Modernization, Maintenance]), and End Use – Global Forecast to 2028’, published by Meticulous Research®, the smart elevator market is expected to grow at a CAGR of 11.4% from 2021 to 2028 to reach $31.77 billion by 2028.

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5194

According to this latest publication, factors such as increasing demand for energy-efficient solutions, growing construction of smart residential and commercial buildings in developed countries, and rising number of high-rise buildings are driving the growth of the smart elevators market. However, the high initial investment is likely to hinder the market’s growth. Implementation of AI and analytics in building infrastructure and innovation in touch-less elevator operations are projected to provide significant growth opportunities for vendors operating in this market. On the other hand, challenges in deploying smart components in the existing elevators and security risks are restricting the growth of this market.

The Impact of COVID-19 on the Smart Elevator Market

The COVID-19 pandemic has posed a huge impact on the smart elevators industry due to the halt of the construction of new buildings across several countries. The sudden outbreak of COVID-19 resulted in an immediate halt of the construction and infrastructure sector as nationwide lockdowns were imposed. The demand for smart elevators in 2020 reduced due to the low investment in the building infrastructure industry. The market is also expected to suffer in 2021 as several funds and plans to transform old buildings have been canceled due to the sudden economic downturn in many countries. In these two years, consumers are expected to spend on essential products and services compared to the building technologies as their high risk of low income during the pandemic.

The elevator manufacturers have experienced a decline in revenue and smart elevator business loss in 2020 due to the high impact of the COVID-19 pandemic. The construction plans in several countries across the globe have been pushed forward due to financial crises and investment in essential activities. These factors have negatively impacted the deployment of smart elevators in 2020 and the first quarter of 2021. However, the market is expected to recover by the end of 2021, reducing COVID-19 cases globally and improving economic conditions.

Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5194

Key Findings in the Smart Elevators Market Study:

To provide efficient analysis, Meticulous Research® has segmented this market based on Offering (Solution [Control Systems {Security Control Systems , Elevator Control Systems, Access Control Systems }, Maintenance Systems, Communication Systems], Services [New Installation Services, Modernization Services, Maintenance Services]), Application (Commercial Buildings, Residential Buildings, Institutional Buildings, Industrial Buildings, Other Applications), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)

Based on offering, the smart elevators market is segmented into solutions and services. In 2021, the solutions segment is expected to account for a larger share of the smart elevators market. The large share of this segment is mainly attributed to the rising construction of high-rise buildings due to urbanization. Also, the growing demand for efficient people flow, safe, and secure vertical transportation is driving the installation of smart elevators.

Based on application, the smart elevators market is segmented into commercial buildings, residential buildings, industrial buildings, institutional buildings, and other applications. In 2021, the commercial buildings segment is expected to account for the largest share of the smart elevators market. The large share of this segment is mainly attributed to technical advancements to modernize existing buildings in the commercial sector. Better energy efficiency by smart elevators is driving the demand in the commercial sector.

Quick Buy – Smart Elevator Market Research Report: https://www.meticulousresearch.com/Checkout/11327150

Based on region, the smart elevators market is segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. In 2021, Asia-Pacific accounted for the largest share of the global smart elevators market, followed by North America, Europe , Latin America, and the Middle East & Africa. Rapid urbanization and construction of smart residential and commercial buildings are driving the Asia-Pacific smart elevators market. Additionally, countries in Asia-Pacific are investing in new integrated, internet-connected smart cities, which are expected to promote smart buildings with efficient vertical transportation solutions in the region.

The key players operating in the global smart elevators market are Hitachi, Ltd. (Japan), TK Elevator Corporation (U.S.), Schindler Holding Ltd. (Switzerland), Otis Worldwide Corporation (U.S.), KONE Corporation (Finland), Mitsubishi Electric Corporation (Japan), FUJITEC CO., LTD. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Honeywell International, Inc. (U.S.), Toshiba Corporation (Japan), Bosch.IO GmbH (Germany), Huawei Technologies Co., Ltd. (China), Thames Valley Controls Ltd (U.K.), Motion Control Engineering Inc. (U.S.), and Sigma Elevator Company (China).



Source link

Previous Post

Think on it: Walnuts, Alzheimer’s Disease Progression and General Good Brain Health

Next Post

OTO logis-tech wins second edition of KPMG tech innovator competition

Related Posts

Payday Loans Market expected to Reach USD 51.98 Billion by 2029 at a CAGR of 4.42 percent
Press Releases

Payday Loans Market expected to Reach USD 51.98 Billion by 2029 at a CAGR of 4.42 percent

October 1, 2023
Diamond Wire Saw Market expected to reach USD 1.70 Billion by 2029 at a CAGR of 5.1 percent
Press Releases

Diamond Wire Saw Market expected to reach USD 1.70 Billion by 2029 at a CAGR of 5.1 percent

October 1, 2023
Pickleball Market expected to reach USD 2.64 Billion by 2029 at a CAGR of 10.2 percent
Press Releases

Pickleball Market expected to reach USD 2.64 Billion by 2029 at a CAGR of 10.2 percent

October 1, 2023
Voltage Transformer Market expected to reach USD 37.17 Billion by 2029 at a CAGR of 7.2 percent
Press Releases

Voltage Transformer Market expected to reach USD 37.17 Billion by 2029 at a CAGR of 7.2 percent

October 1, 2023
Medical Device Technologies Market to reach USD 775.38 Billion by 2029 at a growth rate of 5.6 percent over the forecast period
Press Releases

Medical Device Technologies Market to reach USD 775.38 Billion by 2029 at a growth rate of 5.6 percent over the forecast period

September 30, 2023
Exploring Growth Prospects: Market Research on Photocatalytic Coatings
Press Releases

Exploring Growth Prospects: Market Research on Photocatalytic Coatings

September 30, 2023

Recommended Stories

COVID-19: Over 1,000 test positive on the first phase of rapid testing

May 2, 2022
Defense IT Spending Market is expected Reach to USD 124.28 Bn by 2029 at a CAGR of 4.7 Percent

Defense IT Spending Market is expected Reach to USD 124.28 Bn by 2029 at a CAGR of 4.7 Percent

August 20, 2023
Cooling Fabrics Market worth $2.6 billion by 2025

Cooling Fabrics Market worth $2.6 billion by 2025

January 12, 2023

Popular Stories

  • ZainTech partners with LigaData to deliver data-driven digital services in MENA

    ZainTech partners with LigaData to deliver data-driven digital services in MENA

    0 shares
    Share 0 Tweet 0
  • Exchange goods, vehicles, or property for crypto on Bazaars

    0 shares
    Share 0 Tweet 0
  • Rastec Real Estate holds groundbreaking for mixed-use building project

    0 shares
    Share 0 Tweet 0
  • Qatari Ministry, Meta partnership seeks growth of digital innovation ecosystem

    0 shares
    Share 0 Tweet 0
  • Al Futtaim Group Real Estate partners with TIER Mobility for micro-mobility services at Dubai Festival City – MEConstructionNews.com

    0 shares
    Share 0 Tweet 0

Qatar Business Today™ publishes and aggregates business, socio-economic, Tech and industrial news on Qatar, Middle East and North Africa (MENA)..

Press release distribution services:

We provide press release distribution to media in Qatar, the Arab world and the GCC/MENA regions. Submit a press release today, contact us.

Recent News

.
  • Voltage Transformer Market expected to reach USD 37.17 Billion by 2029 at a CAGR of 7.2 percent
  • Pickleball Market expected to reach USD 2.64 Billion by 2029 at a CAGR of 10.2 percent
  • Diamond Wire Saw Market expected to reach USD 1.70 Billion by 2029 at a CAGR of 5.1 percent
  • Payday Loans Market expected to Reach USD 51.98 Billion by 2029 at a CAGR of 4.42 percent

Categories

Business
Energy
Finance
Healthcare
Real Estate
Travel
Tech
Middle East
Press Releases

Subscribe to Our Newsletter

    Qatar Business Today™ is part of GroupWeb Media Network. © 2023 GroupWeb Media LLC
    • About Us
    • Contact Us
    • Submit a Press Release
    No Result
    View All Result
    • Business
    • Energy
    • Finance
    • Healthcare
    • Real Estate
    • Tech
    • Travel
    • Middle East
    • Press Releases
    • About Us
      • Contact Us
      • Submit a Press Release

    Qatar Business Today™ is part of GroupWeb Media Network. © 2023 GroupWeb Media LLC