With the advent of more and more advanced technologies, the demand for safety has also increased. Organizations are now focused to equip themselves against r threats and need to provide protection to their properties. Demand for enhanced security, energy saving solutions and improving the lifestyles of the individuals have augmented the growth of the global smart-elevator market. Smart elevators allow vertical transportation of passengers and goods. Since this system utilizes automation, it upsurges traffic management effectiveness in commercial, residential and other buildings and also helps in decreasing the waiting time. Average life span for a well maintained elevator is twenty years. After that, upgrading the elevator is required to save energy costs and for increasing comfort and handling capacity. As compared to conventional elevators, smart elevators are more energy efficient and faster.

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Modern technologies such as destination dispatch and personal occupant requirement terminal (PORT) helps to increase the energy efficiency which in turn led to smoother ride and decreasing the travelling time. The development of destination dispatch and PORT has made elevators smarter and more efficient. Also, the progress in construction sector has increased the growth for the global smart elevator market. The key growth driver for the market of smart elevator is the increasing number of tall buildings and skyscraper across the globe. Emerging economies and the rapid growth in infrastructure relating to utilization of such elevators in new projects is projected to influence the demand in the near future. Furthermore, advancements in technology with addition of numerous digital controls related to safety are expected to provide ample opportunities to vendors.

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The global smart elevator market is segmented on the basis of applications into residential, commercial, infrastructure, institutional and industrial. The global smart elevator is further bifurcated by products into elevator access controls & security, automation & controls, maintenance and elevator modernization. Also, the global market for smart elevator is segmented by regions into North America, Europe, Asia Pacific, South America and Middle East & Africa.

North America dominates the global smart elevator market. However, Asia Pacific is predicted to witness high growth in the future due to technological advancements, rising urbanization, infrastructural developments and high purchasing power of individuals. Rapid economic growth and industrialization, chiefly in Asia Pacific and South America, along with rising inclination of vendors towards automation is anticipated to increase the demand for this technology. The rising number of tall buildings has increased the demand for speedy, comfortable, well-organized, and safe vertical transportation system. Besides, statutory requirements and global green infrastructure standards are influential in compelling deployment of smart elevators in new constructions along with current ones.

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Some of the chief players operating within the global smart elevator market include Bosch Security Systems, Fujitec, Hitachi Ltd., Mitsubishi Electric Corporation, Schneider Electric, Hyundai Elevator Co. Ltd., Otis Elevator Company, ThyssenKrupp Elevator and Honeywell International among others.

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