According to the research report titled ‘Global Smart Elevator Market Size study, By Component (Control System, Maintenance System, Communication System), By Service (New Installation, Maintenance, Renovation), By Application (Residential, Commercial, Institutional, Industrial), and Regional Forecasts 2022-2028’, available with MarketStudyReport, global smart elevator market is anticipated to progress at a modest CAGR during 2022-2028.

According to reliable findings, increasing construction of high-rise structures, focus on reducing energy consumption in buildings, soaring ageing population in cohorts with the upgradation of existing buildings are the major growth determinants for global smart elevator market.

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For instance, Statista reports that in the U.S., private sector construction spending in 2018 was USD 1,023.02 billion and public sector spending was USD 310.17 billion. In 2020, the figures denoted a sharp jump to USD 1140.91 billion and USD 355.54 billion, respectively.

For the unversed, smart elevators are intended to upgrade the mundane act of moving between floors by providing cutting-edge digital controls like touch screens, destination dispatching, biometrics, and access control systems.

Furthermore, increasing spending on construction projects, surging interest in green technology in the construction sector, and leveraging data analytics for predictive maintenance of elevators are expected to bolster industry outlook in the coming years.

However, high installation cost of smart elevators, and complications in the integration of smart elevator components in existing elevators may limit the market expansion over the analysis timeframe.

On the regional front, Asia Pacific industry holds a major revenue share at present, owing to rapid urbanization, development of emerging economies like China and India, and rising construction of smart buildings in the region.

Whereas Europe market is poised to progress at a subtle CAGR during the forecast period, due to emergence of innovative technology, and flourishing construction sector in the region.

Competitively speaking, Fujitec Co. Ltd., Honeywell International Inc., Toshiba Elevators and Building Systems Corporation, Mitsubishi Electric Corporation, Hyundai Elevator Co. Ltd., Hitachi Ltd., ThyssenKrupp AG, Schindler Holding Ltd., Kone Oyj, and Otis Worldwide Corporation are the leading players in global smart elevator market.