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Growth of the global smart elevator automation system

　　Future Market Insights (FMI) delivers key insights on the Global Smart Elevator Automation System Market in its latest report titled Smart Elevator Automation System Market: Global Industry Analysis and Opportunity automobile parts casting Assessment 2015 - 2025. The global smart elevator automation system market is projected to expand at a healthy double-digit CAGR of 16.2% during the forecast period due to various factors, regarding which FMI offers vital insights, in detail, in this report.On the basis of service, the market has been segmented into equipment installation services, repair & maintenance services and modernization services. The equipment installation service segment accounted for over 57% share of the global smart elevator automation system market in 2014, and is expected to expand at a CAGR of 14.6% over the forecast period.

The modernisation service segment is anticipated to expand at the highest CAGR of 18.1% during the forecast period.Among all the end users, the residential sector is anticipated to be the largest segment, accounting for 44% share of the overall smart elevator automation system market, by the end of 2025, followed by the commercial sector, accounting for over 30% market share. The components of the smart elevator automation system include card reader, biometric, touch screen and keypad, security and control system, sensor, motor and automation system and building management system. In 2014, the sensor, motor and automation system segment dominated the market, accounting for 69.2% share of the overall segment, and it is expected to remain dominant with a 68.2% market share by the end of 2025. The security and control system was the second largest segment in 2014 and is projected to expand at the highest CAGR of 19.5% during 2015-2025.

Growth of the global smart elevator automation system market is mainly driven by increasing demand for energy efficient and high speed elevators, rising investment in infrastructure development projects, growing population and increasing urbanisation in big cities of the world. Major players in the smart elevator automation system market are focusing on developing advanced destination dispatch solutions to gain competitive advantage.
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