Smart elevators are faster and more energy efficient when compared to conventional elevators. The augmented demand for energy-efficient products coupled with the rapid increase in construction activity are expected to aid this market in surpassing USD 22 billionby 2019.
In this market research report, Technavio analysts estimate eminent factors, such as the development of smart cities, to drive market growth during the forecast period. Smart cities provide a sustainable and efficient environment within a building and have attained great popularity in developed as well as developing countries. Since buildings in these cities employ various technologies to improve energy efficiency, the implementation of smart elevators in such buildings will aid in fostering market growth during the forecast period.
End-user segmentation of the smart elevators market
The residential sector is expected to show the highest market growth rate during the forecast period. Increasing urbanization and high demand for energy efficient and intelligent elevators are some of the significant factors that are expected to account for this segment’s high growth rate during the forecast period.
Source: PR Newswire
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