Demand for Smart Elevators to Rise Due to Increasing Geriatric Population

Published By : 26 Jul 2016 | Published By : QYRESEARCH

The rise in the global geriatric population has led to a substantial increase in the sales of escalators and smart elevators in urban structures. As a large number world population has started residing in urban areas, construction companies are focused on the construction of tall domestic and commercial dwellings to utilize the spare spaces in the crammed and populated city regions. Other than this the increase in the geriatric population has also led construction companies to install smart elevators and escalators in the buildings.

Architectural and Constructional Activities to Benefit Manufacturers of Smart Elevators and Escalators

The growing urbanization in developing regions along with strengthening economies has led to an increase in construction activities. As a result of this, the constructers are focused on the adoption of escalators and smart elevators in the urban construction to provide easy mobility to their customers. Vertical transportation necessity of high and middle rise buildings is expected increase the need of high performance, comfortable, and dependable escalators and smart elevators.

Evolution of Green Buildings to Propel Demand for Smart Elevators and Escalators

Rising awareness concerning environmental operations and stringent environmental laws that focus on the radical nature of construction activities, has compelled constructors to install energy efficient elevators and escalators in their structures. The adoption of the green measures is anticipated to lift the market of smart elevators and escalators. The countries that have taken the initiative to implement green projects comprise of U.A.E., U.K., Brazil, and Singapore. The energy effective solutions are anticipated to surge the demand for escalators and smart elevators in these countries as well as on the global level.

The low replacement rate of smart elevators and escalators is probable to hinder the progression of the global smart elevators and escalators market.

The four major companies in the smart elevators and escalators market are Otis Elevator Company, ThyssenKrupp AG, Kone Corporation, and Otis Elevator Company with Otis leading with 19% of the overall global share. 

The major regions that are anticipated to augment the sales of smart elevators and escalators by from 2015 to 2023 are China, Brazil, India, and Egypt. Out of these China is estimated to rise as the major service provider nation with 30% of the overall share in the Asia Pacific market. The global smart elevators and escalators market is estimated to rise at a CAGR of 6.3% by 2023.

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