Pune, India, April 24, 2019 -- /360iResearch/ -- The report "Global Connected Elevator Market - Premium Insight, Industry Trends, FPNV Positioning Matrix, Competitive News Feed Analysis, Company Usability Profiles, Market Sizing & Forecasts to 2025 (Q1 2019 Update)", published by 360iResearch, states that the global market was valued at USD 10.13 billion in 2018 and is projected to reach USD 24.96 billion by 2025, growing at a CAGR of 13.75% from 2018 to 2025.
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The major forces driving the growth of the connected elevator market include the need for fast, safe, and energy-efficient elevators and demand for improved availability, convenience, and customer satisfaction. Moreover, rapid urbanization and the rising number of high rise buildings recovering construction & real estate industry and increasing adoption of wireless technology and communication channels are also some of the factors that are driving the market growth. However overall economic slowdown, and limited deployment due to the substantially high initial investment may hinder the market growth. In the middle of difficulty lies opportunity such as the industrial inclination more towards green technologies, evolving smart cities and smart buildings, and iot connected elevators. The possible challenges for the market growth are interoperability issues, and high entry barriers & market consolidation. But key players in the market are overcoming the challenges with continual improvement and innovation.
Based on component, the global connected elevator market is studied across Communication Systems, Control Systems, and Maintenence Systems. Based on service, the global connected elevator market is studied across Maintenance & Repair, Modernization, and New Installation. Based on end user, the global connected elevator market is studied across Commercial Sector, Infrastructural Sector, Institutional Sector, and Residential Sector. Based on geography, the global connected elevator market is studied across Americas, Europe, Middle East & Africa, and Asia-Pacific.
The report features a competitive scenario of the connected elevator market and provides inclusive analysis of key growth strategies adopted by major players. Key company profiled in the study are Delta Elevator, Eito&Global Inc., Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Company Ltd., KONE Corporation, Mitsubishi Electric Corporation, Motion Control Engineering, Inc., Otis Elevator Company, Schindler Group, Thames Valley Controls, ThyssenKrupp AG, and Toshiba Elevators and Building Systems Corporation.
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