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Elevator Automation Market (Sensors & Controllers, Motors & Drives, BMS) Worth $16.4 Billion by 2018 - New Report by MarketsandMarkets

(PRWEB) October 22, 2013

According to a new market research report "Elevator Automation Market: Access Controls & Security (Card Based, Biometrics, Touch Screens & Keypads, Security); Automation (Sensors & Controllers, Motors & Drives, BMS); Modernization (Operating Panels, Electronic Device) Forecast 2013 - 2018", the total smart elevator market is expected to reach $16.45 billion by 2018 growing at a CAGR of 10.5% from 2013 to 2018.

Browse 106 market data tables and 31 figures spread through 278 pages and in-depth TOC on “Elevator Automation Market"

Early buyers will receive 10% customization on this report.

The demand for security is propelling with respect to the advanced and more sophisticated technology being introduced in the market. Organizations are more attentive to equip themselves for such threats and need to safeguard their properties. Demand for energy efficient solutions, enhanced security, and improving the standards of the individuals have led to the development of the global elevator automation market (i.e. elevator access controls and security, automation, and modernization market).

Energy efficiency and centralized controls are the driving factors in global elevator automation market. A well maintained elevator lasts for around 20 years or we can say it is an average life of an elevator. After a stipulated time frame, upgrading an already installed elevators-system is a must – be it due to statutory requirements for increasing handling capacity or comfort, saving energy costs.

Updating controllers, communication panel, drives, cabins, doors, lightening and sensors and other and innovative operating and display elements with new technologies will enhance elevators’ life, saves energy and power, improved usability for people with special needs. 45% of revenue will be generated from new installation, modernization, and servicing; which would collectively contribute for 55% of revenue.

The surge in construction sector after the financial crisis has created a huge demand for elevators; due to this the market for global elevator automation will also gain momentum. China will solidify its position as the world’s largest market for elevators, with domestic demand growing over 12% per year. Infrastructure development and global sporting events such as World Cup Soccer in 2014, Olympics in 2016 offer excellent opportunities to the market growth.

The global elevators market report has detailed segmentation by products, applications, and geography for global elevator automation market. Elevator access controls and security market is further segmented into card based, biometric based, keypad and touch based, surveillance system, intruder alarm, and visitor management system. Elevator automation includes sensor and controllers, motors and drives, building management system. Operating panels, electronic equipment, and landing system are covered under elevator modernization market.

The application segmentation of the market covers the different types of buildings like commercial, institutional, residential, and others. These broad application sectors have been further segmented by the type of buildings. For instance, the commercial application has been further segmented by offices, lodging, retail, healthcare, and warehouses manufacturing.

One of the objectives of the research study is to analyze the market trends for each of the product types. The report also covers Porter’s five force analysis, value chain with detailed process flow diagram, and market dynamics such as drivers, restraints, and opportunities for the elevator access controls and security, automation, and modernization markets.

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