Market Research Report
US Smart Elevators Market 2019-2025
|Published by||Orion Market Research Pvt Ltd||Product code||947859|
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|US Smart Elevators Market 2019-2025|
|Published: March 29, 2020||Content info:||
US Smart Elevators Market Size, Share & Trends Analysis Report by Type (Passenger and Freight) and by Application (Residential, Commercial, Industrial, and Others) and Forecast, 2019-2025
US smart elevators market is estimated to grow modestly at a CAGR of 14.3% during the forecast period. The market for smart elevators in the US has several driving factors, which includes the keen focus of the country towards the deployment of advanced infrastructure, demand for energy-efficient solutions and intelligent buildings and the presence of major market players such as Otis Elevator Co., Johnson Controls Inc., and Motion Control Engineering, Inc., among others. Cities in the US are in the middle of a multi-year expansion in construction. The skylines of cities are changing in the US. Supertall skyscrapers measuring over 984 feet are currently under construction or have recently debuted in Los Angeles, Chicago, New York, and San Francisco, while other cities, such as Austin, Boston, and Philadelphia, are prepping for new high-rises of their own. For instance, Vista Tower in Chicago has architecturally topped out construction, measuring to 362.9 m with 101 floors. It will be used for residential and hotel purpose and the construction is expected to get completed by 2020.
The US administration launched its Smart Cities Initiative in Sep 2015, committing $160 million in funding ($105 million in new spending as well as reprogrammed funds) to a wide array of IoT applications. The smart cities Initiative includes support for a range of programs including the National Institute of Standards and Technology's Global City Teams challenge. The smart city projects also include the construction of buildings of over a hundred floors, which definitely needs an elevator to reach the desired floor. Integration of AI and IoT through smart city projects offers a way of delivering an enhanced experience to the users. KONE Americas has chosen AT&T as an IoT connectivity and service management provider for KONE 24/7 Connected Services, which enables monitoring and analysis of real-time data from elevators and escalators. Both the companies are making thousands of elevators and escalators smarter across the US, Canada and Mexico using IoT connectivity that will assist in improving the safety, equipment uptime and predictability for maintenance services.
The companies which are contributing to the growth of the US smart elevators market include ThyssenKrupp Elevator AG, Schindler Holding AG, KONE Corp., Hyundai Elevator Co. Ltd., and OTIS Elevator Corp. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market.
The market study of the US smart elevators market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, various services offered by the players, and market opportunity. The report will serve as a source for 360-degree analysis of the market delivering insights for making better business decisions.
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