Smart elevators and escalators are installed in mixed-used buildings, hotels, commercial buildings, IT parks, residential buildings, restaurants, and retail outlets among others. Aging population is likely to be the key factor driving the smart elevator and escalator market during the forecast period. In addition, increasing geriatric population in countries such as Japan and China is expected to fuel demand for smart elevators and escalators. Asia Pacific is expected to grow at a high rate which will affect the market positively during the forecast period 2017 – 2023.
Factors such as the growth of the global urban population, aging population, changing demographics, and urbanization among others are likely to boost the growth of the market in the near future. Rapid urbanization in developing nations such as Middle East, India and China and migration of population from rural areas to urban areas is key factor fueling the demand for new installation of smart elevators and escalators market. One of the major factors driving the market is installation of smart elevators and escalators in mid-rise and high-rise buildings.
There has been an increase in construction activities in developing countries of Asia Pacific and RoW. The booming construction sector in countries such as China, India, Philippines and Indonesia is generating potential growth opportunities for the smart elevators and escalators market. In addition, industrial infrastructure in nations such as Indonesia, India and Brazil are witnessing major increase in demand for smart elevators and escalators in the last few years. This increase in demand is driven by large expenditure by public and private companies on airport development, housing, ports and rail transport. This, in turn, is likely to boost the growth of the smart elevators and escalators market during the forecast period.
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The global smart elevators and escalators market is driven primarily by their substantial demand from the real estate industry. The rapid strides being experienced by infrastructural developments in emerging economies world over is a prominent trend propelling the growth of the market. The constant thrust on energy efficiency in high-rise buildings as well as low-rise and mid-rise building will bolster the demand for smart escalators and elevators.
Several players of the market are increasingly benefitting from the rapid emergence of shopping malls, hotels, luxury apartments, and high-rise apartments in various developing and developed regions. The rising number of shopping malls has spurred the demand for smart escalators. The sizeable investments being made to boost airport and rail transport infrastructures in several developing and developed nations is also boosting the market. This is supported by the swift pace of urbanization in emerging markets.
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