Elevators are designed to travel between floors. Smart elevators are easier, faster, and more energy-efficient than conventional elevators. Smart elevators use destination dispatch technology in which passengers enter their destination floor through a touch screen panel. Instead of pushing a button to move up or down, users first select the floor they want. They are then directed to the elevator that will take them to the desired floor with the lowest number of stops. This provides a minimum number of stops between intermediate floors by stopping at minimum levels and, therefore, the elevator travels quickly to the desired floor. It is a fast way to travel between floors and is widely used in residential and commercial buildings.
Increasing government investment and initiatives worldwide for the development of the smart city is one of the major driving factors that is expected to increase the demand for smart elevators. For instance, the Indian government launched the Smart Cities Mission and has selected around 99 cities under the smart city mission. Financial assistance will be given to the cities between 2017 and 2022 by the central and state governments, and the mission will start showing results from 2022 onwards. However, the high cost of installation is the major factor restraining the smart elevators market growth.
The smart elevator is suitable for applications in infrastructure in the urban areas where mall construction and multi-story buildings are gaining significant traction, and thus, infrastructure development is expected to drive the market growth. For instance, the global capital project and infrastructure spending is set to grow to more than US$ 9 trillion annually by 2025, up from US$ 4 trillion in 2012. The tallest elevator in the world is at the Mponeng Gold Mine in AngloGold Ashanti (South Africa), which covers a distance of 2,283 meters (7,490 ft.) in just three minutes in a single descent. This elevator is around 4.5 times further than those in the world's tallest building, the Burj Khalifa.
In terms of geography, the smart elevators market is divided into six regions, such as North America, Europe, Asia Pacific, South America, the Middle East, and Africa. North America is expected to witness substantial growth in the market due to the increasing expenditure on infrastructure in the region. According to PricewaterhouseCoopers, in the United States, capital projects and infrastructure spending is expected to reach US$ 1 trillion annually by 2025, growing an average of 3.5% a year. Moreover, smart elevators offer many advantages in urban infrastructure, urbanization growth, and infrastructure development. In August 2019, KONE Corp. received an order to deliver 47 elevators and escalators to Singapore’s Central Boulevard Towers.
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