Smart elevators have applications with both luxury and multifamily clients, and a new report shows the global smart elevator market on the rise.
According to a recent press release, this market is expected to grow to $26 billion by 2022, with an annual compounded growth rate of 15.6 percent.
This predicted growth indicates a shift in the elevator market from traditional hydraulic-based elevators to traction-based elevators that do not require a dedicated machine room above the elevator shaft.
The growth of this market is being driven upwards by the energy efficiency trend, which will continue to deliver smart, efficient elevators that consume less energy to the global market.
The North American smart elevator market has outpaced every major market due to the increasing demand among U.S. consumers for energy efficient systems.
RELATED: Raging Residential Elevator Trends
Surprisingly, the automated vehicle storage and retrieval (AVSR) market is expected to play a key role in developing the smart elevator market.
AVSRs are used in multifamily and commercial high-rises to automate vehicle parking and storage to increase efficiency in densely populated areas. Advancements in the AVSR market will crossover into the elevator market, leading to new developments and higher efficiencies.
In multifamily, a smart elevator can be used to market energy efficiency and aging in place, and in luxury homes, it can help market a cutting-edge home with convenient, unique features.
For more great content, be sure to subscribe to our newsletters