The Asia Pacific smart lift market is growing rapidly in recent years due to the robust construction industry development and emergence of several commercial & industrial infrastructures in countries including India, China, Japan, etc. The development of several smart city activities in Singapore and China owing to the demand from technically-aware population has created several industry growth opportunities. Moreover, increasing building transformation initiative adopted by the government and private organizations in India, South Korea, etc. is fostering the industry expansion at a rapid pace.
Growing investments in constructing intelligent structures with premium comfort & safety would provide a major impetus to smart lift market share over the ensuing years. Smart infrastructure helps operators, owners, and facility managers improve asset reliability and performance, which help better manage and monitor assets, reduce energy costs and carbon footprint.
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The lift maintenance systems in the smart lift market is experiencing a huge demand owing to intelligent features, passenger security, and reduced malfunctioning benefits. These maintenance systems identify issues such as unwanted stops, slow speed, etc., and reactivate the elevator functioning in the shortest possible time in case of breakdowns and electricity cuts. The system notifies building authorities immediately and reduces passengers’ stress. Several maintenance systems include a mobile application that allows commuters to call and lift tracking using their smartphones.
With the help of the application, passengers can receive guidance on the optimal cabin, reducing their waiting time. The integration of remote maintenance systems into intelligent lifts allows the building management to achieve less energy usage and solve malfunctioning issues in lesser time, fostering the smart lift market growth.
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In the smart lift market, the residential application will grow at a CAGR of over 13% from 2019 to 2025. The application is growing due to the construction of technically advanced & automated residences, homes, and apartments across the globe. The lift manufacturers offer quick delivery and installation in residential projects and offer access control & maintenance systems that alert residents & building management about any issues related to malfunctioning, electricity cuts, etc.
Moreover, in residential settings, the smart lift market solutions offer high safety against theft and entry of unwanted people on restricted floors. Companies in the smart lift market are offering different lift solutions for different residential buildings depending on the number of floors, residents, etc. For instance, Kone offers different solutions including E MiniSpace, N MiniSpace, E MonoSpace, N MonoSpace, etc., for low, mid, and high-rise residential buildings with specifications such as economical, high-speed, etc.
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The market comprises few key players including Kone Oyj, thyssenkrupp AG, Schindler Group, Fujitec, Otis Elevator Company, Hyundai Elevator Company, Mitsubishi Elevator, Toshiba Elevators, etc. Major smart lift market players are investing in new solution development strategies that facilitate enhanced customer comfort and experience.
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