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Elevator Security System Market By service (Installation service, modernization service, repair and maintenance); By component (card reader, building management system, biometric, touch screen keypad, sensors and motors) ;By End User (residential sector, commercial sector and hotels) and Region -Analysis of Market Size, Share &Trends for 2016 - 2019 and Forecasts to 2030
Elevator Security System Market to surpass USD 92.7 billion by 2030, which is valued at 48.2 billion in 2021 at a compound annual growth rate of 7.50%.
In high-rise and multi-tenant buildings, the elevator security system can prove to be a valuable asset by providing improved safety, enhanced security, and lower operational costs. Although elevators are accessible in most commercial buildings with two or more floors, many facilities continue to provide unreliable access to elevators and lobbies. This creates a threat to safety that could put the owner, tenants, and premises at risk. Elevator protection systems have security and access controls to prevent unauthorized guests from accessing the facilities' secure areas. Elevator safety systems can be integrated with or operated as a standalone access control system in a building automation system. The tenants receive Smart cards and the elevator's card readers determine the floors on which people can access them. To provide 24-hour surveillance, CCTV cameras can be mounted in lift vehicles.
The market is anticipated to grow on the back of opportunities generated by the advent of rising commercial and residential transformation activities. In addition, Asia Pacific exec. Japan is developing rapid infrastructure and rising intelligent city projects. The demand for elevator security in North America is a major force driving the demand for this market.
The global Elevator security system Market is segmented by service
Due to the increase in the construction of high-rise buildings, the sub-sector installation services are projected to take on a significant share of the market for smart and secure elevator automation. In addition to this, Asia Pacific Exc. Japan is developing rapid infrastructure and increasing smart city projects. The demands for a secure elevator automation system are one of the prime factors in North America.
The global market is segmented by components
Card reader, building management system, biometric, touch screen and keypad, security and control system, sensors and motors, and automation system. The Control system is expected to expand at a CAGR of 15%. This is due to improved management and protection in crowded buildings, these systems are becoming more common. Efficient crowd management is achieved through the deployment of access control systems. These systems include video surveillance, advanced access control, and fast connectivity parameters that guarantee a high level of safety and comfort for passengers.
Infrastructure development
The last two decades have seen high-rise residential buildings increase, with a lift being the best way to transport them. The most important task is to protect residential buildings. Access to elevators and their floors should be allowed only to the residents of the buildings.
Rapid Urbanization
Rapid urbanization has led to an increase in demand for high-rise buildings in densely populated countries. This has further boosted the demand for the security system that the elevators need to have.
Slow economic growth
The intelligent lift market relies on factors like construction and IT infrastructure that are affected in large countries due to predominant economic conditions. The economic slowdown and significant initial investments are therefore few factors that hinder this market's growth.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Elevator security system Market size was estimated at USD 48.2 billion in 2019 and is expected to reach USD 92.7 billion by 2030.
ThyssenKrupp Elevator AG (Germany), Otis Elevator Company (U.S.), Schindler Group (Switzerland), Mitsubishi Electric Corporation (Japan), KONE Corporation (Finland),Hitachi Ltd. (Japan), Siemens Building technologies, Honeywell International Inc., Other prominent players
by service and by components are anticipated to hold the largest Elevator security system Market
Drivers: Infrastructure development and Rapid Urbanization
In high-rise and multi-tenant buildings, the elevator security system can prove to be a valuable asset by providing improved safety, enhanced security, and lower operational costs. Although elevators are accessible in most commercial buildings with two or more floors, many facilities continue to provide unreliable access to elevators and lobbies.
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