Demand for Smart Intelligent Elevators & Escalators for Faster & Better People Flow in Supertall Skyscrapers that Make Up Smart Cities to Drive Growth in the Market
The global market for Elevators and Escalators is projected to exceed 1.2 million units in terms of new installations by 2024 , driven by growing number of super tall skyscrapers worldwide and innovative elevator offerings that are shaping city landscapes’ through efficient, prompt, safe, smooth, and comfortable vertical transportation. Rapid urban growth, increasing density, and quickly expanding skylines are crucial factors spurring innovations in elevator technology and creating growth opportunities for the global elevators market. Global urban population is forecast to exceed 6.5 billion by 2050, with a large growth percentage concentrated in Africa and Asia. Exponential increase in urbanization globally led to a remarkable evolution of skyscrapers in various cities offering higher levels of comfort, control, reliability, safety, security, and energy conservation. Newer challenges are helping newer technologies to be developed aimed at improving transportation efficiency and...