/PRNewswire/ The "Global Elevators & Escalators Market by Type (Elevators, Escalators, Moving Walkways), Service (New installation, Maintenance & Repair,.
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The global smart elevator market size was valued at USD 9.7 billion in 2021 and is projected to reach USD 12.6 billion by 2026; it is expected to grow at a CAGR of 5.4% from 2021 to 2026.
The growth of the smart elevator market is majorly driven growing need for reducing energy consumption in buildings, increased construction of high-rise buildings equipped with smart vertical transportation systems due to rapid urbanization, smart cities development among others.
COVID-19 has emerged as a global pandemic that has spread in several countries worldwide and disrupted various industries around the world. The prominent players across industries have been affected by this pandemic. The foreseeable decline in the growth of applications may have a considerable direct impact on the smart elevator market.