Elevators are designed to travel between floors. Smart elevators are easier, faster, and more energy-efficient than conventional elevators. Smart elevators use destination dispatch technology in which passengers enter their destination floor through a touch screen panel. Instead of pushing a button to move up or down, users first select the floor they want. They are then directed to the elevator that will take them to the desired floor with the lowest number of stops. This provides a minimum number of stops between intermediate floors by stopping at minimum levels and, therefore, the elevator travels quickly to the desired floor. It is a fast way to travel between floors and is widely used in residential and commercial buildings.
Increasing government investment and initiatives worldwide for the development of the smart city is one of the major driving factors that is expected to increase the demand for smart elevators. For instance, the Indian government launched the Smart Cities Mission and has selected around 99 cities under the smart city mission. Financial assistance will be given to the cities between 2017 and 2022 by the central and state governments, and the mission will start showing results from 2022 onwards. However, the high cost of installation is the major factor restraining the smart elevators market growth.
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