The history of lifts dates back to more than thousand years, and has gone through significant transformations. Today, if we look at the market, it has been witnessing the need for traction due to the increasing infrastructure spending across the developing countries. Also, governments across countries have been playing a vital role in the infrastructure development so as to stay relevant with the changing market dynamics. The progress of smart cities is also aiding the growth of the elevator market.
As per some studies, elevators represent two to seven percent of energy consumption of a whole building, the scope for more energy efficient elevators is gaining much traction today. Furthermore, with the help of improved hardware, controls, and compactness, players in this domain are really driving the market towards the energy efficient elevators market