July 25, 2024
Elevator Control Market

The Rapid Urbanization Is Anticipated To Openup The New Avanue For Elevator Control Market

Market Overview:
Elevator control system is used in elevators to ensure safe, efficient and smooth operations. It controls the acceleration, deceleration, stop and leveling functions of elevators. Elevator control systems use programmable logic controllers, microprocessors and motion control techniques to provide functional and motion control in elevators. Increasing construction of high-rise buildings and growth in real estate sector is fueling the demand for modern elevator systems, thereby driving the elevator control market growth.

Market Dynamics:
One of the key drivers propelling growth of the elevator control market is rapid urbanization leading to growth in construction activities globally. According to World Bank, urban population is expected to increase by 60% by 2030. This is anticipated to boost the demand for elevators and elevator control systems for residential as well as commercial purposes. Secondly, technological advancements such as introduction of IoT enabled devices in elevator control systems is also fueling market growth. IoT offers features such as remote monitoring, predictive maintenance and enhanced security in elevators. This is encouraging adoption of smart elevator control systems.

The global Elevator Control Market Growth is estimated to be valued at US$ 8442.22 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis
The global elevator control market is dominated by the controllers segment. Controllers are devices that facilitate smooth functioning of elevators by managing parameters like speed, direction, opening/closing of doors, communication between elevator cars and landings, etc. The controllers segment held approximately 60% share of the overall market in 2023 owing to high demand for advanced elevator control systems with enhanced safety features.

PEST Analysis
Political: Regulations governing installation and functioning of elevators are being strengthened globally to enhance passenger safety. This is positively impacting the elevator control market.
Economic: Growth in construction sector of developing nations is driving demand for new elevators and modernization of old elevators. This is fueling growth of elevator control market.
Social: Rising affinity towards use of smart and energy efficient technologies is propelling the adoption of IoT-enabled elevator controllers.
Technological: Advancements in AI, IoT, analytics are enabling development of predictive maintenance solutions and smart elevator controllers. This is attracting new customers.

Key Takeaways
The global elevator control market is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period 2023 to 2030, due to increasing residential & commercial construction activities. Regionally, Asia Pacific dominated the market and is expected to maintain its lead through 2030 on back of rapid urbanization and infrastructure development in China and India.

Regional analysis: Asia Pacific dominated the global elevator control market in 2023, accounting for over 35% share. China held the largest share in the region owing to presence of numerous construction projects and rapid growth of smart cities. India is poised to emerge as the fastest growing country in Asia Pacific elevator control market over the forecast period.

Key players: Key players operating in the elevator control market are SICK AG, Hitachi Ltd., Honeywell International Inc., Hyundai Elevator Co. Ltd., Nidec MCE, Toshiba Elevators and Building Systems, Thames Valley Controls, and Mitsubishi Electric. These players are focusing on the development of IoT-enabled solutions and establishing partnerships with construction companies to strengthen their positions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it