by The global elevator control market is valued at controlling motion of elevators and escalators which are an integral mode of transportation in large residential, commercial and public utility buildings. Elevator control systems consist of microchips, circuit boards and mechanical components that receive signals from call buttons and enable smooth movement of elevators. With increasing urbanization, growing number of high-rise buildings and metropolitans emerging worldwide, the demand for automated and efficient vertical mobility solutions has surged. Elevator control panels and systems help to ensure passenger safety, minimize waiting time and maximize transport capacity of elevators.
The global Elevator Control Market is estimated to be valued at US$ 8442.22 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Some of the notable trends influencing the growth of global elevator control market include integration of IoT technology, focus on predictive maintenance and cloud-based monitoring systems. Elevator control manufacturers are increasingly integrating IoT-enabled sensors to facilitate remote monitoring of performance and predictive maintenance. IoT connectivity enables collection of real-time performance data that is analyzed using AI and machine learning algorithms for predictive equipment diagnostics and optimization of service schedules. Moreover, implementation of cloud-based elevator management platforms allows comprehensive remote diagnostics, issue resolution and dispatching field technicians, thereby improving reliability. Deployment of such technology aids in reducing downtime and unplanned maintenance visits while enhancing passenger experience. Rising adoption of IoT and cloud-based solutions is expected to significantly drive the elevator control market during the forecast period.
Porter’s Analysis
The threat of new entrants: The elevator control market requires high initial investments to set up manufacturing plants and R&D facilities. Thus, the threat of new entrants is low.
Bargaining power of buyers: The elevator control market has several buyers such as real estate developers, builders, and elevator installation companies. The bargaining power of individual buyers is moderate.
Bargaining power of suppliers: The suppliers of components used in elevator controls such as semiconductors and sensors have low bargaining power due to a fragmented supplier base.
Threat of new substitutes: There are limited substitutes for elevator controls. Products like escalators and moving walkways are partial substitutes with different uses. The threat of substitutes is low.
Competitive rivalry: The elevator control market is consolidated with few major players globally. The intensity of competitive rivalry is high.
Key Takeaways
The global Elevator Control Market Growth is expected to witness high growth during the forecast period of 2023 to 2030. The market size for elevator control is estimated to reach US$ 8442.22 Mn by 2030, registering a CAGR of 7.4% over the forecast period.
Regional analysis
Asia Pacific region is expected to dominate the elevator control market owing to rapid urbanization and growth of the construction industry in countries such as China and India. The contribution of Asia Pacific to the global elevator control market was over 35% in 2023.
Key players
Key players operating in the elevator control market are ebm-papst., ZIEHL-ABEGG, Inc., Horton Holding, Inc., Multi-Wing America, Inc., AEROVENT, Rosenberg Ventilatoren GmbH, and Delta Electronics, Inc. Elevator control systems from these players facilitate smooth ride comfort and enhance passenger safety through sensor-based controls and intelligent software.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
