The Elevator Control Market is estimated to be valued at USD 7,360 million in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period from 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Elevator control systems consist of microprocessor-based controllers and safety components that ensure smooth operation of elevators. Advancements in electronics and connectivity have enabled adoption of IoT in elevator systems for efficient monitoring and predictive maintenance.
Market Dynamics:
Growing construction of high-rise buildings coupled with rapid urbanization is a key driver for the elevator control market. Regulatory mandates for installation of safety systems in elevators will also aid the market growth. Adoption of IoT and cloud computing allows remote monitoring of elevator operations and predictive maintenance. This helps identify faults proactively and reduce downtime, thereby improving customer satisfaction. Integration of sensors provides real-time analytics on component usage patterns and predictive alerts on replacements.
Market key trends:
The elevator control market is witnessing increased adoption of IoT-enabled technologies and cloud-based systems. IoT allows real-time transmission of elevator operational data and condition monitoring which helps optimize maintenance and reduce downtime. Cloud-based systems enable remote monitoring of elevators from any location and offer predictive maintenance capabilities. Furthermore, demand for energy-efficient elevators coupled with incorporation of regenerative drives is alsoFueling market growth.
SWOT Analysis
Strengths: Growing construction sector globally is driving the need for installation of new elevators. Also, rising number of high-rise buildings positively impacts the elevator control market.
Weaknesses: High initial investment requirements for installing smart elevator control systems. Availability of substitute transport systems like escalators.
Opportunities: Untapped potential in developing regions of Asia Pacific and Middle East & Africa. Emergence of customized solutions as per specific industrial needs.
Threats: Intense competition among existing major players. Trade barriers imposed by certain countries.
Key Takeaways
The Global Elevator Control Market size is expected to grow at a CAGR of 7.1% to reach USD 7,360 million in revenue by 2030. Growing urbanization and construction of smart cities are major factors augmenting the demand.
Regionally, Asia Pacific dominated the market in 2021 with a share of over 35% due to rapid industrialization and infrastructural growth projects across China, India. Countries like China, India, Indonesia, and Vietnam are expected to drive highest gains through 2030.
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. Innovation in sensor technologies, customized software solutions catering to industrial needs are strategic focus areas of these players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
