Market Overview:
Elevator control systems helps in smooth transport of people and goods across different floors of a building. Elevator control systems manages starting, stopping and movement of elevator cabins between floors as per load demand. It provides safety and security to passengers during transit. Growing construction of commercial and residential buildings across the world has increased the need for elevator control systems which is driving the growth of this market.
Market key trends:
Adoption of Internet of Things (IoT) technology in elevators is one of the emerging trends in elevator control market. IoT technology helps in remote monitoring of elevator performance and maintenance. It identifies faults in real-time and alerts the maintenance team. IoT integration helps in improving energy efficiency of elevators through auto-calls and crowd analytics. Major players are focusing on development of IoT integrated elevator control systems to gain competitive advantage.
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.
Porter’s Analysis
Threat of new entrants: The Elevator Control Market has high setup costs for new entrants due to compliance with strict safety regulations and standards.
Bargaining power of buyers: Large buyers have significant bargaining power due to their demand size. However, switching costs from one brand to another are high thus limiting the power.
Bargaining power of suppliers: There are numerous suppliers for components required by elevator control systems, thus limiting their bargaining power.
Threat of new substitutes: No direct substitutes presently exist for elevator control systems. Development of new technologies like conveyor belt systems provides limited threat.
Competitive rivalry: The Market has major global players with a wide geographic presence. High R&D capabilities and proprietary technology create high entry barriers.
Key Takeaways
The global Elevator Control Market is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing urbanization and proliferation of high-rise buildings requiring efficient elevator systems.
Regional analysis: Asia Pacific region accounted for largest share in elevator control market in 2023. Rapid infrastructure development activities in China, Japan, and India offers growth opportunities for elevator control system manufacturers. North America is expected to witness growth in market due to renovation of existing buildings and infrastructure projects underway.
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 developing innovative IoT-enabled solutions for predictive maintenance and remote monitoring of elevator systems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
