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 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Elevator control systems are used to control and monitor the movement of elevators in residential and commercial buildings. The core components of elevator control systems include elevator controllers, door operation modules, and signaling equipment. Elevator controllers are responsible for controlling and monitoring the elevator motor, brakes, and door operations.
Market Dynamics:
The increasing number of high-rise buildings across the globe is expected to drive the growth of the elevator control market over the forecast period. According to statistics, nearly 55% of the world's population currently lives in urban areas, and this number is expected to increase to 68% by 2050. In addition, advancements in elevator control technologies such as the introduction of touchscreen-based controllers, energy-efficient drives, and IoT integration are further propelling the demand for elevator control systems. The growing need for seamless connectivity and remote monitoring solutions in elevators is encouraging prominent companies to invest in R&D to develop advanced elevator controllers with improved functionality.
SWOT Analysis
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Key Takeaways
The Global Elevator Control Market is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing urbanization and rising demand for modern infrastructure. The Asia Pacific region holds the largest share in the elevator control market due to rapid industrialization and urbanization in countries such as China and India. 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.
Regional analysis
The Asia Pacific region dominated the global elevator control market with over 35% share in 2021 on account rapid industrialization and urbanization in countries such as China and India. China accounts for the lion's share in APAC elevator control market due to strong economic growth resulting in large scale infrastructure development. North America and Europe are also major markets for elevator control owing to well-establish infrastructure and growing demand for replacement of aging elevators.
Key players analysis
Key players operating in the elevator control market are focusing on introducing innovative and energy efficient elevator control systems. For instance, in 2020, Toshiba Elevators introduced Toshiba-Mitsubishi Elevator and Escalator which uses IoT technology and regenerative converter to maximize energy efficiency. Similarly, in 2021 Hitachi acquired ThyssenKrupp Elevator business to strengthen its global elevator business.
