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 7.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Elevators help carry passengers and freight efficiently between floors of a building or structure. Elevator control system plays a vital role in ensuring smooth, efficient and safe operation of elevators. It controls the movement, speed, position and door operation of elevator cars based on pre-programmed instructions.
Market key trends:
One of the major trends in the elevator control market is development of smart elevator technology including features like destination dispatch, IoT integration, touchscreen controllers, and customized services. This smart technology uses software algorithms, destination optimization, and predictive logic to optimize the elevator experience for passengers. It directs passenger traffic to specific elevators and calculates optimal elevator routing based on pre-programmed data. This significantly enhances efficiency, reduces waiting times and heightens convenience for passengers.
Segment Analysis
The global elevator control market is segmented by type into destination control systems, security control systems, building management systems, and communication systems. Among these, destination control systems hold the highest market share owing to their increasing implementation in high-rise buildings. Destination control systems enable easy movement of passengers and are highly efficient, making them ideal for modern buildings with numerous floors.
Key Takeaways
The Global Elevator Control Market Size is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing urbanization and infrastructure development activities globally. Rapid growth of smart cities is fueling the demand for efficient elevator control systems.
Regional analysis
Regionally, Asia Pacific is expected to be the fastest growing as well as the dominating regional market. Presence of developing economies like China and India experiencing strong infrastructure development is supporting the elevator control market growth in the region.
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. Efficiency upgrade through digitization is the focus of these key market players.
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