Market Overview:
An elevator control system forms an integral part of elevator system. It consists of hardware and software components that control the functioning and operation of elevators. It ensures safety, security and provides efficient transportation of passengers by controlling the speed, direction and stopping locations of elevators. Various components of elevator control system include relay logic components, programmable logic controllers (PLCs), sensors, door control systems, microprocessor-based controllers, motion controllers and electrical panels. Elevator control systems are used in residential as well as commercial buildings such as high-rise buildings, shopping malls, hotels and hospitals for vertical transportation of passengers and freight.
Market Dynamics:
The high growth of the elevator control market is attributed to infrastructure development activities across both developed and emerging economies. Rapid urbanization and increasing construction of smart cities and high-rise buildings is significantly fueling the demand for elevator systems. According to United Nations, the global urban population is projected to increase from 3.4 billion in 2009 to 6.3 billion in 2050 which will increase the need for installing elevators in residential and commercial infrastructure. Additionally, ongoing infrastructure modernization and replacement of old elevators is also boosting sales of elevator control systems. Furthermore, the adoption of energy-efficient and intelligent elevator systems integrated with Internet of Things (IoT) and cloud technology is expected to open new avenues for elevator control market over the forecast period.
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.
SWOT Analysis
Strength: Elevator control systems help improve passenger safety and experience. The digitization of elevator systems also enables predictive maintenance which reduces downtime. Strong focus on research and development has led to development of innovative elevator control solutions.
Weakness: High initial investment requirements for installation and modernization of elevator control systems increases project costs. Dependency on third party vendors for technical support and regular upgrades also increases long-term operational expenses.
Opportunity: Growing construction of metro rails and high-rise buildings in emerging nations drives demand. Adoption of IoT and AI technologies opens up opportunities for development of smart elevator control solutions.
Threats: Trade war between global economic powers increases volatility of raw material prices. Supply chain disruptions due to pandemic outbreaks affect availability of components.
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 construction of high-rise buildings and commercial spaces globally. Rapid urbanization in developing nations and expanding metro rail networks also drive the need for elevator installation.
Regional analysis
Asia Pacific dominates the global elevator control market and is expected to grow at the fastest pace during the forecast period. This can be attributed to ongoing infrastructure development projects and rising number of metro rail projects in countries such as China, India. Countries in APAC are also witnessing rapid urbanization which is increasing the demand for elevator control systems. North America and Europe hold significant shares as well owing to presence of elevator control system manufacturers and modernization of aging infrastructure.
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. These players are focusing on development of IoT-enabled solutions to gain competitive advantage.
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