by Elevator control systems are an integral part of elevators that ensure smooth movement within a building structure. They are used to control the movement of elevators based on various parameters like programmed floor stops, selected destination, safety features, and door operation. The growing construction of high-rise buildings and commercial spaces in developing nations is propelling the demand for elevator control systems.
The global Elevator Control Market is estimated to be valued at US$ 9725.44 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity in building construction sector is estimated to drive the elevator control market growth. Rapid urbanization and increasing disposable income are encouraging construction of multi-storey structures across the globe. Developing regions like Asia Pacific and Latin America are witnessing immense infrastructure development. Elevators play a crucial role in multi-level buildings for smooth movement of people and goods. As elevator control systems ensure safe and reliable elevator operations, their demand is projected to rise consistently with the growth of construction industry worldwide. The innovative technologies in control systems also offer additional safety, accessibility, and energy efficiency features preferred for modern infrastructure projects. This will further propel the elevator control market value over the forecast period.
Porter’s Analysis
Threat of new entrants: Low-moderate. High capital requirements for R&D, manufacturing plants, and distribution networks create barriers.
Bargaining power of buyers: Moderate. Buyers have some influence due to the availability of substitutes, but suppliers differentiate through technology.
Bargaining power of suppliers: Low-moderate. Suppliers of components and technologies lack differentiation.
Threat of new substitutes: Low in the short term. Elevators face few close substitutes, but escalators are alternatives.
Competitive rivalry: High. Major players compete on technology, product quality, and service.
SWOT Analysis
Strengths: Established brands and global distribution give major players scale advantages. Safety technologies create barriers.
Weaknesses: High fixed costs limit opportunities for smaller players. Upfront investments constrain flexibility.
Opportunities: Growth in developing markets and building modernization drive opportunity. Connected technologies open new revenue streams.
Threats: Economic slowdowns reduce new construction and modernization projects. stringent regulations increase compliance costs.
Key Takeaways
The Global Elevator Control Market Share is expected to witness high growth over the forecast period owing to increasing demand for urban transportation and commercial infrastructure development projects worldwide. The global Elevator Control Market is estimated to be valued at US$ 9725.44 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Asia Pacific currently dominates the market owing to rapid urbanization and growth in construction spending in major economies like China and India. China accounts for over 30% of the global market share.
Key players like F. Hoffmann-La Roche AG and Boehringer Ingelheim GmbH are investing heavily in R&D to develop innovative control system technologies focused on enhanced safety, connectivity, energy-efficiency and maintenance capabilities. Partnerships with real estate developers and building owners have also boosted sales volumes.
Key players operating in the elevator control market are F. Hoffmann-La Roche AG, Boehringer Ingelheim GmbH, CHIESI Farmaceutici S.p.A., Gennova Biopharmaceuticals Ltd, Abbott Laboratories, and Reliance Life Sciences. They are focusing on developing solutions catering to regulatory standards and customer requirements.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
