by Market Overview:
Elevator control systems help in motion control, safety control, and machine monitoring or management of elevators and escalators. These systems offer convenience in movement of people and goods vertically between the floors of buildings.
Market key trends:
One of the key trends in the elevator control market is the growing adoption of regenerative drive systems. Regenerative drive systems help in recovering the electrical energy lost during braking and lowering of elevator cars. This recovered energy can be used to power other cars, thereby improving the energy efficiency of elevators. The ability of regenerative drives to harness wasted energy lost during braking makes them an attractive proposition for building owners and facility managers looking to reduce energy usage and related costs.
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.
The elevator control market has been witnessing increasing adoption of IoT-enabled and touchless elevator control systems. Integration of IoT and wireless technologies allows for remote monitoring of elevators and predictive maintenance. Touchless controls limit surface contact and improve hygiene. Increased focus on safety is also driving demand for features like emergency stops, door safety sensors, and redundancy systems.
SWOT Analysis
Strength: Growing demand for energy-efficient and technologically advanced elevator systems.
Weakness: High initial investment costs for modernization and upgradation.
Opportunity: Untapped opportunities in emerging economies for new installations.
Threats: Price wars among competing players and availability of substitutes like escalators.
Key Takeaways
The global Elevator Control Market is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, 2023 to 2030, due to increasing urbanization and commercial construction activities.
Regional analysis: Asia Pacific dominates the elevator control market, accounting for more than 35% share, owing to rapid economic and infrastructural growth in major countries like China and India. The region exhibits the highest number of new installations.
Key players analysis: Key players operating in the elevator control market include SICK AG, Hitachi Ltd., Honeywell International Inc., Hyundai Elevator Co. Ltd., Nidec MCE, Toshiba Elevators and Building Systems, Thames Valley Controls, and Mitsubishi Electric.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
