by The Global Elevator Control Market is estimated to be valued at US$ 7,360 million in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period from 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Elevator control system helps in smooth operation of elevators and enhance passenger safety & experience. It ensures elevators move according to pre-defined rules and stops at the correct floors selected by passengers. A typical elevator control system consists of controllers, door operation modules, and safety equipment like over-speed governors and switch buffers. Elevator control system offers advantages like reducing waiting & travel time, optimizing energy consumption, and improving traffic handling capacity. Meeting growing need for seamless vertical transportation across residential, commercial, and industrial sectors is fueling demand for intelligent elevator control systems.
Market key trends:
One of the key trends in elevator control market is adoption of IoT and AI technologies. Leading players are focusing on integrating IoT and AI capabilities in elevator controllers to offer predictive maintenance and enhanced passenger experience. For example, SICK AG utilizes AI and data analytics to detect potential elevator faults at early stage and avoid unnecessary downtime. Integrating AI enables remote monitoring of elevator health and proactive issue resolution. This is expected to further spur demand for smart elevator control systems during the forecast period.
Porter’s Analysis
Threat of new entrants: The elevator control market requires high investment for R&D, manufacturing facilities, and distribution networks. This acts as a barrier for new players.
Bargaining power of buyers: The presence of many established players provides buyers with high bargaining power and competitive choices in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of component substitutes and dominance of few major suppliers in the industry.
Threat of new substitutes: There exist no close substitutes for elevator control systems. Existing systems fulfill requirements and switching costs are high.
Competitive rivalry: The elevator control market is fragmented with the presence of global and regional players. Players differentiate through innovation and service quality.
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 demand for safer vertical transportation solutions with advance features in commercial and residential sectors.
Regionally, Asia Pacific dominates the elevator control market, with China holding the major share, owing to rapid urbanization and growing construction activities. Europe and North America are also significant markets, supported by implementation of strict safety norms.
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. Players focus on offering scalable, energy-efficient, and IoT-enabled control solutions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
