Elevator control systems regulate the operation of elevators by controlling elevator doors, communicating with hall call buttons and indicators, monitoring safety devices, and directing elevator travel. Elevator control systems ensure smooth and safe operation of elevators. They are an integral part of elevator installations in residential and commercial buildings such as high-rises and skyscrapers. Rising urbanization and infrastructure development are driving the construction of new buildings, thereby fueling the demand for elevator systems and their control components globally.
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 Dynamics
Rising construction activities globally is one of the major drivers of the elevator control market. Rapid urbanization and growing population have increased the construction of residential, commercial, and industrial buildings. According to the Global Construction 2030 report, the global construction output is estimated to grow by 85% to US$ 15.5 trillion by 2030. Further, infrastructure development projects underway around the world such as high-speed rail networks, metro projects, and smart city initiatives will also propel the demand for new elevator installations and modernization of existing systems. This will translate into significant opportunities for players operating in the elevator control market. The other key driver of the market is increasing adoption of technologically advanced elevator control systems equipped with IoT capabilities and traffic management solutions to enhance passenger experience and optimize elevator performance.
SWOT Analysis
Strength: The elevator control market is projected to grow steadily owing to rapid urbanization and increase in construction of high-rise buildings globally. Technological advancements in elevator control systems such as introduction of regenerative motor drives, machine room-less systems, and integration of IoT are further fueling the market growth. Standardization of safety measures for elevators is also driving the demand for advanced elevator control systems.
Weakness: High initial investment costs associated with installation and modernization of elevator control systems can restrain the growth of small elevator control system manufacturers. Frequent changes in technical standards and regulations by governing authorities also pose challenges for component manufacturers.
Opportunity: Growing demand for energy-efficient green buildings presents an opportunity for vendors to introduce innovative control solutions that optimize energy consumption of elevators. Adoption of predictive maintenance practices by integrating AI and IoT can help reduce downtime and maintenance costs. Geographical expansion into emerging economies experiencing infrastructure growth offers significant revenue potential.
Threats: Stiffer competition from local manufacturers offering low-cost alternatives and consolidation of global players through mergers and acquisitions can threaten market shares of established brands. Macroeconomic slowdowns affecting capital expenditures for new construction projects also present risks to long-term demand outlook.
Key Takeaways
The Global Elevator Control Market Share is expected to witness high growth. 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.
Regional analysis related content comprises the Asia Pacific region is expected to dominate the global elevator control market during the forecast period. Factors such as rapid urbanization, rising disposable income, and increasing construction of high-rise buildings especially in China and India are fueling the demand.
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.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it