Elevators serve as an important mode of vertical transportation, shuttling people and freight across multiple floors of residential, commercial, and industrial buildings. Elevators consist of various components such as a car, shaft, tracks, ropes or belts, motors, switches, sensors, controllers, and signaling systems working together to ensure smooth operation. Advancements in computing and connectivity technologies have enabled manufacturers to augment elevator systems with modern features focused on enhancing passenger safety, accessibility, and experience. For instance, IoT-enabled solutions allow for remote monitoring and predictive maintenance of elevators. Cloud-based services further help building owners and managers efficiently dispatch repair teams, reduce downtimes, and optimize fleet operations.
The global elevator control market is estimated to be valued at US$ 15.25 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023. Elevator control systems play a critical role in ensuring compliant and reliable functioning of elevators. Adoption of innovative IoT and cloud-based technologies is providing a major fillip to the elevator control market.
Market Dynamics:
The opportunities presented by integrating elevators with advanced computing and connectivity technologies are driving significant growth in the elevator control market. IoT-enabled controllers facilitate remote condition monitoring, predictive maintenance cycles, and energy efficient operation of elevators. This helps reduce maintenance costs and downtimes. Cloud-based services further provide real-time equipment status updates, dispatch repair teams quickly in case of faults, and optimize scheduling of elevator cars to improve passengers experience. Developers are also launching new elevator control solutions with enhanced safety features like predictive stopping technology, evacuation capabilities, and emergency communication systems. Strong focus on accessibility is augmenting demand for smart elevator controls supporting features like obstacle detection, assistive call technology for the visually impaired. Rising safety concerns and modernization of aged elevator infrastructure will continue accelerating uptake of intelligent elevator control systems in the coming years.
Segment Analysis
The global elevator control market size is dominated by the maintenance segment, which accounted for over 40% share in 2022. This is because elevators require regular servicing and maintenance checks to ensure passenger safety. Elevator maintenance involves regular checkups, repairs if required, modernization and upgrades. The government in many countries has made periodic maintenance and safety audits mandatory for elevators. This drives the maintenance segment.
PEST Analysis
Political: Safety regulations around elevator installation and operations have been strengthened in many countries. This has increased the need for technologically advanced control systems for enhanced safety compliance.
Economic: As urbanization increases worldwide, the demand for tall buildings and infrastructure is rising rapidly. This fuels investments in elevator installations, driving the control systems market.
Social: With growing affluence, demand for luxury amenities in residential and commercial spaces is rising. Advanced elevator control solutions are increasingly being incorporated for enhanced user experience.
Technological: The internet of things and connectivity solutions are enabling remote monitoring and predictive maintenance of elevators. Advanced algorithms also aid in efficiency improvements through optimized dispatching.
Key Takeaways
The global elevator control market is expected to witness high growth at a CAGR of 5.2% during the forecast period of 2023.
Regional analysis: Asia Pacific region is expected to dominate the market and register fastest growth during the forecast period. Booming construction industry in China and India along with rapid urbanization is driving the elevator control systems market in the region.
Key players operating in the elevator control market are Otis Elevator Company, Fujitec Co. Ltd., Mitsubishi Electric Corporation, Schneider Electric, Johnson Controls International Plc, thyssenkrupp Elevator, Kone Corporation, Hitachi Ltd. and Hyundai Elevator Co. Ltd. Key players are focusing on product innovation and launches through investments in research and development to strengthen their market position. For instance, in 2021 Otis introduced its Gen360 elevator system with advanced programming capabilities, remote access and IoT integration.
