by Market Overview:
The elevator control system controls the operation and motion of elevators. It controls elevator car movements like up, down, stopping at desired floors using sensors, switches and logic controllers. Elevator control systems help implement safety features like emergency brakes or overload monitoring. They work using sensors to detect position of elevator and switches to receive passenger call requests and using controller unit or digital signal processors (DSPs) to direct elevator motion based on sensor inputs and established algorithms.
Market Dynamics:
The growing construction sector across both residential and commercial buildings is a key driver for the elevator control market. Rapid urbanization and infrastructural development is increasing demand for tall buildings and multi-story structures which use elevator systems for vertical transportation. Furthermore, modernization of aging elevator infrastructure in developed regions is also fueling demand for upgraded elevator control systems with advanced features. However, high initial capital costs for installation and maintenance of elevator control systems can hinder market growth to some extent over the forecast period.
Segment Analysis
The global elevator control market is segmented by type into hydraulic, traction and machine room less elevator controls. The machine room less elevator controls segment dominated the market in 2022 and is projected to continue its dominance over the forecast period. This is owing to increasing demand for space-saving elevator solutions from high rise buildings coupled with rising infrastructural development activities across residential and commercial sectors globally.
PEST Analysis
Political: Favorable government policies and regulations supporting infrastructural development projects will fuel the growth of elevator control market.
Economic: Rapid urbanization, growing construction industry along with rising disposable incomes are positively impacting the demand for elevator control systems.
Social: Changing lifestyles and preference for convenient living is augmenting the installation of lifts and escalators in residential and commercial buildings.
Technological: Adoption of IoT, AI and cloud-based technologies are assisting elevator control manufacturers in developing smart and advanced safety control systems.
Key Takeaways
The Global Elevator Control Market Size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing infrastructural investment in commercial and residential construction projects globally. Regionally, Asia Pacific dominates the market and is expected to maintain its leading position during the forecast period. This is mainly attributed to rapid urbanization, swelling middle-class population and rising investment in infrastructure development in major APAC countries including China and India.
Regional analysis:
Asia Pacific dominates the elevator control market with largest volume share in 2023. China and India are the fastest growing markets in the region on account of ongoing infrastructure development projects, supportive government initiatives and growing emphasis on ensuring workplace safety.
Key players:
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. Major players are actively involved in new product launches and strategic collaborations to gain competitive advantage. For instance, in 2023, Mitsubishi Electric announced partnership with Hyundai Elevator to boost elevator sales across Asia.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
