Elevator controls ensure smooth and safe transportation of passengers and cargo in high-rise buildings. Elevator control systems allow automatic operation, advanced safety facilities, and connectivity features. With rapid urbanization and growing construction activities, the demand for high-rise commercial and residential buildings is increasing significantly. As high-rise buildings require elevator systems, their growing construction is boosting the elevator control market growth. The global Elevator Control Market is estimated to be valued at US$ 36.53 billion in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023.
Market key trends:
One of the key trends driving the elevator control market is the rising construction of high-rise buildings especially in developing regions of Asia Pacific and Middle East Africa. The demand for vertical real estate is growing rapidly as increasing populations require urban residential and commercial spaces. Countries like China, India, Brazil, Indonesia are witnessing massive construction of skyscrapers leading to demand for advanced elevator control systems. Elevator control manufacturers are developing innovative IoT and connectivity solutions to manage operation, servicing and passenger management in these upcoming mega high-rise infrastructure projects effectively. This rising construction of taller buildings globally is expected to accelerate the elevator control market growth significantly over the forecast period.
Segment Analysis
The global elevator control market is dominated by the elevator controller segment. Elevator controllers are essential electronic components that regulate the movement of elevator cabins and carriages inside buildings. They offer precise control over elevator movements based on signals received from switches, push buttons, sensors, and other devices. The growing construction of high-rise buildings and increased focus on implementing intelligent solutions for improved passenger safety and traffic management have boosted the demand for elevator controllers in recent years.
Key Takeaways
The global elevator control market is expected to witness high growth over the forecast period of 2023.
Regional analysis shows that Asia Pacific region holds the dominant share in the elevator control market currently. China, India, and South Korea are witnessing substantial construction activities of commercial spaces, airports, and metro projects which is driving the adoption of intelligent elevator control systems in these countries.
Key players operating in the elevator control market include Otis, Kone, ThyssenKrupp, Mitsubishi Electric, Hitachi, Fujitec, Toshiba, Hyundai, and Schindler. Otis owns the largest market share and has a wide international presence. Mitsubishi Electric and Toshiba mainly cater to the Asian markets. Schindler is focusing on development of IoT-enabled solutions for predictive maintenance of elevators.
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