Market Overview:
Elevator control systems are used to regulate the movement and speed of elevators in accordance with the demand and optimize their performance and efficiency. Elevator control systems are used in residential and commercial buildings as they are an important part of any elevator system. They improve accessibility and provide smooth, safe, and secure transport of passengers and goods in high rise buildings.
Market key trends:
IoT (Internet of Things) integration in elevator control systems is estimated to drive the growth of elevator control market. IoT integration enables communication between the elevator system and remote monitoring solutions which helps in predictive maintenance and reduces downtime of elevator systems. IoT integrated elevator control systems send real-time data about the operational performance which helps in detecting faults at an early stage and scheduling maintenance accordingly. This improves the lifetime and efficiency of elevator systems. IoT integration is also leading to development of smart elevators with features like remote monitoring, voice assisted commands, digital destination dispatch, and presence sensing.
The global Elevator Control Market Growth is estimated to be valued at US$ 8442.22 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: Low cost of entry for newcomers poses low threat. However, high capital requirements, established brand names and need for strong distribution network makes entry difficult.
Bargaining power of buyers: Large buyers have strong bargaining power due to the availability of substitutes. Buyers can force lowering of the price through competition.
Bargaining power of suppliers: Few component suppliers have bargaining power over manufacturers due to intellectual property. Suppliers may charge high prices or refuse to supply specific components.
Threat of new substitutes: No major threat as elevators are an integral part of infrastructure with no close substitutes. However, escalators pose limited threat.
Competitive rivalry: Intense rivalry among existing players due to large number of competitors. Players focus on product innovation, customer support and pricing strategies to gain competitive edge.
SWOT Analysis
Strengths: Established brands, global presence, technological expertise, wide service network.
Weaknesses: High R&D and capital investment requirements, vulnerability to economic cycles, price pressure from buyers.
Opportunities: Rapid urbanization, rising construction of tall buildings, modernization of aging infrastructure.
Threats: Stringent regulations, disruption due to new technologies like elevators that can carry more people.
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 urbanization, rising construction of high-rise buildings and modernization of aging infrastructure.
Regionally, Asia Pacific dominates the market and is expected to grow at the highest CAGR during the forecast period. Rising construction spending in India and China along with government initiatives to develop infrastructure are driving the Asia Pacific elevator control market.
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. Key players are focusing on new product launches, partnerships and mergers to strengthen their global presence. For instance, in 2021, Otis partnered with Hitachi Ltd. to enhance elevator connectivity solutions.
Read More: https://www.ukwebwire.com/new-avanue-for-elevator-control-market-trend-and-share-analysis/
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