May 18, 2024
Elevator Control Market

Elevator Control Market Is Expected To Be Flourished By Growing Adoption Of Iot And Cloud Technology

Elevators play a key role across residential, commercial and industrial verticals for vertical transportation. Elevator control systems integrate various mechanical and electrical components that operate the elevator car. Growing demand for energy-efficient and environment-friendly elevator systems along with integration of advanced technologies such as IoT and cloud computing is fueling the growth of the elevator control market. IoT integration allows monitoring and controlling elevator operations remotely which enhances operational efficiency. Integration of big data and cloud systems enables predictive maintenance, improved dispatching and reduced downtime.

The global elevator control market is estimated to be valued at US$ 8442.22 Mn in 2023 and is expected to exhibit a CAGR of 7.4%  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Growing adoption of IoT and cloud technology: IoT integration allows real-time remote monitoring of elevator operations with enhanced connectivity and diagnostics functions. Cloud-based systems provide effective dispatch management, predictive analytics for maintenance planning and improved uptime. Growing investments by elevator OEMs towards developing smart and connected elevator systems is driving the adoption of IoT and cloud technology.
Increasing construction of green buildings: Rapid urbanization and focus on green infrastructure is positively impacting the construction of green commercial buildings integrated with energy-efficient vertical transportation systems. This is increasing the demand for advanced elevator control systems that optimize energy usage with minimal operating costs.

Segment Analysis

The global elevator control market is segmented by component into elevator controller, signal processor, and service unit. Among these, the elevator controller segment dominates the market and accounts for over 35% share of the global market. Elevator controllers form the core of elevator operations and help efficiently manage the movement of elevators up and down in a building, which makes them essential for smooth functioning of elevators.

PEST Analysis

Political: Elevator regulations regarding installation, maintenance, and safety guidelines provided by governing bodies support the growth of the elevator control market.

Economic: Rising construction of commercial buildings and improved living standards are increasing the demand for elevators, thereby propelling the elevator control market growth.

Social: Rapid urbanization and growing elderly population are augmenting the need for smooth vertical transportation using elevators.

Technological: Advancements in communication technologies, IoT integration, and energy-efficient solutions are bringing more control features and efficiency in elevator operations.

Key Takeaways

The global Elevator Control Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. The global elevator control market is estimated to be valued at US$ 8442.22 Mn in 2023 and is expected to exhibit a CAGR of 7.4%  over the forecast period 2023 to 2030.

Regional analysis indicates that Asia Pacific accounts for approximately 40% market share currently and is anticipated to be the fastest growing region due to increasing construction activities in major economies like China and India. Rapid urbanization, growing elderly population, and rising investments in commercial building construction are fueling the demand for elevator control systems in this region.

Key players
Key players operating in the elevator control market are ebm-papst., ZIEHL-ABEGG, Inc., Horton Holding, Inc., Multi-Wing America, Inc., AEROVENT, Rosenberg Ventilatoren GmbH, and Delta Electronics, Inc. These established manufacturers are focusing on new product launches and partnerships to strengthen their presence across major markets.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it