Elevator Control Market Growth Owing To Increasing Number Of High-Rise Buildings & Advancements In Technology
The Elevator Control Market is estimated to be valued at USD 7,360 million in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Elevator control systems are used to control and monitor the movement of elevators in residential and commercial buildings. The core components of elevator control systems include elevator controllers, door operation modules, and signaling equipment. Elevator controllers are responsible for controlling and monitoring the elevator motor, brakes, and door operations.
Market Dynamics:
The increasing number of high-rise buildings across the globe is expected to drive the growth of the elevator control market over the forecast period. According to statistics, nearly 55% of the world's population currently lives in urban areas, and this number is expected to increase to 68% by 2050. In addition, advancements in elevator control technologies such as the introduction of touchscreen-based controllers, energy-efficient drives, and IoT integration are further propelling the demand for elevator control systems. The growing need for seamless connectivity and remote monitoring solutions in elevators is encouraging prominent companies to invest in R&D to develop advanced elevator controllers with improved functionality.
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