Elevator Control Market is Expected to Witness Significant Growth Owing to Rapid Urbanization
Elevator control systems ensure the smooth and efficient functioning of elevators. They regulate the opening and closing of elevator cabin doors, control the movement and speed of elevators, monitor and integrate safety features and provide connectivity and security. Elevators play an integral role in transporting people and goods vertically across multi-story buildings in residential and commercial complexes. With rapid urbanization and increased construction of high-rise buildings globally, the demand for elevators and associated control systems is accelerating.
The global elevator control market is estimated to be valued at US$ 15 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023.
Market Dynamics:
Rapid urbanization has been a major driver contributing to the growth of the elevator control market. As urban populations swell, more skyscrapers and large infrastructure projects are being planned which fuels the demand for elevators. According to estimates, over 68% of the global population will be living in cities by 2050. This massive migration has resulted in increased construction activities worldwide for housing and commercial spaces. Moreover, elevator control systems ensure the smooth functioning of elevators while also enhancing safety, security and connectivity features. Advances in control technologies are enabling remote monitoring and predictive maintenance of elevators. The growing emphasis on safety and efficiency of elevator operations especially in high-traffic buildings will further augment the elevator control market.
SWOT Analysis
Strength: The elevator control market is expected to see lucrative growth opportunities due to rapid urbanization and infrastructure development across regions. Technical advancements in control systems like touch screens and motion sensors have improved convenience and safety. Government initiatives for disabled-friendly infrastructure will further drive the adoption of smart elevator controls.
Weakness: High initial investment costs associated with installation and modernization of elevator control systems poses a major challenge. Requirement of frequent upgrades makes the technology susceptible to rapid obsolescence. Lack of skilled workforce for sophisticated elevator systems in certain areas.
Opportunity: Rising demand for energy-efficient green buildings provides an opportunity for eco-friendly elevator control solutions. Growing senior citizen population will increase the need for convenient lift accessibility solutions. Integration of IoT and AI capabilities can open new revenue streams through advanced monitoring and predictive maintenance.
Threats: Susceptibility to cyber threats due to network connectivity of modern controls. Changing buyer preferences and introduction of alternate mobility solutions like escalators poses competition. Trade policies and economic slowdowns impact capital expenditures of end users.
Key Takeaways
The global elevator control market size is expected to witness high growth over the forecast period supported by rapid urbanization and growing construction spending on commercial and residential complexes across major economies.
Regional analysis: Asia Pacific region is projected to be the fastest growing market for elevator controls driven by increasing investments in smart city projects and rising standards of living. Countries like China, India are urbanizing at a rapid pace and witnessing massive infrastructure modernization which will augment the product demand.
Key players operating in the elevator control market are KONE Corporation, OTIS Elevator Company, Schindler, thyssenkrupp AG, Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Co. Ltd., Mitsubishi Electric Corporation, Toshiba Elevator and Building Systems Corporation, and Yaskawa Electric Corporation. Key players are focusing on development of innovative IoT-based solutions, strategic partnerships and expanding into emerging economies.
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