The elevator control system enables safe and efficient operation of elevators by performing tasks such as opening and closing elevator doors, monitoring elevator movement between floors, preventing accidental floor access, responding to emergency calls, and ensuring smooth elevator operations. Elevator control systems are crucial components of elevator systems that help elevators run efficiently and safely. They play an important role in automating elevator functions and ensuring protection of passengers from mechanical and electrical hazards. Additionally, modern elevator control systems offer advantages such as reduced energy consumption, low maintenance costs, minimal noise, and swift response time. The global Elevator Control Market is estimated to be valued at US$ 22 Billion in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the elevator control market size is the increasing installation of regenerative control systems and energy-efficient machines. Regenerative control system works on the principle of regenerative braking where the excess kinetic energy of moving elevators is captured and stored for later use. This stored energy is then utilized to drive other elevators, thereby reducing overall energy consumption. Regenerative control systems can achieve energy savings up to 40% compared to conventional systems. Their ability to minimize energy losses during braking and retarding modes is promoting their adoption across residential as well as commercial buildings. Growing regulatory emphasis on sustainability and energy conservation is expected to further augment the replacement of old elevator systems with smart regenerative control alternatives in the coming years.
Threat of new entrants: The threat is moderate as the elevator control industry requires technical expertise and large capital investments to manufacture products. Bargaining power of buyers: The bargaining power is high as elevator controls are just one component of large elevator systems and buyers have alternatives to consider. Bargaining power of suppliers: The power is moderate as there are few raw material suppliers and components suppliers that can influence prices. Threat of new substitutes: The threat is low as there are limited or no substitutes that can replace elevator control systems. Competitive rivalry: The competition is intense among established players to gain market share through technological advancements and new product launches.
The global Elevator Control Market is expected to witness high growth. Asia Pacific region is expected to dominate the market. Growing urbanization, rising construction of residential buildings and commercial spaces are driving demand in the region.
Regional analysis comprises: Asia Pacific region accounts for the largest share of the global elevator control market. Countries like China and India have witnessed rapid infrastructure development and rising construction activities. This is increasing deployment of elevators and spurring demand for elevator control systems.
Key players operating in the Elevator Control Market are Otis Elevator Company, KONE Corporation, Schindler Holding Ltd., Hitachi Ltd., Hyundai Elevator Co. Ltd. These companies are focusing on developing innovative elevator control solutions integrated with IoT and cloud-based technologies.