Elevator Control Market, By Application (Residential and Commercial), and By Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Published In : Jan 2023

Code : CMI5464

Pages :155

Formats :

Excel and PDF

Industry : Semiconductors

Elevator Control MarketSize and Trends

The global elevator control market size was valued at USD 7,360 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 7.1% from 2022 to 2030. The global elevator control market is expected to grow at a strong rate during the forecast period. The market is driven by the rise in the number of commercial and residential buildings, particularly in emerging economies. The market for elevators is also expected to expand at a higher rate, due to the increasing need to provide efficient people mobility solutions in high-rise constructions.

Figure 1: Global Elevator Control Market Share (%), By Region, 2021

Figure 2: Global Elevator Control Market Share (%), By Application, 2021

Rise in modernization of infrastructure is a growing trend

Along with the rise in modernization of infrastructure, the requirement for elevators is becoming necessary in buildings. However, along with the increasing number of elevators in buildings, the number of people who use elevators is also growing significantly. Due to this there is high traffic or congestion, which further increases wait times. Thus, the requirement of integrating these elevators with control systems equipped with technologies such as artificial intelligence, machine learning, and IoT among others to facilitate seamless vertical mobility in buildings. Thus, this trend is likely to boost growth of the market during the forecast period.

Rising focus of market players on strategic acquisitions and collaborations is trending in the market

Key players in the market are focusing on inorganic growth opportunities, which is expected to augment growth of the global elevator control market during the forecast period. For instance, in July 2021, TK Elevator entered into an agreement for acquisition of City Elevator, a provider of elevator service and maintenance in the Metro Vancouver area. This acquisition could help the company to expand its market presence based on the rising requirements of urbanization in the region. Thus, similar activities are likely to support growth of the market over the forecast period.