The global Elevator Control Market is estimated to account for US$ 7,360 Mn in terms of value by the end of 2021. The elevator control system is a device that controls the various functions of the elevator. It is usually made up of a series of electronic boards, relays and sensors. There are three basic types of elevator control systems. In the past, most elevators were manually controlled with an operator. A Safety Interlock was used to ensure that the doors closed before the elevator could move. An elevator control system is able to perform a variety of tasks, including checking the elevator's door status, sending commands to the lift, and analyzing elevator car activity. Some controllers even have features that allow testing and troubleshooting to take place without shutting down.
Global Elevator Control Market: Drivers
Technological development such as AI, and sensors among others is anticipated to augment growth of the global elevator control market over the forecast period. The elevators industry has witnessed several advances in recent years such as integration of internet connectivity and sensors, which makes them secure and smart. With the deployment of different kind of sensors in elevators, the analysis, management and control of different functions is enabled. Thus, growing technological development is boosting the adoption of elevators, which in turn is driving growth of the elevator control market.
Global Elevator Control Market: Opportunities
Growing shift toward green technologies in construction industry is creating several business opportunities in the global elevator control market over the forecast period. Green engineering will offer optimal performance as it captures excessive energy, which goes to waste in the form of heat. In green engineering, the systems can transfer the captured energy back to the electric grid of the building for reuse in smart elevator. As per the Coherent Market Insights, building projects are consuming about 40% of the global energy, with 2 % to 10% energy consumption by elevators. Thus, use of green technology is offering growth opportunities in the global elevator control market.
Global Elevator Control Market: Restraints
Increasing casualties related to escalator and elevator are expected to hinder growth of the global elevator control market over the forecast period. Rise in concerns regarding escalator and elevator accidents are impacting use of elevators and escalators. As per the U.S. Bureau of Labor Statistics and Consumer Product Safety Commission, elevator and escalator incidents cause more than 30 deaths and 17,000 severe injuries among people every year in the U.S. Thus, this factor is expected to hamper growth of the market during the forecast future. However, due to increase in safety and security measures related to training and workplace, the rate of such incidents will decline in the future.
Global Elevator Control Market - Impact of Coronavirus (Covid-19) Pandemic:
The epidemic of Covid-19 has significantly impacted several industries around the world. The pandemic devastatingly impacted the construction sector globally, as construction activities were shut down temporarily during the pandemic. Many countries imposed stringent lockdown regulations to control spread of the virus, due to which various market activities were disrupted. Investments in infrastructure properties also declined during the pandemic, and this as a result caused economic uncertainty and financial crisis in elevator market. Thus, the elevator control market was negatively impacted by the Covid-19 pandemic. However, as the pandemic situation is resolving in various regions, the market is likely to regain growth.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/elevator-control-market-5464
Key Takeaways:
The global elevator control market was valued at US$ 7,360 Mn in 2021 and is forecast to reach a value of US$ 12,465 Mn by 2030 at a CAGR of 7.1% between 2022 and 2030.
Residential segment held dominant position in the global elevator control market in 2020, accounting for 49% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Elevator Control Market Trends:
Europe is witnessing a surging trend in urbanization across the region. Even with the slow rate, the trend always has remained positive. Due to urbanization, people are in close proximity to social and job opportunities, due to which there are better outcomes in terms of health, social, and economy. The demand for modern living and better infrastructure has thus increased, which in turn is driving growth of the market. For instance, as per the Coherent Market Insights, in 2020 the rate of urbanization was the highest in Sweden with 87.98% of the overall populating living urban cities and areas.
Commercial segment gaining traction in the global elevator control market. Escalators and elevators are highly utilized in commercial centers such as retail centers, co-working places, and malls. The rise in inclination towards eco-efficiency, safety, and flexible design is supporting growth of this segment in the global elevator control market. Moreover, the rise in self-employment has also resulted into the demand for multiple co-work places in recent years. Thus, growing investment in office spaces will propel growth of the market in the coming future.
Global Elevator Control Market: Competitive Landscape
SICK AG, Hitachi Ltd., Honeywell International Inc., Hyundai Elevator Co. Ltd., Nidec MCE, Toshiba Elevators and Building Systems, Thames Valley Controls, and Mitsubishi Electric
Global Elevator Control Market: Recent Developments
In June 2021, Hyundai Elevator signed an MOU with KT for the expansion of the Elevator DX and apply voice recognition and robot technology of KT to pursue expansion of DX in different spaces with elevators such as buildings, hotels, and apartments.
