Elevator Control Market Growth Owing To Increasing Number Of High-Rise Buildings & Advancements In Technology
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| Elevator Control Market |
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.
SWOT Analysis
Strength: Explain in three sentence explanation
Weakness: Explain two weakness in three sentence long explanation
Opportunity: Explain two opportunity in three sentence long explanation
Threats: Explain two threats two sentence explanation
Key Takeaways
The Global
Elevator Control Market is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period,
due to increasing urbanization and rising demand for modern infrastructure. The
Asia Pacific region holds the largest share in the elevator control market due
to rapid industrialization and urbanization in countries such as China and
India. Key players operating in the elevator control market are SICK AG,
Hitachi Ltd., Honeywell International Inc., Hyundai Elevator Co. Ltd., Nidec
MCE, Toshiba Elevators and Building Systems, Thames Valley Controls, and
Mitsubishi Electric.
Regional analysis
The Asia Pacific region dominated the global elevator control market with over
35% share in 2021 on account rapid industrialization and urbanization in
countries such as China and India. China accounts for the lion's share in APAC
elevator control market due to strong economic growth resulting in large scale
infrastructure development. North America and Europe are also major markets for
elevator control owing to well-establish infrastructure and growing demand for
replacement of aging elevators.
Key players analysis
Key players operating in the elevator control market are focusing on
introducing innovative and energy efficient elevator control systems. For
instance, in 2020, Toshiba Elevators introduced Toshiba-Mitsubishi Elevator and
Escalator which uses IoT technology and regenerative converter to maximize
energy efficiency. Similarly, in 2021 Hitachi acquired ThyssenKrupp Elevator
business to strengthen its global elevator business.
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