The Global Elevator Control Market is estimated to be valued at US$ 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 electromechanical systems that manage the operation and safety of elevators in residential and commercial buildings. These systems use sensors, microprocessors, drives and other hardware to accurately position elevators and control door movement for safety and efficiency. The need for efficient people and freight movement in tall buildings drives the demand for elevator control systems.
Market key trends:
One of the major trends gaining traction in the elevator control market is the shift towards smart systems integrated with IoT technologies. Traditional elevator controllers are being upgraded with cloud-based monitoring systems and predictive maintenance capabilities. IoT and sensor technologies allow real-time diagnostics of system performance and condition monitoring. Remote access enabled by cloud solutions helps dispatch technicians only for critical issues, avoiding unnecessary service calls. This improves efficiency and reduces maintenance costs.
Segment Analysis
The global Elevator Control market is segmented based on their types - controller systems, maintenance systems and communication systems. Among these, controller systems dominate the market with a share of around 45% in 2021. Controller systems handle the basic functions of elevator operations like start, stop, go up, go down, etc. Controller systems are essential for all elevators and witness steady demand.
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 growth of commercial infrastructure like shopping malls, offices and hospitals.
Regional Analysis
Asia Pacific region dominates the elevator control market with over 35% share in 2021. Rapid urbanization and infrastructure growth in China and India is driving the demand for elevator controls in the region. China alone accounts for over 60% of demand in the Asia Pacific region. North America follows Asia Pacific in terms of size due to higher penetration of elevator across large commercial buildings.
Key Players
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. SICK AG specializes in maintenance systems and solutions which has helped it gain over 15% market share. Hitachi Ltd. is a leader in elevator controllers.
Read More - https://www.marketwebjournal.com/elevator-control-system-connected-with-sick-ag-as-a-market-forecast /
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But soon, the picture is predicted to be changing.
Residential and commercial places like malls, apartments are installing it to prevent the spread of COVID-19.
