Elevator control systems play a crucial role in operating the mechanical functions of elevators and ensuring high-speed, smooth, and safe elevator operations. Elevator control systems offer energy-efficient operation, enhanced safety, and reliability. Factors such as rapid urbanization, rising high-rise buildings, and increasing investment in infrastructure development are propelling the demand for elevators globally. This, in turn, is boosting the global elevator control market growth.
The global Elevator Control Market is estimated to be valued at US$ 8442.22 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The increasing installation of energy-efficient elevators has accelerated the growth of the elevator control market. The rising implementation of technologically advanced and energy-saving elevator control systems have gained prominence in new high-rise buildings globally. For instance, regenerative drives, AC gearless machines, and machine-room-less traction elevators installed with efficient control systems can significantly reduce energy usage by recovering potential and kinetic energy losses during braking. This, along with government initiatives to encourage the adoption of sustainable equipment, is estimated to fuel the demand for advanced and eco-friendly elevator control solutions in the coming years.
Segment Analysis
The global elevator control market is dominated by the AC motor segment. AC motors offer better efficiency over DC motors, especially with the advancement in AC motor technology. They have better speed regulation capability as compared to DC motors. Also, easy installation and operation makes AC motors ideal for elevator control systems. Thus, AC motors are being increasingly adopted in new elevator installations as well as during replacement of aged elevator systems.
Key Takeaways
The global Elevator Control Market Growth is expected to witness high growth over the forecast period driven by rapid urbanization and rising construction of multi-storey infrastructures across major economies. The global elevator control market is estimated to be valued at US$ 8442.22 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
Regional analysis
Asia Pacific dominates the global elevator control market and is expected to maintain its position over the forecast period. This can be attributed to strong growth in China, India and other Southeast Asian countries. According to the India Brand Equity Foundation, India plans to build 100 smart cities enhancing urban infrastructure and real estate sector. China has also announced a 12th five year infrastructure investment plan of CNY 4.7 trillion by 2023. Thus, expanding construction sector in the major economies of Asia Pacific offers lucrative growth opportunities.
Key players
Key players operating in the elevator control market are ebm-papst., ZIEHL-ABEGG, Inc., Horton Holding, Inc., Multi-Wing America, Inc., AEROVENT, Rosenberg Ventilatoren GmbH, and Delta Electronics, Inc. These players are focusing on new product launches, partnerships and expansion in high growth regions to gain market share. For instance, ZIEHL-ABEGG expanded its production facility in Guangzhou, China in 2021 to meet the rising demand from Chinese infrastructure development projects.
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A foot-operated control panel was invented with a concern towards a disabled person.
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.
