The Growing Need for Improved Building Infrastructure is Driving the Elevator Control Market
Author : Purvaja Jadhao | Published On : 02 Feb 2024
Elevators play a vital role in providing easy access to various floors in commercial, residential and industrial buildings. Control systems ensure the safe and efficient functioning of elevators by managing their operation, security and emergency braking mechanisms. These systems allow seamless vertical transportation of passengers and goods. Rapid infrastructure development across the globe is generating high demand for elevators. This is prompting builders to install sophisticated control panels with features like destination dispatching, access control and remote monitoring. The global elevator control market provides solution to control and operate elevators efficiently through signal processing and motion control systems. These control circuits improve passenger experience and optimize power consumption.
The global elevator control market is estimated to be valued at US$ 9725.44 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Modernization of aging elevators is one of the key trends driving market growth. Due to growing skylines in urban spaces,elevators need frequent upgradesto handle higher passenger traffic. This is prompting modernization projects toreplace outdated electromechanical and relay-based controlswith microprocessor-based systems.Such systems offerfeatures like diagnostic monitoring, remote assistance and preventive maintenance alerts using IoT connectivity.Governments are also undertaking modernization programs to improve safety compliance of oldelevator units.Rising adoption of regenerative motors is another notable trend. These energy efficient motors recover kinetic energy during braking to power other elevators.When combined with variable voltage variable frequency (VVVF) drive control systems, regenerative motors provide significant energy savings.
Porter's Analysis
Threat of new entrants: The elevator control market requires high initial investments for R&D and manufacturing facilities which limits the threat of new entrants.
Bargaining power of buyers: Buyers have low bargaining power in the elevator control market due to the presence of standardized products offered by major players.
Bargaining power of suppliers: A few major component suppliers exist in the market resulting in high bargaining power of suppliers.
Threat of new substitutes: No viable substitutes exist for elevator control systems, limiting the threat of substitutes.
Competitive rivalry: The elevator control market experiences high competitive rivalry due to the presence of few major global players.
Key Takeaways
The Global Elevator Control Market Share is expected to witness high growth over the forecast period. The global elevator control market is estimated to be valued at US$ 9725.44 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Regionally, Asia Pacific dominates the global elevator control market and is expected to grow at the fastest rate during the forecast period. Factors such as rising urbanization and infrastructure development are driving the growth of the elevator control market in Asia Pacific.
Key players operating in the elevator control market are F. Hoffmann-La Roche AG, Boehringer Ingelheim GmbH, CHIESI Farmaceutici S.p.A., Gennova Biopharmaceuticals Ltd, Abbott Laboratories, and Reliance Life Sciences. F. Hoffmann-La Roche AG and Boehringer Ingelheim GmbH are the major players in the market with a large product portfolio and global presence.
The global elevator control market is characterized by high investments in R&D by key players for product innovation and expansion. For instance, in 2021, F. Hoffmann-La Roche AG launched a new digital health platform to support individuals with chronic diseases. Similarly, Boehringer Ingelheim GmbH focuses on developing novel treatment options for underserved patient segments through various collaborations. Strategic collaborations and acquisitions are some of the key strategies adopted by players to strengthen their market position.
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