by Elevators are an integral component in modern large buildings to provide safe and efficient vertical transportation. Elevator control systems play a vital role in ensuring seamless operation and passenger safety. These control systems incorporate intelligent features like destination dispatching, touch screen interfaces, presence detection, and predictive maintenance capabilities to enhance user experience.
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:
The growing adoption of IoT (Internet of Things) and AI (Artificial Intelligence) technologies in elevator systems is one of the key trends fueling the elevator control market growth. IoT enabled sensors incorporated in elevator cabins, buttons, doors, and mechanical components continuously monitor performance parameters. AI algorithms then analyze this vast operational data to predict maintenance needs, optimize scheduling, prioritize user requests, and reduce downtime through predictive troubleshooting. Leading manufacturers are focusing on developing “smart elevators” integrated with IoT and AI to provide higher convenience, elevated experience, and cost-saving predictive maintenance services to building owners and facility managers. This rising focus on intelligent elevator solutions bodes well for the elevator control market expansion over the forecast period.
Segment Analysis
The global elevator control market is dominated by the elevator controller segment. Elevator controller forms the core of elevator operation by receiving signals from call buttons, position sensors, safety switches and sending appropriate signals to operate the drive motor of elevator system. Elevator controller’s ability to efficiently manage multiple elevator cars simultaneously, ensuring smooth operation and convenience to users has made it the dominating segment.
Key Takeaways
The Global Elevator Control Market Share is expected to witness high growth over the forecast period of 2024 to 2031. 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.
Asia Pacific region currently dominates the elevator control market owing to growing construction industry and rapid urbanization in countries such as China and India. China accounts for over 30% of the global elevator installation and is expected to remain the dominating regional market.
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. These players are focusing on developing innovative elevator controllers with enhanced features such artificial intelligence and IoT integration to improve elevator performance. Players are also focusing on Asia Pacific and Middle East & African markets considering high growth potential in these regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
