Automotive Telematics Market 2023 Analysis of Rising Business Opportunities with Prominent Investment, Forecast to 2030 | Hitachi Ltd., SICK AG, Nidec MCE

Market Overview:

The elevator control system is an integral part of lift installation that ensures smooth and safe transport of passengers between floors of tall buildings and parking structures. Elevator control systems aid in operational activities like door movement, starting, stopping, acceleration, deceleration, overspeed protection, and landing leveling through various components installed on machine room, elevator car, and landing buttons.

According to Coherent Market Insights study, The global elevator control market size was valued at USD 7,360 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 7.1% from 2022 to 2030.

Market Dynamics:

The elevator control market is projected to witness significant growth over the forecast period owing to rising urbanization and infrastructure development activities across both developed and developing countries. According to a new report by Global Construction Perspectives and Oxford Economics, the worldwide construction industry output is expected to grow by 85% to $15.5 trillion worldwide by 2030, driven by major global economies like China, United States, and India. This massive growth would fuel demand for elevator installation and modernization and thus lifting the elevator control market. Furthermore, ongoing shift towards smart elevators integrated with advanced technologies like IoT, AI, and cloud computing is also augmenting the adoption of innovative elevator control systems among end users. Elevator control solution providers are continually investing in R&D to develop agile and flexible products aligned with evolving industry 4.0 standards and safety regulations.

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Growing construction industry driving demand for elevator control systems:

The construction industry has been growing steadily over the past few years due to rapid urbanization and industrialization. As more residential and commercial buildings are being constructed, the demand for elevator systems is also increasing consequently driving the demand for advanced elevator control systems. Elevator control systems play a crucial role in ensuring smooth, efficient and safe functioning of elevator systems. Leading construction nations like China, India, Indonesia etc. are investing heavily in infrastructure development which will further boost the sales of elevator control systems in the coming years.

Advancements in technologies spurring innovations in elevator control systems:

Technological advancements in fields like IoT, AI, cloud computing etc. are enabling significant innovations in elevator control systems. Advanced elevator control systems integrated with technologies like IoT are enabling remote monitoring and predictive maintenance of elevators. Cloud-based elevator control solutions are making it possible to centrally manage elevator operations across multiple locations. Integration of AI and machine learning capabilities is helping improve safety, efficiency and user experience of elevators. Innovations centered around concepts like destination dispatch, gesture control systems etc. are also fueling the demand. Technology advancements are thus a major growth driver for the elevator control market.

High initial costs could limit adoption

Elevator control systems along with other essential components require substantial upfront investment. Advanced elevator control solutions integrated with latest technologies tend to be even more expensive. The high initial costs associated with purchasing, installation and configuration of elevator control systems may deter some potential customers, especially in cost-sensitive markets. Small residential buildings or low-rise commercial buildings may hesitate in opting for expensive control systems. However, the ongoing reduction in hardware costs and availability of affordable options could help address this restraint to some extent in the coming years.

Growing retrofitting activities present a lucrative avenue

In addition to new construction projects, the retrofitting and modernization of existing elevator installations also opens up a solid opportunity for elevator control system providers. As aging elevator systems in older buildings need to be upgraded or replaced to comply with evolving safety standards, adopt new technologies and functionalities, the retrofitting market shows promise. Solutions supporting remote monitoring, predictive maintenance and upgrades can help address this opportunity efficiently. Leveraging the trend of retrofitting activities could open a new revenue stream for elevator control system players.

Convergence of technologies elevating user experience

A prominent trend in the elevator control market is the convergence of technologies to deliver superior user experience. Integration of technologies like IoT, AI, cloud computing, biometric authentication etc. are transforming the way elevator systems function. Features such as smart destination selection using biometrics, customized access controls, gesture controls, interactive touch panels and mobile elevator control apps are improving convenience. Real-time analytics and advanced safety functionalities are also enhancing the riding experience. The trend of fusing diverse technologies to create smart, personalized elevator services will continue shaping the future growth trajectory of the market.

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The major players operating in the market include:

➱ SICK AG
➱ Hitachi Ltd.
➱ Honeywell International Inc.
➱ Hyundai Elevator Co. Ltd.
➱ Nidec MCE
➱ Toshiba Elevators and Building Systems
➱ Thames Valley Controls
➱ and Mitsubishi Electric

These companies are focusing on new product development, partnerships, collaborations, and mergers and acquisitions to increase their market share and maintain their position in the market.

Detailed Segmentation:

Global Elevator Control Market, By Application
◘ Residential
◘ Commercial

Market segment by Region/Country including:

- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Spain etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
- South America (Brazil, Argentina and Colombia etc.)
- Middle East & Africa (South Africa, UAE and Saudi Arabia etc.)

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Frequently Asked Questions (FAQs):

➱ What are the key factors hampering growth of the Elevator Control market?
➱ What are the major factors driving the global Elevator Control market growth?
➱ Which is the leading component segment in the Elevator Control market?
➱ Which are the major players operating in the Elevator Control market?
➱ Which region will lead the Elevator Control market?
➱ What will be the CAGR of Elevator Control market?
➱ What are the drivers of the Elevator Control market?

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This release was published on openPR.