Iot Enabled Systems Is Fastest Growing Segment Fueling The Growth Of Elevator Control Market

https://www.coherentmarketinsights.com/market-insight/elevator-control-market-5464
Elevator Control Market



Market Overview:

Elevators ensure smooth and swift passenger transportation across multi-storey buildings, transportation hubs and others. Elevator control systems work as the brain of elevators that run operations including passenger safety, access control, call dispatching, energy efficiency and modern communication features.

Market key trends:

Integration of Internet of Things (IoT) based technologies in elevator control systems is a key trend witnessed in the market. Elevator control systems enabled with IoT can offer intelligent services like predictive maintenance, remote monitoring, energy efficiency optimization and seamless communication among building management systems. IoT-enabled systems help in improving passenger experiences, reducing downtime, and enhancing overall operational efficiencies of elevators through continuous analytics of usage patterns and predictive maintenance alerts.

The global Elevator Control Market Growth is estimated to be valued at US$ 8442.22 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis
The global elevator control market is segmented by type into security, card access, specialty access, and closed circuit television (CCTV). Among these, the card access segment dominates the market and is expected to continue its dominance over the forecast period. Card access systems provide more secure access to different floors and they have become integral in restricting access to confined areas in commercial buildings. This has significantly propelled the growth of the card access segment.

Key Takeaways
The global elevator control market is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing construction of industrial infrastructure and commercial spaces.

Regional analysis:
Asia Pacific region is expected to emerge as the fastest-growing region in the elevator control market over the forecast period owing to rapid urbanization and industrialization in countries like China and India. Furthermore, the growing real estate sector in countries such as India, China, and Japan is also driving the demand for elevator controls in this region.

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. Key players are focusing on new product launches and partnerships to gain a competitive advantage in the market. For instance, in 2021, SICK AG launched the FG100 safety light curtain which provides safeguarding for elevator doors.

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