Market Overview:

Elevator control system is used to monitor, operate and control the elevator’s movements, locations, speeds and direction. It ensures the safe operation of elevators by controlling the traffic flow, call acceptance and performing duties like door operation, emergency braking etc. Elevator control systems find applications in various industries like residential buildings, offices, malls, hotels etc. where movement of people from one floor to another is required frequently. The growing construction activities worldwide due to rapid urbanization is fueling the demand for elevators which in turn is driving the elevator control market.

Market key trends:

One of the key trends in the elevator control market is growing adoption of machine learning and IoT based solutions. Manufacturers are focusing on developing cloud connected and predictive maintenance systems. For instance, Hitachi and Toshiba offers cloud-based IoT solutions that collects real time performance data of elevators which helps in preventive maintenance and reduces downtime. Another major trend is the development of energy efficient and sustainable elevator control systems. Companies are incorporating regenerative drives, LED lights and zoning systems to optimize power consumption of elevators.

Porter’s Analysis

Threat of new entrants: Low capital requirements and technological expertise pose a low threat of new entrants in the elevator control market. The industry is mature with established players.

Bargaining power of buyers: Elevator control systems are highly specialized and buyers have limited choices and substitutes. This gives suppliers greater bargaining power.

Bargaining power of suppliers: Key components are supplied by a few specialized companies like SICK AG and Mitsubishi giving them strong bargaining power over OEMs.

Threat of new substitutes: There are no close substitutes for elevator control systems as they perform critical safety functions in high-rise buildings.

Competitive rivalry: The elevator control market is consolidated with top players like Hitachi, Otis and Kone holding major shares. Competition is based on innovations, service and partnerships.

Key Takeaways

The Global Elevator Control Market Size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing development of high-rise buildings and urban infrastructure globally. North America dominates currently due to stringent safety regulations while Asia Pacific is expected to grow at the highest CAGR with China as the major market.

Regional analysis

The Asia Pacific region is projected to grow at the fastest pace during the forecast period owing to increasing infrastructure spending, urbanization and economic growth in major countries like China and India. China dominates the APAC elevator control market currently with the largest number of new installations annually.

Europe and North America are also significant markets driven by maintenance and replacement demand. Stringent safety codes in countries like the US and Germany drive adoption of newer technologies.

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.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it