Elevator control systems are electromechanical transportation devices used to move passengers from one level to another in buildings with multiple floors. These systems include components such as control modules, sensors, signal processors, and power converters that enable smooth operation of elevators. Elevator control systems assist in determining arrival, departure, and riding times of elevators while also monitoring speed, stopping accuracy, and cabin comfort. They reduce traffic congestion within buildings by using destination and call dispatching technology. Further, these systems enable energy-efficient operation of lifts by implementing regenerative drives, motion controllers, and cabin ventilation strategies.

The global elevator control market is estimated to be valued at US$ 9725.44 Mn in 2023 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 Dynamics

Growing demand for energy-efficient lift systems: With the ongoing emphasis on sustainability and energy conservation, there is an increasing demand for elevator controls that enhance efficiency. Installation of innovative systems such as regenerative drives, variable voltage variable frequency drives, and intelligent destination dispatching enables significant energy savings. For instance, regenerative control recycles the kinetic energy produced during braking and deceleration of elevators, reducing electricity consumption by up to 30%.

Focus on passenger safety and comfort: Modernization of existing elevator infrastructure and inclusion of features like analytics-based predictive maintenance, touchless call buttons, cabin air purifiers, etc. are being increasingly adopted to enhance user safety post Covid-19. Features like biometric access control, confined space monitoring also improve overall comfort. Advanced elevator controls play a crucial role in integrated digital solutions for predictive servicing and compliance with safety standards.

Segment Analysis
The global elevator control market can be segmented based on elevator type, component, and end use. Based on elevator type, the passenger elevator segment dominates the market with over 70% share. Passenger elevators are most commonly used in residential and commercial buildings which is driving the demand for this segment.

PEST Analysis
Political: Regulations regarding safety and security features in elevators is driving innovations in control systems.
Economic: Rising construction of high-rise buildings and commercial complexes is fueling the demand. The growing economy is increasing disposable incomes.
Social: Urban population is growing rapidly creating demand for vertical transportation. Safety and accessibility features are important for an aging population.
Technological: Digitalization and IoT is enabling remote monitoring and predictive maintenance of elevators. Advance control systems are reducing energy consumption.

Key Takeaways
The Global Elevator Control Market Share is expected to witness high growth over the forecast period of 2024 to 2031 supported by rapid urbanization and increasing construction spending globally. The global elevator control market is estimated to be valued at US$ 9725.44 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.

Regional analysis: The Asia Pacific region is expected to grow the fastest during the forecast period. The large untapped growth potential, rising population, and rapid infrastructural development are driving the elevator control market in Asia Pacific countries like China and India. China currently accounts for over 30% of the market share in the region.

Key players: 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 market leaders with over 20% share each owing to their innovative product offerings and strong distribution networks globally.

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