Elevator Control System Market Size, Share, Opportunities, And Trends By Function (Floor Selection, Weight Sensing, Speed Adjustment, Others), By System Type (Single Automatic Operation, Selective Collective Operation, Group Automatic Operation), By End-User (Residential, Commercial, Industrial), And By Geography - Forecasts From 2023 To 2028

An elevator control system is a computerized system that manages and controls the operation of an elevator. The control system includes a series of sensors, controllers, and software that work together to monitor the elevator's position, speed, and direction of movement. The system receives input from various sources, such as floor selection buttons inside the elevator and calls from external control panels on different floors of the building. Elevator control systems are essential for ensuring the efficient and safe operation of modern elevators in high-rise buildings. The rising rate of construction, both commercial and residential, has increased the demand for elevators and escalators.  Secondly, the growing population and the demand for modern, comfortable, and energy-efficient buildings have also contributed to the growth of the elevator control system market. Additionally, the impact of the COVID-19 pandemic has also led to an increased demand for contactless and hygienic elevator control systems.

The elevator control system market is experiencing growth owing to the significant increase in construction activities.

Elevator control systems play a critical role in the construction industry by providing vertical transportation for workers, equipment, and materials during the construction of buildings. Elevator control systems are also used in the permanent elevators installed in the finished buildings. The elevator control system is responsible for managing the elevator's movement, speed, and direction of travel, ensuring that it arrives at the correct floor and that the doors open and close safely. Overall, elevator control systems are an integral part of the construction industry, as they provide safe and efficient vertical transportation during the construction process and in the finished building, improving passenger experience and building efficiency. The growing rate of the construction industry will fuel the growth of the elevator control system market. For instance, according to the Office of National Statistics, there was a 3.7% growth in construction output in the UK in 2022. The National Institute of Statistics (ISTAT) reported that Italy's construction output also increased by 4.9% during the same year. According to INSEE, France, there was a 4.40% increase in construction output in 2022. The Federal State Statistics Service states that the construction output in Russia increased by around 6.09% in 2022 as compared to 2021. Additionally, as per the U.S. Census Bureau, in 2022, the construction industry in the country had a value of $1,792.9 billion, which was an increase of 10.2 % compared to the $1,626.4 billion spent in 2021. Data from the International Trade Administration states that the construction industry value in Mexico had gone up from US$ 90.47 billion in 2019 to US% 96.77 billion in 2022 and is expected to have an average annual growth of 3.1% between 2023 and 2026. Therefore, based on the provided information, it can be concluded that the global construction industry is expanding, which is expected to drive the growth of the elevator control system market.

The Asia-Pacific region is expected to show significant growth in the elevator control system market.

The elevation system markets growth in this region is attributed to the increasing demand for vertical transportation in commercial and residential buildings, and the rising need for contemporary structures that offer comfort and efficiency to individuals. For instance, according to reports from the Office of Economic Adviser to the Government of India, the construction output of the country has increased by 8% between 2021 and 2022. Similarly, according to the National Bureau of Statistics, the construction output of China in 2021 increased by 83,383 CNY HML (Chinese Yuan Hundred Million). The Australian Bureau of Statistics states that the GDP from construction in Australia rose to 39667 AUD million in the third quarter of 2022. According to the Ministry of Land, Infrastructure, Transport and Tourism, Japan, new construction orders in the country increased by around 8.5% in 2022.  Thus, it can be inferred that the collective impact of these factors contributes to the growth of the elevator control system market in the Asia Pacific region.

Market Key Developments

• In March 2021, the innovative "kNOw touch-contactless elevator control panel" by Jardine Schindler Group (JSG) was licensed to the Hong Kong Productivity Council (HKPC) in a recent agreement. This system incorporated infrared distance sensors located near the control panel, which could be calibrated to detect the position and layout of elevator buttons. As a result, users were able to simply point their fingers at the desired floor, without physically touching the panel, in order to select their destination.
• In March 2020, Picovoice, a startup specializing in voice technology, announced the launch of its new voice-controlled elevator and intercom system. The company stated that these elevators' voice control systems were designed to be user-friendly and hygienic, particularly in light of the COVID-19 pandemic.

Elevator Control System Market Scope:

 

Report Metric	Details
Growth Rate	CAGR during the forecast period
Base Year	2021
Forecast Period	2023 – 2028
Forecast Unit (Value)	USD Billion
Segments Covered	Function, System Type, End User, and Geography
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered	Otis, Mitsubishi Electric Corporation, Kone, Toshiba Elevators and Building System, Hitachi, Hyundai Elevator Co. Ltd, Thames Valley Control, ESI
Customization Scope	Free report customization with purchase

 

Segmentation

• By Function
  • Floor Selection
  • Weight Sensing
  • Speed Adjustment
  • Others
• By System Type
  • Single Automatic Operation
  • Selective Collective Operation
  • Group Automatic Operation
• By End User
  • Residential
  • Commercial
  • Industrial
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Suadi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Market Opportunities

4.4. Porter’s Five Force Analysis

4.4.1. Bargaining Power of Suppliers

4.4.2. Bargaining Power of Buyers

4.4.3. Threat of New Entrants

4.4.4. Threat of Substitutes

4.4.5. Competitive Rivalry in the Industry

4.5. Industry Value Chain Analysis

5. ELEVATOR CONTROL SYSTEM MARKET ANALYSIS, BY FUNCTION

5.1. Introduction

5.2. Floor Selection

5.3. Weight Sensing

5.4. Speed Adjustment

5.5. Others

6. ELEVATOR CONTROL SYSTEM MARKET ANALYSIS, BY SYSTEM TYPE

6.1. Introduction

6.2. Single Automatic Operation

6.3. Selective Collective Operation

6.4. Group Automatic Operation

7. ELEVATOR CONTROL SYSTEM MARKET ANALYSIS, BY END-USER

7.1. Introduction

7.2. Residential

7.3. Commercial 

7.4. Industrial

8. ELEVATOR CONTROL SYSTEM MARKET ANALYSIS, BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South Amercia

8.3.1.  Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. Germany

8.4.2. UK

8.4.3. France

8.4.4. Spain

8.4.5. Others

8.5. Middle East and Africa

8.5.1. Suadi Arabia

8.5.2. UAE

8.5.3. Others

8.6. Asia Pacifc

8.6.1. China

8.6.2. Japan

8.6.3. South Korea

8.6.4. India

8.6.5. Australia

8.6.6. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES

10.1. Otis

10.2. Mitsubishi Electric Corporation

10.3. Kone

10.4. Toshiba Elevators and Building System

10.5. Hitachi

10.6. Hyundai Elevator Co. Ltd

10.7. Thames Valley Control

10.8. ESI

10.9. Lift Solutions Inc.

10.10. ISF Elevator and Engineering Company

Otis

Mitsubishi Electric Corporation

Kone

Toshiba Elevators and Building System

Hitachi

Hyundai Elevator Co. Ltd

Thames Valley Control

ESI