rise in construction of high-rise buildings with smart vertical transportation systems is driving the Elevator Control Market
Technavio analyzes that the Elevator Control Market is expected to grow at a CAGR of 6.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 6.6 billion.There are various factors that contribute to the growth of the market. The construction of high-rise buildings is witnessing a significant surge, leading to an increased demand for smart vertical transportation systems, including elevator control systems. These advanced systems offer energy efficiency, safety features, and convenience, making them a preferred choice for modern architectural projects. The elevator control market is poised to grow, driven by this trend and the continuous advancements in technology.
In the business landscape, the commercial sector, comprising offices, hospitals, schools, retail stores, and malls, is a significant consumer of elevator control systems due to the high volume of foot traffic and the need to provide convenience to consumers. Unlike residential elevator demand, which is primarily driven by developed countries, the commercial elevator control market has gained substantial traction in developing economies such as China and India, fueled by the increasing construction of commercial buildings. For instance, the burgeoning IT, telecommunications, and outsourcing industries in India's metropolitan cities like Bengaluru and Delhi are driving the demand for office space, consequently boosting the market for elevator control systems that prioritize energy efficiency, smart technologies, and green infrastructure standards. This trend is expected to continue, propelling the global elevator control market's growth throughout the forecast period.
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Elevator Control Market Segmentation
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The Elevator Control Market is witnessing significant growth due to the integration of advanced technologies such as artificial intelligence, smart sensors, IoT, and machine learning in elevator control systems for high-height buildings. These technologies enable touchless elevators, energy efficiency, safety, traffic management, and intelligent building entry in residential and commercial buildings. Infrastructure spending on smart technologies and automated solutions in multi-storey constructions, including residential apartments and commercial buildings, is driving market growth. Innovations like door phones, building access, and safety features enhance the user experience and contribute to the market's expansion. High-rise constructions and smart buildings are major applications of these cutting-edge mobility solutions.
The global elevator control market is a significant segment of the larger industrial machinery and supplies and components market. This market caters to high-rise building construction, leveraging cutting-edge technology such as artificial intelligence, smart sensors, and the Internet of Things (IoT). Elevator control systems are essential components in industrial environments, contributing to the market's growth. The market's expansion is driven by the increasing demand for energy efficiency and safety in elevators, fueled by the growing industrial output in process and discrete industries. Developing countries' economic expansion, particularly in sectors like energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages, further boosts market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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