Global Elevator Control Market Outlook to 2026: Hitachi, Hyundai Elevator, Toshiba Elevators and Building Systems, and Mitsubishi Electric Dominate – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Elevator Control Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.

The global elevator control market was valued at USD 6.91 billion in 2020, and it is expected to reach USD 9.80 billion by 2026, registering a CAGR of around 6.05%, during the period of 2021-2026.

The outbreak of the COVID-19 across the globe has significantly disrupted the supply chain and production of the elevator control market in 2020.

To prevent the spread of the coronavirus, governments in several nations have limited the number of personnel across variuos industry verticals.

Key Highlights

• Rise in urbanization across the world in search of a job and better life standard has led to an increase in demand for residential apartments. In order to cater to the needs, governments have supported the construction of the multi-storey building to accommodate the maximum number of families in the same land area. According to the United Nation, more than one half of the world population lives in urban areas, and virtually all countries are experiencing urbanization. Developed countries’ large population resides in urban areas, whereas developing countries in Africa and Asia, still dwell in rural areas but will urbanize faster than other regions over the coming decades. It will drive the elevator control market in the coming years.
• The rapid increase in infrastructure spending in developing economies is expected to boost the elevator market. According to the report, India’s infrastructure investment would grow by 43% in the fiscal year 2020-2021 projected by the government which would strengthen the demand of elevators and steel. Infrastructure spending by central, state governments and the private sector is forecast to be around USD 254 billion in 2020-21 compared with estimated spending of USD 178 billion in 2019-20.
• In the wake of technological advancements, companies are striving towards introducing technologically advanced products such as touchless elevators that will prevent the further spread of corona virus. Developments such as these will open new prospects for the market in the near future.

Key Market Trends

Increased Investment in Building Infrastructure to Drive the Elevator Control Market

• With the growth of high-rise buildings, the elevator control systems have also achieved rapid development, and the design has been constantly improving and optimizing. The implementation of advanced technologies in control systems has been driving the growth of the market.
• The adoption of advanced technologies, such as artificial intelligence, smart sensors and IoT, among others, assist in reducing energy consumption, improving the safety of the elevators, and control traffic or congestion efficiently and conveniently.
• The increased investment in allied infrastructure have been rapidly increasing for achieving sustainability and majorly concerned with the growing urbanization trend. In October 2020, the International Monetary Fund (IMF) announced member governments to seize a low-interest rate opportunity to invest in infrastructure to drive recovery from the coronavirus pandemic and a shift toward greener energy. The increase in public investment by 1% of GDP in advanced and developing economies would grow by 2.7%.
• The suggestion is to help the countries tackle the pandemic crisis. The increase in the infrastructure also promotes the growth of the market for elevator control as they make an essential part of residential and commercial elevator fleet, helping in mobility.
• The major investments in building infrastructure can be witnessed from emerging economies, such as India, China, Saudi Arabia, and other BRICS, which creates new opportunities for the elevator control market. As part of Vision 2030, Saudi Arabia plans on making a USD 425 billion investment in infrastructural projects. The investments will be carried out till 2030, and the nation aims to cut its dependence on oil.
• On similar lines, India also has a USD 1.5 trillion National Infrastructure Pipeline for six years ending 2025. The plan seeks to make investments across a wide range of hard infrastructure and social sectors.

Asia-Pacific will Experience Significant Growth in Forecast Period

• The Asia-Pacific region is witnessing the growing presence of multinational companies due to the opportunities offered by the emerging markets, in terms of infrastructure and reduced labor costs. These companies are looking for ways to streamline operations in a more established market and increasing their headcount in Asian countries.
• With the emergence of new economies and an increasing focus on industrialization throughout the Asia-Pacific region, citizens flocked to the cities and urban areas in hopes of better employment and salary opportunities.
• Urbanization has further catalyzed the emergence of megacities throughout the Asia-Pacific region. Urbanization is expected to grow throughout the coming years, thereby increasing the demand for modern infrastructure in both commercial and residential spaces.
• According to a survey by the World Bank, countries like Macau, Singapore, and Hong Kong exhibited 100% of the population as urban populations in 2019. These countries were followed by Japan, New Zealand, and Australia, to name a few.
• The rapid urbanization of the Asia-Pacific region has shaped the skyscrapers’ market due to increased demand for infrastructure and population density. It has fueled the need for towering skyscrapers, both for residential and commercial purposes.

Companies Mentioned

• Hitachi Ltd.
• Hyundai Elevator Co., Ltd.
• Toshiba Elevators and Building Systems
• Mitsubishi Electric
• Thames Valley Controls
• Nidec MCE
• Honeywell International Inc.
• SICK AG

For more information about this report visit https://www.researchandmarkets.com/r/buc9x7

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