Elevator Control Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)statzy Market

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The elevator control market is expected to register a CAGR of 5% over the forecast period 2021-2026. Increasing population, rising industrialization and urbanization, economic development and growing infrastructure spending is boosting the elevator control market globally.

- 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 addition, developments in elevator technology that leverage digitalizationto improve flow and travel time in busy mid and high-rise buildings, primarily commercial buildings are encouraging engineers to develop next generation smart elevator control systems. Smart connected buildings, Internet of Things capabilities, and evolving standards of safety and quality are the new generations elements evolving the elevator market. Key vendors would benefit after implementing these elements. For instance, KONE's BACnet PR18-compliant controller is a native BACnet device, fully integrated system, that doesn't require any elevator controls integrator or translation and allows building operator to manage, operate, and maintain smart buildings in the best and efficient ways.

- Moreover, increase focus on development, and modernization of airports, metro rails projects, and redevelopment of railway stations, offers opportunities in the infrastructure segment and hence to the elevator control market.

Key Market Trends

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Smart Cities to Drive the Elevator Control Market

Modern or smart cities will fuel the need for smart and efficient technologies to support urban growth with smart buildings. Smart cities have smart transportation services, greener buildings with advanced technologies that use renewable energy sources and provide an eco-friendly and connected world. Elevator technologies are essential to ensure future smart city sustainability. Global green infrastructure standards together with statutory requirements are influential in promoting the application of smart elevators inside the building.

As buildings are responsible for 40% of the energy consumption across the world, 10% of electrical consumption in buildings is associated with elevators' power consumption. Advanced elevator technologies ensure significant energy savings with a possible 27% reduction in energy consumption with a 30% increase in usable floor space and promises energy self-sufficient buildings. These are usually made up of modern digital security system controls such as touch screens, biometrics, destination dispatching, and access control.

For instance, KONE, Finland based elevator and escalator company, has introduced the world's first digital elevator series in November 2019, KONE DX Class, that provides a host of new, multisensory experiences inside the elevator by combining physical hardware and digital services. It is also customizable to individual needs and preferences that can bring new levels of ease and convenience. The company has collaborated with Blindsquare, Robotise, Soundtrack Your Brand to bring new levels of sophistication to the people flow experience.

Moreover, Asia-Pacific will experience highest number of smart city project in the forecast period. Out of 1000 smart city project that are currently being built around the world, China accounts more than half of it. For instance, Xiong'an's smart city brain project, the latest and most prestigious smart city project in China, aims to implement a high level of intelligence in city administration, engineering construction, corporate and social credit systems, public transport and other civil services and provide a taste of future to the city dwellers.

Asia-Pacific will Experience Significant Growth in Forecast Period

Multi-National companies are expanding their presence in Asia, emerging markets, to capture the potential growth with minimum cost. They are streamlining operations in a more established market and increasing their headcount in Asian countries. Information technology and the pharmaceutical sector had experienced the maximum growth of MNC's expansion. According to Singapore's Economic Development Board (EDB) report, more than 37,000 international companies, including 7,000 MNCs, have their headquarters in Singapore. The expansion has fueled the construction of multi-story buildings for workspace and need of fast and smart elevators to move an authentic employee to the desired floors with the fewest number of stops.

The rapid urbanization of Asia-Pacific region has shaped the skyscrapers' market due to increased demand for infrastructure and population density and has fueled the need for towering skyscrapers, both for residential and commercial purposes. High-rise construction is no longer confined to a few financial and business centers and is accepted as a global model for densification. As a result, tall buildings are financed and built in virtually around the world with Asia accounting to more than 63% of the world's tallest building projects which is boosting the speedy growth of elevator control market in Asia-Pacific region.

For instance, Wuhan Greenland Center is a skyscraper construction project aimed to build 636 meter tall structure that would provide spaces for three distinctive functions for office, apartment, and hotel. The estimated cost of the project is USD 4.5 billion and is estimated to complete in 2020. The elevator is provided by the Kone Corporation and Schindler to support speedy and efficient commute throughout the building.

China accounts more than half of the world's new lift installations and the spread of COVID-19 has impacted the construction activity across the globe. All the construction projects have been halted due to the risk of COVID-19 poses to vulnerable workers and other citizen. All the governments are restricting the movement of people and limiting manufacturing operations. It has impacted the vendors' delivery time and the pace of installation in many markets. But the elevator maintenance business sector is not highly impacted. Even though China has lifted the lockdown over COVID-19 but other countries has sealed the borders to prevent any further outbreak of pandemic. This has negatively effected the elevator control market as most of the components were manufactured in Asian countries.

Competitive Landscape

The elevator control market is competitive and is dominated by a few major players like Thyssenkrupp AG, OTIS Elevator, Kone Corporation, Schindler Group, and Hitachi Ltd. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

- March 2020 - KONE Corporation has won an order to provide elevators for Harrah's Cherokee Casino Resort, located in Cherokee, North Carolina, the United States. Its solution includes 16 KONE MonoSpace elevators that are planned to be installed in August 2020 and are expected to be completed by 2021. The new conference center and resort will have more than 700 hotel rooms in a 19-story tower, that also includes 83,000 square feet of conference space. The facility includes retail and dining, a pool and fitness center and a 2,000-space parking garage.

- February 2020 - Otis Elevator will be providing 112 Gen2 elevators for the second phase of the Bengaluru Metro project conducted by Bangalore Metro Rail Corporation Ltd. The company will supply the units from its local manufacturing facility in Bengaluru. The metro project's second phase is expected to be completed by 2023. It will cover 27 stations connecting the city's manufacturing and technical hubs of Electronics City and Whitefield.

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