New York, United States, Aug. 04, 2022 (GLOBE NEWSWIRE) -- With the proliferation of smart buildings outfitted with IoT systems, a future trend of integrating elevator control systems with other intelligent building components is projected to gain traction. The elevator control system prevents unauthorized elevator users from reaching restricted building floors. Creating a smart elevator control system allows for continuous monitoring of the elevator's wear-out spots and collecting statistical data or measuring specific parameters. The predictive maintenance program analyses data from the elevator and assesses the level of wear in individual parts, informing building management or a maintenance provider when elevator parts reach the end of their expected lifetime.
Machine-roomless (MRL) traction elevators are one of the most energy-efficient forms of elevators. The manufacturers rebuilt the motors and all the other necessary equipment, previously housed in a machine room above conventional elevators, to fit into the elevator's hoist route. These space-saving enhancements have eliminated the need to construct and supply energy to a machine room, consuming much less energy than prior versions.
Government initiatives for smart cities worldwide significantly contribute to the increased elevators demand. Furthermore, rising urbanization in places such as Asia-Pacific is influencing the building sector due to increased demand for infrastructure, fueling the need for towering skyscrapers for residential and commercial uses. As a result, tall buildings are becoming more common. The Asia-Pacific region accounts for a considerable share of the most elevated building projects, fueling the rapid growth of the elevator control industry.
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Increasing Investments in Building Infrastructure Drive the Global Elevator Control Market
Increased investment in allied infrastructure is fast rising to achieve sustainability and is primarily concerned with the growing urbanization trend. Emerging economies such as India, China, Saudi Arabia, and other BRICS are making significant expenditures in upgrading infrastructure, creating new prospects for the elevator control market. High-rise building development has also increased the demand for elevator control systems and components. The master plan for an ambitious proposal comprising three residential blocks and an office building was released for comment in March 2021 by England's notable developer Woodbourne Group. According to the developer, the energy-efficient credentials of its Curzon Wharf projects would make it the first mixed-use development of its sort to achieve net-zero operational emissions.
The vendors have also collaborated with infrastructure developers to deploy elevators equipped with modern elevator control systems. In 2019 Toshiba Group collaborated with Surat Diamond Bourse or SDB (India) to supply solutions for a building with a capacity of 4200 offices and more than 65,000 footfalls per day. The company erected 128 elevator units at 3 meters per second. The elevators will be deployed across the SDB's nine 15-story towers. Such collaborations for offering mobility in newly created infrastructure will also drive market expansion during the predicted period.
Underlying Market Opportunities Amid Rapid Urbanization
According to the United Nations Department of Economic and Social Affairs, the global urbanization rate was around 53.9% in 2015, projected to be 68.4% by 2050. These metropolitan areas are becoming more critical national and regional economic growth drivers. Globally, smart cities are expanding as a result of rising urbanization. According to UN estimates, urban people in India (404 million), China (292 million), and Nigeria (212 million) will be added to the existing populations by 2050.
With the increasing modernization of infrastructure, the demand for building elevators has become unavoidable. However, as the number of elevators installed in buildings increases, so does the number of people who use these elevators. This is causing excessive congestion or traffic, which has raised wait times. As a result, there is a need to combine these elevators with control systems equipped with technologies such as machine learning, artificial intelligence, IoT, and others to enable smooth vertical mobility throughout buildings.
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Asia-Pacific accounts for the largest market share and is expected to grow at a CAGR of 7.2% during the forecast period. It is one of the fastest-growing regions for smart city technology, with China playing an essential role in industry expansion. Government investment and the need for public safety improvements, economic development, and initiatives to decrease costs and increase sustainability are driving the development of smart city technology in the region. With governments around the area racing to adopt technology to improve urban living, market growth is predicted to be exceptional during the forecast period. The increasing integration of critical building equipment and systems with Artificial Intelligence (AI) and Machine Learning has also increased the demand for smart buildings in these countries.
Europe is the second-largest region. It is estimated to reach USD 2.5 billion by 2030, growing at a CAGR of 4%. With the PORT destination control, Schindler revolutionized the elevator industry by considering market vendors' operations. It catered to large elevator groups or straight-line arrangements in high-traffic commercial buildings. Furthermore, the PORT technology enhanced handling capacity and reduced transit times by up to 35%. In addition, Schindler created the Robotic Installation System for Elevators (Schindler RISE), which combined modern automation with elevator technology. The robot performs installation steps autonomously, which gives numerous benefits, including safe and high-quality elevator installation. As a result of such incremental advancements in elevator technology, domestic profits from modernization increased. Such trends are projected to drive regional market growth.
North America is the third largest region. Due to the increasing usage of smart technology, the United States has emerged as a critical market. The country has a significant vendor presence, which adds to market growth. Smart construction is an essential component of smart city infrastructure development. As a result, the region's expanding smart city initiatives and growing smart city infrastructure advancements will likely be catalysts for the market's expansion.
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The key players in the global elevator control market are
Global Elevator Control Market: Segmentation
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