Elevator Control Panelboard Market to Reach US$ 15.83 Billion by 2034 Amid Integration of IoT and Smart Technologies

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Apr 02, 2024, 06:15 ET

An FMI analyst says a building boom, especially in developing countries, is driving demand for elevator control panels. With more people and less space, cities are building tall, and elevators are essential for getting around these high-rises. But there's more to these panels than just buttons. Thanks to the Internet of Things (IoT), they can now monitor themselves, predict problems, and even connect to other smart building systems. This makes elevators not only more convenient but also more energy-efficient and reliable.

NEWARK, Del., April 2, 2024 /PRNewswire/ -- According to Future Market Insights (FMI), the global elevator control panelboard market is expected to reach US$ 15.83 billion by 2034. This growth trajectory is mostly recognized by the surging demand within the residential end-use industry, which is undergoing an extraordinary surge in activity and development. Over the forecast period, global demand for elevator control panelboards is projected to surge at a CAGR of 6.1%.

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The residential sector is a key driver behind the escalating demand for elevator control panelboards. As the population continues to accelerate worldwide, mainly in developing economies, the need for high-rise residential buildings and cooperatives is rising.

With limited space in heavily populated urban areas, vertical expansion through towers and multi-story buildings becomes imperative. Accordingly, the installation of elevators becomes essential to ensure convenient access and mobility across these constructions.

Elevator control panelboards play a crucial role in the efficient process and management of elevator systems in domestic developments. These panelboards serve as the courage center, controlling various aspects of elevator functionality, including operation, observation, and safety procedures.

With technological improvements, modern elevator control panelboards have sophisticated features such as remote monitoring, analytical maintenance facilities, and integration with smart building systems. These creations not only enhance the performance of elevators but also contribute to improved energy efficiency and operational reliability.

Growing emphasis on safety and regulatory compliance in the construction industry additionally underlines the significance of elevator control panelboards. Manufacturers are progressively focused on developing panelboards that adhere to stringent safety standards and incorporate advanced safety mechanisms to moderate risks related to elevator operations.

Key Takeaways from the Report

The global elevator control panelboard market is projected to thrive at 6.1% CAGR through 2034.
By control panel type, the machine roomless control panel segment is expected to showcase a CAGR of 4.3% during the forecast period.
By end-use, the residential segment is expected to witness a CAGR of 4.7% during the forecast period.
North America accounted for a significant share of about 23.0% in 2023.
India is anticipated to surge at a CAGR of 6.8% by 2034.
China is projected to attain a CAGR of 6.4% by 2034.

"The elevator control panelboard industry prioritizes safety. Leading manufacturers are set to develop advanced control panelboards with real-time monitoring, emergency communication systems, and redundant fail-safe mechanisms. Customized solutions are increasingly sought, with modular elevator control panelboard designs gaining popularity for flexibility in configuration and installation." - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Competitive Landscape

The global elevator control panelboard market is fragmented, with leading players accounting for 30% to 35% share. Hitachi Ltd, Hyundai Elevator Co., Ltd., Toshiba Elevators and Building Systems, Mitsubishi Electric, and Thames Valley Controls are the leading manufacturers and suppliers of elevator control panelboards listed in the report.

Key elevator control panelboard companies are investing in continuous research to produce new products and increase their capacity to meet end-user demand. They are also inclined toward adopting strategies to strengthen their footprint, including acquisitions, partnerships, mergers, and facility expansions.

Recent Developments-

On July 4, 2024, Jardine Schindler launched "kNOw Touch Contactless Elevator Control Panel", the Jury Award Winner of HKPC's Geneva Gold Medal, signing Technology Licensing Agreements with Jardine Schindler to promote wider adoption.
September 13, 2022- Hitachi, Ltd and Hitachi Building Systems Co. Ltd. announced that they developed a touchless operating panel and an elevator without physical floor buttons that allow users to experience a new sensation.

Purchase now and gain full access to the Elevator Control Panelboard Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.

More Insights into the Elevator Control Panelboard Market Report

In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global elevator control panelboard market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034.

To understand the global market potential, growth, and scope, the market is segmented based on control panel type (machine room control panel, machine roomless control panel, hydraulic elevator control panel), control system (single automatic operation, selective collective operation, group automatic operation), controller type (relay-based controller, microprocessor-based controller, plc based controller), elevator type (passenger elevators, freight elevators, service elevators, others), end-use type (residential, commercial, institutional, industrial), and region.

About the Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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