The global elevator control panelboard market size reached USD 8.25 billion in 2023. Over the forecast period, demand for elevator control panelboards is predicted to rise at 6.1% CAGR. The market is set to increase from USD 8.75 billion in 2024 to USD 15.83 billion in 2034.
Demand for elevator control panelboards is projected to remain high in the elevator type segment. The market analysis shows that the target segment is slated to thrive at 6.1% CAGR during the forecast period.
| Attributes | Key Insights |
|---|---|
| Base Value, 2023 | USD 8.25 billion |
| Elevator Control Panelboard Industry Value (2024) | USD 8.75 billion |
| Elevator Control Panelboard Market Size (2034) | USD 15.83 billion |
| Value-based CAGR (2024 to 2034) | 6.1% |
Increasing demand for elevators in several sectors, including commercial, industrial, residential, and healthcare, is set to fuel the market. Development of reliable and effective elevator systems to accommodate the growing number of high-rise buildings is a key factor surging demand for elevator control panelboards.
The focus on accessibility and inclusivity in elevator and escalator design has increased. Leading manufacturers and companies are incorporating unique features such as tactile buttons, audible announcements, and spacious cab designs to cater to diverse user demographics.
To introduce cutting-edge control panelboards, key companies are investing in research & development to enhance predictive maintenance & remote monitoring and connection with building automation systems.
Exclusive Offer: 30% Off on Regional Reports
Get a free sample report and customize your regions for a 30% discount on your regional report!
Market to Surge Over 1.8X through 2034
The market is poised to rise 1.8 times its current size by 2034. This surge is fueled by several factors, including rapid expansion, increased construction activities in developing economies, and modernization of existing infrastructure in developed regions.
The elevator control panelboard industry is further projected to rise due to technological developments such as machine roomless systems, microprocessor-based controllers, and energy-efficient designs.
Building owners are modernizing control systems to meet safety and availability standards in the market. Rising urban population and vertical construction worldwide are fueling demand for control panelboards across several sectors.
North America is Projected to Continue as a Key Region for Manufacturers
North America is set to dominate the global elevator control panelboard market through the forecast period. It held around 23.0% of the worldwide market share in 2023. This is attributed to the following factors:
North America has the world's most innovative urban centers, including New York City, Chicago, and Toronto, where high-rise buildings are commonplace. The region's development trend continues to surge demand for vertical transportation solutions, including elevators, mostly in densely populated urban areas where space is limited and vertical building is required.
As capitals surge and renovate, there is a growing need for efficient and reliable elevator systems, surging the demand for high-quality elevator control panelboards.
North America is a hub for technical modernization and inquiry in the industrial automation sector. Manufacturers in the region invest heavily in research to develop cutting-edge elevator control panelboards that offer enhanced safety, productivity, and functionality.
Instances and expansions such as machine roomless elevators, destination dispatch systems, and IoT-enabled testing & maintenance solutions are fueling the evolution of elevator control technology in the region.
Regulatory bodies operating in North America, including the American Society of Mechanical Engineers (ASME) and the Canadian Standards Association (CSA), apply stringent safety and act standards for elevators and related components. Key manufacturers and companies in North America follow these standards to ensure their products meet the required safety, reliability, and quality criteria.
Dominance of Elevator Type Segment in the Market
Passenger elevator types are predicted to dominate the market, with a volume share of 27.1% in 2024. The most common types of passenger elevators are freight elevators, service elevators, and others.
In the global market, the elevator type segment’s dominance varies depending on urbanization rates, building construction trends, and industrial regulations. Passenger elevators typically hold the leading share in the market due to their widespread use in commercial, residential, and institutional buildings.
With increasing urbanization and construction of vertical buildings in cities worldwide, demand for passenger elevators is on rise. Freight elevators likewise played a meaningful purpose in the market, peculiarly in highly developed settings, warehouses, and logistics facilities where the efficacious movement of goods is essential.
Service elevators cater to specific needs in hotels, hospitals, and office buildings, contributing to the diversity of elevator installations and the growing demand for customized solutions.
Global sales of elevator control panelboards grew at a CAGR of 2.4% between 2019 and 2023. The market reached a valuation of USD 8.25 billion in 2023. The market witnessed steady growth between 2019 and 2023 due to increasing urbanization, infrastructure development projects, economic activities, and investments in these sectors.
| Historical CAGR (2019 to 2023) | 2.4% |
|---|---|
| Forecast CAGR (2024 to 2034) | 6.1% |
The market is set to exhibit strong growth, totaling a valuation of USD 15.83 billion by 2034. There is a growing focus on evolution and infrastructure development. Emerging economies, particularly in Asia-Pacific and the Middle East, are witnessing rapid urbanization and infrastructural development.
These regions are set to present a significant growth opportunity for the elevator control panelboard market due to increasing demand for elevators in residential and commercial sectors.
Continuous Developments in Elevator Technology
The integration of IoT technology in elevator systems allows for real-time monitoring, data collection, and remote diagnostics. It is set to transform conventional elevators into smart, connected devices.
Stringent Safety Regulations
Strict security rules and codes are significant pillars of the elevator industry, ensuring passenger safety and effective reliability. These regulations dictate stringent desires for elevator connection, preservation, and process.
Control panel board technology improvements, such as integrating analytical maintenance abilities and remote analytical tools, enhance safety by proactively identifying and addressing maintenance issues.
Elevator manufacturers and building owners can enhance passenger safety and maintain regulatory compliance by adhering to strict safety regulations and utilizing advanced control panel board technology.
High Initial Investment
The agreement of permissive control panel boards furnished with state-of-the-art technologies involves high initial investment, which is set to challenge budget-constrained projects or regions with slow economic growth. The high initial capital expense involves various costs, including equipment obtaining, connection, contracting, and integration with existing substructure.
Elevators are extensive investments for building proprietors and developers, with control panel boards representing a key component of system costs. Progressive control panel boards, mostly those including cutting-edge technologies such as IoT, AI, and predictive maintenance, command premium prices due to their enhanced functionality and performance capabilities.
The high initial investment required for advanced control panel panels is set to restrict market infiltration in regions with slow economic growth or limited economic resources.
Long Replacement Cycles
Extensive replacement cycles present a significant challenge for the elevator control panel board market. It is set to impact the incidence of raises and replacements, thereby affecting market growth in unit sales.
Elevator systems are prominent for their stability and durability, with average lifespans spanning multiple decades. While this stability is advantageous for building owners in terms of reduced maintenance and replacement costs, it also poses a difficulty for control panel board manufacturers seeking to increase sales through upgrades and replacements.
A primary reason behind the extended replacement cycles of elevator systems is the substantial initial investment required for their installation. Structure owners typically choose high-quality elevator systems equipped with durable control panel boards to minimize the need for frequent replacements.
Once installed, these elevator systems frequently remain in operation for extended periods, previously requiring replacement due to obsolescence, wear and tear, or regulatory compliance requirements.
Check Free Sample Report & Save 40%!
Select your niche segments and personalize your insights for smart savings. Cut costs now!
The performance of the market is heavily dependent on the growth of the industrial sector in several countries. More the development, the higher the adoption of these units. Growth rates of India, Brazil, Germany, China, and the United States through the forecast period are mentioned below.
The table below shows the estimated growth rates of the leading countries. India, China, and the United States are set to record high CAGRs of 6.8%, 6.4%, and 5.9%, respectively, through 2034.
| Countries | Projected CAGR (2024 to 2034) |
|---|---|
| India | 6.8% |
| China | 6.4% |
| United States | 5.9% |
| Brazil | 5.7% |
| Germany | 5.4% |
Rapid urbanization, infrastructural development, and technological improvements surge considerable growth in India. The need for vertical mobility solutions to enable effective movement in high-rise buildings and urban spaces is growing due to the annual migration of millions of people in India.
Elevator manufacturers profitably deliver sophisticated control panel boards customized to India's changing urban landscape as the country embarks on key infrastructure projects, including smart cities, metro rail networks, and commercial complexes.
Demand for energy-efficient systems with cutting-edge control panels is propelled by India's growing emphasis on sustainability and energy efficiency, thereby changing the elevator industry.
The United States is a center for technical innovation, creating an atmosphere favorable for developing and incorporating smart building technology into elevator systems. Elevator control panel board manufacturers have a unique chance to meet the needs of a tech-savvy market with the rise of IoT-enabled devices and predictive maintenance capabilities.
The United States offers forward-thinking manufacturers promising growth and expansion opportunities as long as the country prioritizes sustainability, efficiency, and safety in its built environment.
Germany's commitment to green architecture and environmental sustainability promotes energy-efficient elevator solutions with unique control panels. Building owners and developers favor regenerative drives, energy-saving algorithms, and IoT integration for reducing carbon emissions and optimizing energy usage. This progressive urban development approach offers opportunities for elevator control panel board makers.
The retrofitting of old buildings with modern elevator and escalator systems is essential for safety, performance, and property value enhancement in Germany. Growth of educational and healthcare facilities like universities and hospitals has heightened the need for efficient elevator control panel board systems for students, patients, and staff.
The section below shows the machine roomless control panel (MRL) segment as a dominating control panel type. It is forecast to thrive at 4.3% CAGR between 2024 and 2034. Based on end-use, the residential segment is anticipated to hold a dominant share through 2034. It is set to exhibit a CAGR of 4.7% during the forecast period.
| Top Segment (Product Type) | Machine Roomless Control Panel (MRL) |
|---|---|
| Predicted CAGR (2024 to 2034) | 4.3% |
The primary reason behind the dominance of machine roomless control panels (MRLs) is their space-saving design and flexibility in installation. Traditional elevator systems require a detached machine room monitor and control equipment, whereas MRL systems integrate the motor and control equipment in the elevator shaft.
MRL systems are often used for their energy efficiency and reduced eco-friendly impact. By removing the need for a separate machine room, MRL systems require less power to operate, thereby lowering energy consumption and operating costs.
Removing hydraulic fluids in MRL systems reduces the risk of environmental contamination, aligning with sustainability goals and regulations in several regions.
| Top Segment (End-use) | Residential |
|---|---|
| Projected CAGR (2024 to 2034) | 4.7% |
The residential end-use industry continues to be a key factor pushing the demand for elevator control panelboards. As development increases, vertical living solutions are gaining traction in the market, leading to a surge in residential high-rise constructions.
The modern lifestyle demands accessibility and comfort, fueling homeowners to invest in smart home technologies, including advanced elevator control systems. Growing emphasis on sustainability and energy efficiency has prompted the adoption of eco-friendly elevator control panelboards, further fueling demand in the residential sector.
As urban living trends continue, the domestic end-use industry is set to remain a lucrative market segment for manufacturers, propelling innovation and technological developments.
The market is fragmented, with leading players accounting for around 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 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
The global market was valued at USD 8.25 billion in 2023.
The global market value is set to reach USD 8.75 billion in 2024.
Global elevator control panelboard demand is anticipated to rise at 6.1% CAGR.
The market is set to reach USD 15.83 billion by 2034.
Elevator type segment is projected to lead the market during the forecast period.
| Market Size (2024) | USD 1,562.6 million |
|---|---|
| Market Value (2034) | USD 2,380.6 million |
| Value-based CAGR (2024 to 2034) | 4.3% |
| Market Size in 2024 | USD 4.5 billion |
|---|---|
| Market Value in 2034 | USD 6.4 billion |
| Value-based CAGR from 2024 to 2034 | 3.7% |
| Market Value for 2023 | USD 47,800 million |
|---|---|
| Projected Market Value for 2033 | USD 96,264 million |
| Value-based CAGR of Market for 2023 to 2033 | 7.4% |
| Market Estimated Size in 2023 | USD 69.0 billion |
|---|---|
| Projected Market Value in 2033 | USD 138.2 billion |
| Value based CAGR from 2023 to 2033 | 7.2% |
Explore Operational Equipment Insights
View Reports
Elevator Control Panelboard Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
