Elevator Inverter Market- Global Industry Analysis and Forecast (2023-2029)

Elevator Inverter Market was valued at US$ 53.05 Bn. in 2022. Global Elevator Inverter Market size is expected to grow at a CAGR of 8.4 % through the forecast period.
Elevator Inverter Market Overview:
Elevator Inverter is a compact and thin inverter with a thickness of 90 millimeters that can be positioned between the hoistway wall and the cage. The Elevator Inverter is capable of running both PM and electric induction motors. It can be controlled by a multi-step speed or a serial communication speed instruction (also called RS232 communication). It's a type of inverter that's typically seen in high-speed elevators with a regenerative converter for efficient regenerative energy consumption.

Elevator inverters are extremely efficient at conserving energy since they return regenerative energy to the power source elevator are mostly utilized for residential purposes, as buildings in major cities often install them to improve accessibility. As a result of the rapid development of the building and construction industry, there is a great demand for inverters, which is propelling the Elevator Inverter Market.The past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis, especially with the impact of lockdown by region.To know about the Research Methodology :- Request Free Sample Report
Elevator Inverter Market Dynamics:
Market Drivers: An elevator inverter is a device that is used to control elevators. Elevators must accelerate slowly to be comfortable, which raises the issue of motor speed regulation. Other types of speed control include series resistance speed control: It slows the speed by lowering the voltage inside the motor by connecting a resistor in series. The downside is that the series resistance consumes some energy; however, with the frequency converter, this condition does not occur because it directly regulates the output frequency and voltage to drive the motor, and there is no additional consumption.

A pleasant user experience is the 150 % output torque at 0.5Hz ensures consistent operation during starting and shutdown. Special brake control logic is used to ensure the system's safety and reliability. The reliable protection function is fundamental inverter protection, brake resistance protection, control power protection, and so on. Additional features include Chinese and English voice instructions, weighing, frequency conversion, and other features. Friendly interactive interface: expanded real-time GPS/GPRS data monitoring, automatic leveling management; LCD.

Market Restraints: Power outage Elevators draw a lot of electricity from commercial building utility systems, therefore changes to the voltage can disrupt motor operations or possibly cause the elevator to break down. A power quality survey should be performed on elevators that have a history of motor failures or operational difficulties. Infrared thermography can detect potential trouble locations before they cause costly system failures by measuring dramatic temperature swings. Power quality assessments may rapidly detect common issues such as over/under voltage, and infrared imaging can swiftly detect hot fuses before a motor loses a phase.

Features: The elevator inverter is based on a novel load-sensorless start compensation technology that helps provide a comfortable starting position without the need for a wait measure device. In the meantime, the synchronous motor is controlled by an incremental ABZ encoder. Furthermore, a novel type of PWM inverter dead time compensation method and dynamic PWM carrier modulation technology enable electric motors to reduce noise and losses. This elevator inverter achieves a maximum junction temperature of 175°C and reduced switch loss by improving inverter hardware. high performance is ensured via the closed loop vector control technique. Torque adjustment at zero speed without the use of load weighing equipment saves money. The elevator inverter's unique PWM dead-zone compensating technology results in less energy loss. For minimal motor noise, use dynamic PWM carrier modulation technology.

Elevator installation and maintenance costs will be a big stumbling block for industry data. However, depending on the type of elevator, maintenance expenses might range from USD 120 to USD 2,000 for a single run of repairs. Regular maintenance, which can cost anywhere from USD 220 to USD 320 per year for semi-annual to annual maintenance, can help keep the elevator from breaking down. In the elevator sector, installation costs are also quite substantial. Elevators require constant repair and maintenance to function properly. The expense of such maintenance procedures can easily exceed the cost of the initial purchase. Because of the increased development of private residences, the building & construction segment is expected to grab more than 80% of the market share by 2029.
Elevator Inverter Market Segment Analysis:
Based on Type: Automatic and Semiautomatic are the types of the elevator inverter market
Automatic elevators are elevators that operate without passengers pressing any floor buttons. They can be traction or hydraulic.

Automatic elevators operate without the use of floor buttons. When passengers enter and exit the elevator cab, door sensors identify their presence. the closing of the doors, the elevator will begin to run on its own, pausing at each floor (when there are more than two floors). Except for the alarm and door control buttons, there are no floor buttons in the cab. after the last passenger exits the cab, the elevator will continue to run until it reaches the next floor, where it will park and wait for the next passenger. Sabbath service is a comparable model. This mode functions similarly to automatic elevators in that no floor buttons must be pre-programmed. Instead, the elevator will travel in one way to each floor, then reverse and stop on all floors in the opposite direction once it reaches the terminus floor.

Based on the Application: Hotels, Retail, Transportation, Residential, Hospitals, Parking, Office, Building, Others. lift Inverter - When the power is turned on, it automatically recharges the batteries and keeps them in good shape. When the power goes off, the lift continues to run until it comes to a standstill on the following floor. On reaching the next floor, the cabin bulb remains lit and the automatic lift doors open. As a result, passengers can safely exit the vehicle, which is a huge plus in these days of unpredictable power outages.When the primary source of power fails to provide, the battery mode is immediately activated, allowing a three-way output to be generated, which helps to feed the connected loads. The best aspect is that when the main power is restored, the UPS instantly switches the elevator to the primary source and begins charging the batteries again. The transition time between the main failure and moving to the backup is only 15 to 20 seconds.

Inverters that are connected to the grid. These inverters must be able to produce nearly perfect sinusoidal voltages and currents because they are connected to the electric distribution network. Local utilities establish the operational criteria for these types of inverters in most cases, however, most utilities rely on existing standards to evaluate whether technologies are feasible. PV modules behave as voltage Sources, hence voltage source inverters will be of interest to us. Voltage control techniques are employed in instances when there is no grid reference, and the inverter acts as a voltage source. The current control system is employed when a grid connection is used, and the inverter acts as a current source.

These inverters are unable to operate as an enclave since they require the utility voltage as a reference to provide the current available from the PV. Some stand-alone inverters can also be used as grid-connected inverters or in hybrid power systems with other renewable energy sources. Modern inverters (particularly grid-tied inverters) can attain efficiencies of over 95% and are often warranted for 5 to 10 years. The majority of inverters have efficiencies of over 85%.
Elevator Inverter Market Regional Insights:
The North American region dominated the market with a 42 % share in 2022. The North American region is expected to witness significant growth at a CAGR of 1.24% through the forecast period.

The objective of the report is to present a comprehensive analysis of the global Elevator Inverter Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Elevator Inverter Market dynamic, and structure by analyzing the market segments and projecting the Elevator Inverter Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Elevator Inverter Market make the report investor’s guide.
Elevator Inverter Market Scope: Inquiry Before Buying



Elevator Inverter Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 53.05 Bn.


Forecast Period 2023 to 2029 CAGR:
8.4%
Market Size in 2029:
US$ 93.30 Bn.


 Segments Covered:
by Type
Automatic Elevator Inverter
Semiautomatic Elevator Inverter


by Application
Hotels
Retail
Residential
Hospitals
Parking
Office
Building


by End User
Hydraulic & pneumatic
Building & Construction
Commercial


by  installation
Institutional
Industrial



Elevator Inverter Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Elevator Inverter Market Key Players
1. Toshiba Corporation
2. Otis Elevator Company
3. Mitsubishi Electric Corporation
4. Schindler Holding Ltd
5. Hitachi Ltd
6. Fujitec Co
7. Thyssenkrupp AG
8. Kone Corporation
9. Kleemann Hellas SA
10.Hyundai Elevator
11.SMA
12.Huawei
13.SolarEdge Technologies
14.ABB
15.Kstar
16.Solar-Edge Technologies
17.Power Electronics
18.General Electric
19.Schneider Electric

Frequently Asked Questions:

1] What segments are covered in the Global Elevator Inverter Market report?
Ans. The segments covered in the Global Elevator Inverter Market report are based on Product Type, application, the end user, and Installation.

2] Which region is expected to hold the highest share in the Global Elevator Inverter Market?
Ans. The North American region is expected to hold the highest share in the Global Elevator Inverter Market.

3] What is the market size of the Global Elevator Inverter Market by 2029?
Ans. The market size of the Global Elevator Inverter Market by 2029 is expected to reach US$ 93.30 Bn.

4] What is the forecast period for the Global Elevator Inverter Market?
Ans. The forecast period for the Global Elevator Inverter Market is 2023-2029.

5] What was the market size of the Global Elevator Inverter Market in 2022?
Ans. The market size of the Global Elevator Inverter Market in 2022 was valued at US$ 53.05Bn.