The elevator safety system market expected to reach at US$ 22,881.75 million by 2028; registering at a CAGR of 9.8% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Integration of Advanced Technologies for Real-Time Monitoring and Predictive Maintenance to Lead to New Trends in Elevator Safety System Market During 2022–2028
The elevator safety system market is gaining prominence in the current scenario. This is due to the fact that, the safety of elevator users is of utmost importance; therefore, significant research is undergoing on integrating big data, artificial intelligence (AI), and machine learning (ML) with elevators to enhance their safety. Big data aids in the collection and analysis of elevator system functioning, along with the types and causes of faults. Data collected with the help of AI and ML can be utilized for real-time monitoring of an elevator's operation, alongside detecting faults. Moreover, ML can assist in predictive maintenance due to its ability to foresee the malfunction of a particular part or the entire system. Several elevator manufacturers have rolled out products integrated with AI and ML. In April 2022, TK Elevator launched MAX Link, a code-compliant connectivity enabler for elevator emergency communications equipment. The product—an extension of the company's cloud-based monitoring and predictive maintenance platform, MAX—can be retrofitted with several older communication systems, including existing American Disabilities Act (ADA)-compliant emergency phone systems.
Elevator Safety System Market Share — by Geography, 2021
Elevator Safety System Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Control System, Maintenance System, and Communication System) and Application (Residential and Non-Residential), and Geography
Elevator Safety System Market Size, Growth, Share by 2031
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Source: The Insight Partners Analysis
Germany, France, the UK, and Italy are among the prime contributors to the European elevator safety system market. Western Europe is renowned for its improved living conditions, with higher income levels among residents. EU elevator regulation determines the basic health and safety requirements for elevators and elevator safety components.
The European Lift Association (ELA) represents the elevator associations in the European Union (EU) or the European Free Trade Area (EFTA). It has become the main communication vector of the companies’ providing lifts, escalators, and moving walkways to the European Parliament, the European Commission, and various other institutions and organizations.
Germany held the largest elevator safety system market share in 2021. According to EUROPA, an official website of the EU, buildings in the EU are responsible for 40% of energy consumption, and greenhouse gas emissions from buildings decreased by 29% during 2005–2019. In addition, elevators represent a much smaller size of buildings' energy utilization as most elevators are almost 20 years old and can be improved to save up to 50% of electricity by utilizing superior drives. According to the Federal Institute for Occupational Safety and Health (BAuA), a German federal agency responsible for occupational safety and health, has stated about the installation of new lifts in Europe. New safety components for lifts must only be made available on the market if they comply with the provisions of European regulations. In April 2022, Otis Germany announced a new project to service more than 130 elevators in the hospital portfolio. The company has renewed its service contracts with EKK plus, a procurement vendor for municipal hospitals. On the back of strong existing relationships and expertise in providing elevators to the healthcare sector, Otis has submitted a combined proposal and won the contract to service elevators through the end of 2023.
The elevator safety system market size is bifurcated on the basis of type and application. Based on type, the elevator safety system market is segmented into control system, maintenance system, and communication system. By application, the elevator safety system market is bifurcated into residential and non-residential.
GAL Manufacturing Company, LLC; 2N Telekomunikace A.S; Chr. Mayr GmbH + Co. KG; Janus Elevators; TK Elevator; Oleo International; Otis Elevator Company; ECI America; Technic Electronic Corporation; and Flexco Industries, Inc. are among the key elevator safety system market players profiled during the study. Several other important elevator safety system market players were also studied and analyzed during this study to get a holistic view of the market and its ecosystem.
Impact of COVID-19 Pandemic on Europe Elevator Safety System Market Growth
The unprecedented policies implemented across the European countries to curb the effect of COVID-19 impacted the regional economic growth until Q3 of 2020. Several industries across the region experienced supply chain disruptions due to lockdowns imposed by EU countries. This halted the manufacturing processes of critical elevator safety system components. Many large and small companies experienced revenue losses. The decreased installation of new elevators hampered the demand for elevator safety systems, eventually impeding the European elevator safety system market size.
As different European economies are recovering and entering their pre-pandemic growth path, the elevator safety system market in the region is also on the path of revival. Europe is focused on revamping buildings for reducing their power consumption, among other purposes. These projects are expected to include the installation of new lifts or retrofitting modern systems to old ones. Such applications are likely to aid in the quick recovery of the elevator safety system market in the region.
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