Elevator Safety System Market Size & Share | Report 2022, 2028

Elevator Safety System Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Control System, Maintenance System, and Communication System) and Application (Residential and Non-Residential)

  • Report Code : TIPRE00026916
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 143
Buy Now

Elevator Safety System Market Size & Share | Report 2022, 2028

Buy Now

The elevator safety system market size is expected to grow from US$ 13,073.86 million in 2022 to US$ 22,881.75 million by 2028; the market is estimated to record a CAGR of 9.8% from 2022 to 2028.

During the elevator safety system market analysis, rising installation of elevators in high-rises, fueled by urbanization is one of a factor propelling the demand for elevator safety systems. Urban areas across the world have been witnessing a steady influx of people from rural areas. This has triggered the construction of numerous multistorey buildings and high-rises for commercial and residential purposes, thereby prompting the demand for elevator installation. An increase in the use of elevators, in turn, boosts the need for elevator safety systems. This factor is fueling the elevator safety system market growth.

Further, the rising number of elevator-related accidents has compelled regulatory bodies to tighten the regulations governing the functioning of elevators. Most such regulations are focused on improving the safety features of an elevator. Standards such as ISO 22559-1, IS 14665, and BS EN 81-20 ensure that elevator manufacturers provide their products with enhanced safety features. The perks of modern elevators include effective communication, especially during emergencies; smooth operations; and quick rides. Elevator modernization through the integration of IoT, automation, big data analysis, and AI is likely to further drive the elevator safety system market growth during the forecast period.

Elevator Safety System Market - 

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Elevator Safety System Market: Strategic Insights

Elevator Safety System Market

  • CAGR (2022 - 2028)
    9.8%
  • Market Size 2022
    US$ 13.07 Billion
  • Market Size 2028
    US$ 22.88 Billion

Market Dynamics

GROWTH DRIVERS
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX
FUTURE TRENDS
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX
OPPORTUNITIES
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX

Key Players

  • GAL Manufacturing Company, LLC
  • 2N Telekomunikace A.S
  • Chr. Mayr GmbH + Co. KG
  • Janus Elevators
  • TK Elevator
  • Oleo International
  • Otis Elevator Company
  • Electronic Controls Inc.
  • Technic Electronic Corporation

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Type
  • Control System
  • Maintenance System
  • Communication System
Application
  • Residential and Non-Residential
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Impact of COVID-19 Pandemic on North America Elevator Safety System Market Growth

The US has the largest construction industry in North America, followed by Canada and Mexico, respectively. However, enterprises in this industry were compelled to halt construction-related activities during the COVID-19 pandemic. Companies experienced discontinuation in the production, manufacturing, and supply of elevators and elevator safety systems due to lockdowns imposed by various governments for prolonged periods. During the initial phase of the COVID-19 pandemic, supply chains in North America faced several challenges. Moreover, customer orders for elevators decreased amid the declining performance of the construction industry. Besides, most installations of elevator safety systems were related to refurbishing old elevators or previously placed orders. From the Q3 of 2020, the conditions began improving, as the supply chain disruptions were revoked, leading to the increased production of elevator safety systems. Moreover, resurgence in the construction industry also favors the revival of elevator businesses, in turn, propelling the demand for elevator safety systems. This factor is expected to propel elevator safety system market size.

The elevator industry continues to evolve with continuous progress in innovative elevator systems. Builders and elevator inspectors in North America comprehend the tested and proven safety code developed and provided by several associations; these associations include the American Society of Mechanical Engineers (ASME), National Association of Elevator Contractors (NAEC), Canadian Standards Association (CSA), and National Association of Elevator Contractors (North America). The American Society of Mechanical Engineers (ASME) has developed eight major codes addressing safety in the design, construction, inspections, testing, maintenance, installation, operation, alteration, and repair of elevators, as well as for other types of lifts and moving walks. Additionally, ASME safety codes were mainly created to set a standard in the elevator industry to minimize accidents, injury, and costly downtime and further boost consistency in elevator construction and installation across North America.

Market Insights – Elevator Safety System Market 

The migration of people from rural to urban areas at a steady pace over the years has been a common phenomenon worldwide, particularly in developing countries. According to the United Nations Conference on Trade and Development (UNCTAD), 56.2% of the global population resided in urban areas in 2020, compared to 51.6% in 2010. The percentage of urban dwellers was above 79% in developed countries, including the US and the UK. With the growing urban population, the need for high-rise buildings has increased in urban areas. According to the Council on Tall Buildings and Urban Habitat (CTBUH), 1,480 skyscrapers with heights greater than 200 m have been built in the last 20 years in the US. The number also includes 40 new residential skyscrapers constructed during 2019–2022. Moreover, urban populations are compelled to move to multistorey buildings as owning a house in cities is becoming difficult with elevating land and high property taxes, and complex documentation requirements. With increasing urbanization, the demand for elevator will endure to rise, which in turn will drive the elevator safety system market.

In addition to the initial purpose of showcasing progressive architecture, high-rise buildings are now being constructed to solve the accommodation crisis arising from the surging urban population. As a result, elevators are losing their status as a premium feature and are becoming a common feature in most multistorey buildings having more than two floors. Modern-day elevators come with different default safety systems, including infrared door protection, terminal slowdown switches, travel limit switches, terminal buffers, interlocking, over-speed governors, alarm bells, emergency stop switches, elevator phones, safety edges, and intercoms. With the increasing installation of elevators in multistorey buildings, elevator safety system manufacturers are witnessing high demand for their products. Additionally, elevator manufacturers are increasing the number of safety features provided in their products to better comply with relevant regulations and distinguish their products from their competitors. For example, they are offering elevators integrated with microcomputer-enabled monitoring technology and smart auxiliary braking systems to attract new customers and boost the installation of their elevators. This factor will fuel the elevator safety system market.

Elevator Safety System Market Report Scope

Report Attribute Details
Market size in 2022 US$ 13.07 Billion
Market Size by 2028 US$ 22.88 Billion
Global CAGR (2022 - 2028) 9.8%
Historical Data 2020-2021
Forecast period 2023-2028
Segments Covered By Type
  • Control System
  • Maintenance System
  • Communication System
By Application
  • Residential and Non-Residential
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • GAL Manufacturing Company, LLC
  • 2N Telekomunikace A.S
  • Chr. Mayr GmbH + Co. KG
  • Janus Elevators
  • TK Elevator
  • Oleo International
  • Otis Elevator Company
  • Electronic Controls Inc.
  • Technic Electronic Corporation
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Type-Based Insights – Elevator Safety System Market

    Based on type, the elevator safety system market analysis is conducted for control system, maintenance system, and communication system. The control system segment accounted for the largest elevator safety system market share in 2021. Modern elevator systems mainly rely on automation for safe operation, and elevator control systems provide low-power storage facilities that can resist the demanding operating conditions present within elevators. Moreover, elevator control systems need stable, reliable, real-time communications to ensure the safety of the whole system. Single automatic, selective collective, and group automatic operation are the three main types of elevator control systems.

    In addition, increasing demand for communication systems such as emergency alarms and telephones, the elevator safety system market will continue to propel.

    Companies in the elevator safety system market players are mainly focused on the development of advanced and efficient systems. A few such developments have been mentioned below.

    • In 2022, Otis Elevator a company engaged in escalator and elevator installation, manufacturing, and service was granted a contract to supply and install 127 units for Line 3 of the Panama Metro, which includes more than 85 escalators and 40 Gen2 elevators. Otis will provide safe, efficient, and reliable transportation for the Panama Metro, continuing its multi-year license of this historical and developing infrastructure project.
    • In 2020, Schindler successfully introduced “SCHINDLER AHEAD,” the smart IoT platform for the seamless networking of elevators and escalators in fast-moving metropolitan settings. Schindler, a global leader in elevators, escalators, and associated services, exhibits their Digital OOH advertisement solutions for elevators and escalators.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Type, and Application

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

    Frequently Asked Questions


    Which countries are registering a high growth rate during the forecast period?

    Canada, Rest of Europe, India, the UAE, and Brazil are expected to register high growth rates during the forecast period.

    Which are the key players holding the major market share of elevator safety system market?

    The key players, holding majority shares, in elevator safety system market includes Otis Elevator Co; OLEO International Ltd; ECI America; Janus Elevator Products Inc.; and 2N TELEKOMUNIKACE a.s.

    Which is the fastest growing regional elevator safety system market?

    APAC is the fastest growing regional market, followed by Europe and North America during the forecast period.

    What is the future trend for elevator safety system market?

    Since the safety of elevator users is of utmost importance, there is growing research 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 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.

    What are the driving factors impacting the elevator safety system market?

    Increased Use of elevators with rapid urbanization driving the need for elevator safety system market. The migration of people from rural to urban areas at a steady pace over the years has been a common phenomenon worldwide, particularly in developing countries. According to the United Nations Conference on Trade and Development (UNCTAD), 56.2% of the global population resided in urban areas in 2020, compared to 51.6% in 2010.

    What is the estimated global market size for the elevator safety system market in 2022?

    The global elevator safety system market is expected to be valued at US$ 13,073.86 million in 2022 and is expected to grow at a CAGR of 9.8 %, during the forecast period 2022 - 2028.

    The List of Companies - Elevator Safety System Market

    1. GAL Manufacturing Company, LLC
    2. 2N Telekomunikace A.S
    3. Chr. Mayr GmbH + Co. KG
    4. Janus Elevators
    5. TK Elevator
    6. Oleo International
    7. Otis Elevator Company
    8. Electronic Controls Inc.
    9. Technic Electronic Corporation
    10. Flexco Industries, Inc.

    Trends and growth analysis reports related to Electronics and Semiconductor : READ MORE..