Elevator Safety System Market Growth Opportunities and Forecast by 2031

The elevator safety system market size is projected to reach US$ 30011.05 million by 2031 from US$ 14240.80 million in 2023. The market is expected to register a CAGR of 9.8% during 2023–2031. Increasing adoption of modernization projects is likely to remain a key trend in the market.

Elevator Safety System Market Analysis

The increasing use of elevators in high-rises, fueled by urbanization, is one of the factors causing the demand for elevator safety systems. Urban areas across the globe have been witnessing a steady increase in people from rural areas. This has caused the construction of numerous multistorey buildings and high-rises for commercial and residential purposes, resulting in the demand for elevator installation. An increase in the use of elevators, as well as the need for elevator safety systems, increases the need. This is causing the elevator safety system market to grow.

Elevator Safety System Market Overview

Security is of paramount importance in certain companies. The installation of elevator access control systems can be advantageous in such situations as it provides enhanced security control by managing access to specific floors in a building. They are among the top elevator companies providing a range of elevator engineering services from design, manufacturing, installation, maintenance, repair, and more.

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Elevator Safety System Market: Strategic Insights

Elevator Safety System Market Drivers and Opportunities

Increasing construction of high-rise buildings due to urbanization

High-rise buildings, particularly residential ones, have been beneficial in densely populated cities where vacant plots are nearly impossible to locate. In areas including SoHo, where the ground level is highly jammed with pedestrians and vehicle traffic frequently, constructing low-rise residential and commercial buildings is inadequate for the occupants’ mental and physical well-being. Elevator safety systems are widely used in such buildings. As urban areas become increasingly crowded, vertical construction provides a valuable solution to the limited availability of land. These towering structures provide more residents and offer numerous advantages, such as the optimal utilization of space, improved infrastructure, and reduced commute times due to their centralized locations. The rise in high-rise buildings is accompanied by advances in architectural design and technology, ensuring that these structures are aesthetically pleasing while being sustainable and energy efficient. Thus, with the construction of high-rise buildings due to urbanization, the elevator safety systems market is growing.

Increasing smart building integration

The evolution of smart building technology marks an important transition from traditional building management practices to an intelligent and more integrated approach driven by significant technological innovations. This transformation has transformed the management of buildings, enhancing efficiency, sustainability, and occupant experience. The main components of this technology are IoT and AI, energy management systems, safety and security features, and the need for real-time data and analytics. Each of these components contributes to creating a cohesive and responsive smart building ecosystem. Elevator safety systems are widely used in smart buildings. Thus, the increasing adoption of environmental tunnel system lighting alternatives is creating more opportunities for the market.

Elevator Safety System Market Report Segmentation Analysis

Key segments that contributed to the derivation of the elevator safety system market analysis are type and application.

• Based on the type, the elevator safety system market is divided into control systems, maintenance systems, and communication systems. The solutions segment held a larger market share in 2023.
• By application, the market is segmented into residential and non-residential. The cloud segment held a larger market share in 2023.

Elevator Safety System Market Share Analysis by Geography

The geographic scope of the elevator safety system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America dominates the elevator safety system market. The elevator safety system market in this region is growing due to various factors, such as increasing government initiatives to improve the visibility of and the presence of a well-established transportation industry. According to the Council on Tall Buildings and Urban Habitat (CTBUH), 1,480 skyscrapers with a height of more than 200 m have been constructed in the last 20 years in the US. Thus, the demand for elevator systems is increasing.

Elevator Safety System Market Regional Insights

The regional trends and factors influencing the Elevator Safety System Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Elevator Safety System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Elevator Safety System Market Report Scope

Elevator Safety System Market Players Density: Understanding Its Impact on Business Dynamics

The Elevator Safety System Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Elevator Safety System Market News and Recent Developments

The elevator safety system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the elevator safety system market are listed below:

• Delta, a global leader in power and thermal management technologies and a world-class provider of industrial automation solutions, announced a new generation of its elevator drives, the EB3000 family. The new drives are compact and easy to install while providing compatibility with a wide range of systems and communications protocols. Most importantly, the drives are designed with safety as the number one priority with built-in safe torque off (STO) and comply with EN81-20 and EN81-50. In addition, the new line of drives is even easier to maintain and troubleshoot with wireless control via Bluetooth while also ensuring a smooth and comfortable ride for passengers. (Source: Delta, Press Release, November 2023)
• CEDES, a global leader in elevator safety light curtains and optoelectronic sensors and relayr, announced the launch of their joint solution for the elevator industry - combining CEDES’ renowned light curtain with Relays Industrial IoT expertise. (Source: CEDES, Press Release, November 2023)

Elevator Safety System Market Report Coverage and Deliverables

The “Elevator Safety System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Elevator safety system market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Elevator safety system market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• elevator safety system market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the elevator safety system market
• Detailed company profiles