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Elevator Safety System Market to Cross $22.88 Billion, Revenue by 2028 at 9.8% CAGR – Growth Report by The Insight Partners

New York, Nov. 29, 2022 (GLOBE NEWSWIRE) — According to The Insight Partners, “Elevator Safety System Market Size, Share, Demand, Growth, Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis by Type (Control System, Maintenance System, and Communication System) and Application (Residential and Non-Residential)” The elevator safety system market size to grow from USD 13.07 billion in 2022 to USD 22.88 billion by 2028; it is estimated to record a CAGR of 9.8% from 2022 to 2028.

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Elevator Safety System Market – Report Scope:

Market Size Value in USD 13.07 Billion in 2022
Market Size Value by USD 22.88 Billion by 2028
Growth rate CAGR of 9.8% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2022
No. of Pages 143
No. of Tables 56
No. of Charts & Figures 73
Historical data available Yes
Segments covered Type, and Application
Regional scope North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scope US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Elevator Safety System Market Analysis: Competitive Landscape and Key Developments

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 this study for market size estimation. In addition, several other essential elevator safety system market players were studied and analyzed to get a holistic view of the market and its ecosystem

In 2021, KONE, a multinational elevator and escalator manufacturer, partnered with Amazon Web Services (AWS), the world’s most comprehensive and widely used cloud platform. AWS will deliver worldwide cloud capabilities to KONE, including the Internet of Things (IoT) and analytics. In addition, the firms will collaborate to create new technologies to improve the scalability and performance of KONE’s connected services and solutions.

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In 2019, Mitsubishi Electric Corporation and its wholly owned subsidiary Mitsubishi Electric Building Techno-Service Co., Ltd. will launch the M’s BRIDGE global remote-maintenance service for the continuous monitoring, inspection, and data analysis of elevators via an IoT platform. The companies had plans to make this service available in Hong Kong and Singapore first, before expanding to other Asian, Europe, and American countries. With this, they plan to launch this service in 15 countries by the end of the fiscal year in 2022.

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

SAM has a relatively lower presence of elevator safety system providers, despite the rising demand. The region witnessed a notable construction boom before the COVID-19 pandemic. However, during the global health crisis, economic uncertainty and political instability in several countries dampened the growth prospects for the elevator industry. The region possesses construction land and human resources in abundance. With projected improvements in economies, the construction of high-rises is expected to resume by 2023, providing growth opportunities for elevator manufacturers and elevator safety system market players in the coming years.

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Safety is a major concern in most old elevators; hence, several projects have been undertaken, across the world, to upgrade these elevators. New York City implemented a new regulation in 2014 that mandates the installation of emergency safety brakes in all elevators by 2027. As the deadline is still some years ahead, builders are expected to install these breaks in old elevators soon to comply with the directive. In April 2022, the Facilities Management Committee of the Madison County Board approved the projects for upgrading the north elevator installed in Madison County Courthouse of Illinois, US. The overall upgrades and the addition of a second elevator shaft are expected to cost ~US$ 1.8 million. According to Schindler Group, more than 50% of elevators and escalators in Europe are aged more than 20 years. Thus, there is an urge to upgrade such elevators to ensure users’ safety. With rising need to modernize old elevators with new systems, the elevators safety system penetration will rise, which in turn will fuel the elevator safety system market size.

Further, considering the aging population in China, the government announced its plans to retrofit 3 million apartment buildings with elevators in 2020. Thus, the increasing number of building and elevator renovation projects is expected to provide ample growth opportunities for the elevator safety system market growth in the coming years.

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Global Elevator Safety System Market Study: Application Overview

Based on application, the elevator safety system market size is segmented into residential and non-residential. The residential segment held a larger elevator safety system market share in 2021. The elevators installed in residential structures require regular maintenance and annual inspections across several systems such as emergency alarms, emergency stops, door locks, overload sensors, and overspeed detectors. Generally, reasons for lift breakdown and malfunction across residential elevators are improper usage, poor servicing, intentional vandalism, and insufficient repair/maintenance budgets. Therefore, maintenance for these elevators has become critical to keep apartment lifts free of accidents. Otis, one of the leading manufacturers of elevators and escalators, experiences a huge demand for residential elevators in India—the second largest after China. In addition, due to a rise in the sale of housing projects and a surge in the government’s investment in infrastructure, the residential segment accounts for ~80% of the Indian market.

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