Global Elevator Safety System Market- Market Overview:

The global elevator safety system market is expected to grow from USD 13,073 million in 2022 to USD 27,618 million by 2030, at a CAGR of 9.8% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the rising efficiency.

In high rises and multistory buildings, elevators and related systems are essential pieces of technology. Elevator safety systems are crucial for safeguarding the security of those using them. Manufacturers of elevator safety devices and elevators are both subject to a number of laws and codes. As the number of elevator installations and elevator users has expanded, so has the strictness of these laws and norms. Different types of switches, buffers, governors, alarms, communication systems, and sensors are included in elevator safety systems. A growing number of sensors are being included in elevators due to growing safety concerns. Additionally, big data, artificial intelligence, and machine learning are being combined with these systems to improve the operation of safety systems and elevators. Increased energy efficiency initiatives in the European Union, increased proliferation of smart cities in MEA and Singapore, increased emergence of a robust commercial sector in Mexico and Brazil, increased popularity of energy-efficient & intelligent buildings in North America, increased adoption of wireless technology, and high demand for security are the major factors driving the market growth. Many projects have been launched globally to upgrade these older elevators because safety is one of their main concerns. By 2027, all elevators in New York City must have emergency safety brakes installed, according to a new ordinance that was put into effect in 2014. Builders are anticipated to instal these breaks in outdated elevators shortly in order to comply with the requirement, even though the deadline is still a few years away.

Sample Request: - Global Elevator Safety System Market

Market Dynamics:

Drivers:                          

• Increasing Efficiency

Elevator efficiency is increased through modernization. Consider the Mitsubishi Electric Elevator Group Control System as an illustration. It is a solution that significantly improves the efficiency of elevators. DOAS is a standout system from Mitsubishi Electric (Destination Oriented Allocation System). This method allows elevators to travel farther while making fewer stops at various floors. Its operating efficiency is increased by all of this working together flawlessly.

Restraints:                                             

• Lethargy

The lethargy that utilising an elevator encourages is a serious drawback. Since many people already don't get enough exercise, climbing stairs is a useful physical activity to engage in. The individual who climbs the stairs will benefit physically more than the sluggish person who waits on the elevator and expects to be readily transported to his destination, even if the walk up the stairs is four or five flights. Fear of being confined. Claustrophobia is a fear of crowds and small spaces.

Opportunities:

• Rising cases of chronic diseases

Rapid urbanisation, expanded government initiatives in the building industry, updated regulatory standards for lift infrastructure, and significant architectural evolution are some of the major reasons driving the country's elevator safety system market size. Players offering moving walkways and elevators in Australia are subject to severe Standards Association of Australia (SAA) safety code regulations. Additionally, the association built a number of safety elements intended to promote good ridership and avoid accidents in elevators.

Challenges:

• Slow Speed of Elevators

The slow speed of a elevator is one of its key drawbacks. Typically, it can go no faster than 150 feet per minute (on larger travels). An effective machine-room management system is required because the temperature affects the oil's ability to function as a hydraulic fluid.

Segmentation Analysis:

The global elevator safety system market has been segmented based on product type, application, and region.

By Product Type

The product type segment includes maintenance system, control system, and communication system. The maintenance system segment led the largest share of the elevator safety system  market with a market share of around 45.8% in 2022. In order to keep elevators in good operating order, service experts perform an organised inspection. Finding, diagnosing, and correcting issues before they result in system failure, malfunction, or shutdown are all parts of the process. In order to avoid expensive repairs and extend asset lifespan, elevator maintenance is often performed at least once every month.

By Application

The application segment includes residential and non-residential. The residential segment led the largest share of the elevator safety system market with a market share of around 59% in 2022. Residential elevators must undergo yearly inspections and routine maintenance on a variety of equipment, including emergency alarms, emergency stops, door locks, overload sensors, and overspeed detectors. Inappropriate usage, poor servicing, deliberate vandalism, and insufficient repair/maintenance funds are typically to blame for lift breakage and malfunction in residential elevators. In order to prevent accidents in apartment elevators, maintenance on these elevators has become essential. The second-largest market after China for residential elevators is India, where Otis, one of the top producers of elevators and escalators, sees a big demand. Additionally, the residential segment makes up around 80% of the Indian market as a result of an increase in the sale of housing projects and an increase in the government's investment in infrastructure.

Global Elevator Safety System Market- Sales Analysis.

The sale of elevator safety system expanded at a CAGR of 8.1% from 2016 to 2022.

The weather at this time may have a considerable impact on the ability to transport materials and the finished product. This would therefore have an impact on when the finished product would be delivered in the event of an unexpected monsoon. Some items would completely lose their worth as a result of climate change. In the case of textiles, the market for warm winter clothing is significantly lower in nations where winters are now relatively mild as a result of global warming. Businesses that produce a lot of trash may have to comply with legislative constraints on their environmental operations.

In high rises and multistory buildings, elevators and related systems are essential pieces of technology. Elevator safety systems are crucial for safeguarding the security of those using them. Manufacturers of elevator safety devices and elevators are both subject to a number of laws and codes. As the number of elevator installations and elevator users has expanded, so has the strictness of these laws and norms. Different types of switches, buffers, governors, alarms, communication systems, and sensors are included in elevator safety systems. A growing number of sensors are being included in elevators due to growing safety concerns. To further improve the operation of safety systems and elevators, these systems are also being combined with big data, artificial intelligence (AI), and machine learning (ML).

Thus, owing to the aforementioned factors, the global elevator safety system market is expected to grow at a CAGR of 9.8% during the Projection period from 2023 to 2030.

By Regional Analysis:

The regions analyzed for the elevator safety system market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the elevator safety system market and held a 39.2% share of the market revenue in 2022.

• The Asia Pacific region witnessed a major share. The need for elevator safety systems is increasing quickly along with the number of elevators deployed as a result of the construction industry's rapid growth. Elevator safety system market growth in APAC is being aided by various government policies that place a priority on enhancing control, maintenance, and communication systems built into elevators in order to reduce the likelihood of accidents. In nations like China and Japan, where the elderly population is growing, the high demand for elevators is also a factor in the demand for elevator safety systems. Additionally, the existence of important elevator and elevator safety system manufacturers as well as strategic alliances among market participants are fostering competition in the APAC market.
• Asia Pacific is anticipated to experience significant growth during the predicted period. A large number of leading market players, as well as easy access to food products through stores, are driving market growth in the region. Moreover, changing lifestyle, and rising demand for packaged food is boosting the demand for food texture in the region.

Global Elevator Safety System Market - Country Analysis:

• Germany

Germany's elevator safety system market size was valued at USD 980.47 million in 2022 and is expected to reach USD 2086.48 million by 2030, at a CAGR of 9.9% from 2023 to 2030.

Strategic collaborations between market participants and the presence of major manufacturers of elevators and elevator safety systems are fostering competition in the Germany market.

• China

China’s elevator safety system market size was valued at USD 1332.39 million in 2022 and is expected to reach USD 2876.9 million by 2030, at a CAGR of 10.1% from 2023 to 2030.

In residential, commercial, and industrial regions, including train and metro stations, shopping centres, hotels, airports, high-rise apartments, and public buildings, there is a growth in construction, particularly of high-rise buildings, and a significant penetration of elevators. Other important reasons driving the growth of the elevator safety system market in the nation include rising urbanisation, greater government initiatives in the building industry, updated regulatory criteria for lift infrastructure, and significant architectural evolution.

• India

India's elevator safety system market size was valued at USD 1024.9 million in 2022 and is expected to reach USD 2196.9 million by 2030, at a CAGR of 10% from 2023 to 2030.

Following the lifting of the lockdown and the implementation of successful vaccination drives, construction work were restarted. As a result, it is projected that in the years to come, demand for elevators and elevator safety systems would increase in nations like India.

Key Industry Players Analysis:  

To increase their market position in the global elevator safety system market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.

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

Latest Development:

• In 2021, The largest and most popular cloud platform in the world, Amazon Web Services (AWS), teamed with KONE, a global maker of elevators and escalators. KONE will receive global cloud capabilities from AWS, including analytics and the Internet of Things (IoT). The businesses will also work together to develop new technologies to increase the performance and scalability of KONE's connected services and solutions.

Report Metrics

Report Attribute	Details
Study Period	2022-2030
Base year	2022
CAGR (%)	9.8%
Market Size	13,073 million in 2022
Projection period	2023-2030
Projection unit	Value (USD)
Segments covered	By Linear Speed, By Application, and By Region.
Report Scope	Revenue Projection, competitive landscape, company ranking, growth factors, and trends
Companies covered	GAL Manufacturing Company, LLC, TK Elevator, Chr. Mayr GmbH + Co. KG, 2N Telekomunikace A.S, Janus Elevators, Otis Elevator Company, Oleo International, ECI America, Technic Electronic Corporation, and Flexco Industries, Inc.
By Linear Speed	Maintenance System Control System Communication System
By Application	Residential Non-Residential
Regional scope	North America Europe Asia-Pacific South America Middle East and Africa

Scope of the Report

Global Elevator Safety System Market By Product Type:

• Maintenance System
• Control System
• Communication System

Global Elevator Safety System Market By Application :

• Residential
• Non-Residential

Global Elevator Safety System Market By Region:

• North America
  • USA
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Russia
• Asia-Pacific
  • Japan
  • China
  • India
  • Korea
  • Southeast Asia
• South America
  • Brazil
  • Peru
• Middle East and Africa
  • UAE
  • South Africa
  • Saudi Arabia

Political Factors- A transparent governance system is necessary to promote a collaborative workplace culture. Because of corruption and a lack of transparency, the elevator safety system sector is currently experiencing a lot of issues. This lack of transparency is primarily due to the current political turbulence and unpredictability. Corruption damages stakeholders' trust in business firms and governmental agencies by promoting fraudulent operations, making business procedures like licencing and contracting more difficult, and weakening law enforcement. Economic growth is generally being slowed by rising bureaucratic corruption, which reduces the potential for markets like the elevator safety system market to flourish.

Economic Factors- In established industries that are on the verge of saturation, it may be more challenging to achieve growth goals for the elevator safety system industry. Therefore, the industry lifecycle stage must be taken into consideration while choosing the countries for international expansion. The elevator safety system market should take into account the rates of economic growth of the various countries when considering whether to expand abroad. In countries with strong rates of economic growth, there are more possibilities for pursuing long-term growth objectives. When the economy is expanding slowly, consumer spending becomes more conservative, which directly affects the revenue growth of the elevator safety system industry.

Social Factors- Respect for hierarchy and social class stratification are two important social traits that could have an impact on the commercial, marketing, and human resource management strategies for the elevator safety system market. The elevator safety system market is most at ease in hierarchical structures with formal work cultures when entering countries with high power distance. Increased social stratification is another sign of the need for effective market segmentation strategies, as the elevator safety system market cannot target many different groups from different social classes using the same marketing mix.

Technological Factors- Since these countries make it easier for enterprises to pursue objectives like cost reduction, innovation, and value creation, the elevator safety system market should benefit countries with superior technology infrastructure. The elevator safety system industry will find it more challenging to employ technology to gain a persistent competitive advantage because it might be easily replicated by competitors, which is shown by a well-developed technological infrastructure. The market and industry as a whole may be affected by the speed and advancement of technical innovation. By studying the upcoming technological innovation trends, the elevator safety system market will be able to comprehend the rate of new product development, the length of the product life cycle, and the distinctive features that consumers prefer.

Environmental Factors- In some countries, the adoption of the closed-loop, circular economy concept is becoming the norm in a variety of locations and industries. Businesses with supportive institutional structures can make recycling and reuse of materials easier. Similar to this, recycling is a popular activity in many countries. The elevator safety system market may benefit from these sustainability trends and use them as a tool to both achieve financial objectives by reducing manufacturing costs and reduce environmental expenses.

Legal Factors- Companies like the elevator safety system  Market benefit from rigorous adherence to intellectual property laws because it protects their patents from imitation, giving them a long-lasting competitive advantage. In many countries, there are numerous federal and state laws in place to protect consumers from potential economic exploitation. In the era of information technology, laws have become considerably stricter to safeguard consumer privacy. In order to avoid lawsuits, the elevator safety system market must rigorously adhere to data protection regulations when conducting online transactions.

1. Introduction
   • 1. Objectives of the Study
   • 2. Market Definition
   • 3. Research Scope
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
   • 1. Porter’s Five Forces Analysis
   • 2. Value Chain Analysis
   • 3. Top Investment Pockets
     • 3.1. Market Attractiveness Analysis By Product Type
     • 3.2. Market Attractiveness Analysis By Application
     • 3.3. Market Attractiveness Analysis By Region
   • 4. Industry Trends
5. Market Dynamics
   • 1. Market Evaluation
   • 2. Drivers
     • 2.1. Increasing Efficiency
   • 3. Restraints
     • 3.1. Lethargy
   • 4. Opportunities
     • 4.1. Rising cases of chronic diseases
   • 5. Challenges
     • 5.1. Slow Speed of Elevators

6. Global Elevator Safety System Market Analysis and Projection, By Product Type
   • 1. Segment Overview
   • 2. Maintenance System
   • 3. Control System
   • 4. Communication System
7. Global Elevator Safety System Market Analysis and Projection, By Application
   • 1. Segment Overview
   • 2. Residential
   • 3. Non-Residential
8. Global Elevator Safety System Market Analysis and Projection, By Regional Analysis
   • 1. Segment Overview
   • 2. North America
     • 2.1. U.S.
     • 2.2. Canada
     • 2.3. Mexico
   • 3. Europe
     • 3.1. Germany
     • 3.2. France
     • 3.3. U.K.
     • 3.4. Italy
     • 3.5. Spain
   • 4. Asia-Pacific
     • 4.1. Japan
     • 4.2. China
     • 4.3. India
   • 5. South America
     • 5.1. Brazil
   • 6. Middle East and Africa
     • 6.1. UAE
     • 6.2. South Africa

9. Global Elevator Safety System Market-Competitive Landscape
   • 1. Overview
   • 2. Market Share of Key Players in the Elevator Safety System Market
     • 2.1. Global Company Market Share
     • 2.2. North America Company Market Share
     • 2.3. Europe Company Market Share
     • 2.4. APAC Company Market Share
   • 3. Competitive Situations and Trends
     • 3.1. Technology Launches and Developments
     • 3.2. Partnerships, Collaborations, and Agreements
     • 3.3. Mergers & Acquisitions
     • 3.4. Expansions

10. Company Profiles
    • GAL Manufacturing Company, LLC
      • 1.1. Business Overview
      • 1.2. Company Snapshot
      • 1.3. Company Market Share Analysis
      • 1.4. Company Technology Portfolio
      • 1.5. Recent Developments
      • 1.6. SWOT Analysis
    • TK Elevator
      • 2.1. Business Overview
      • 2.2. Company Snapshot
      • 2.3. Company Market Share Analysis
      • 2.4. Company Technology Portfolio
      • 2.5. Recent Developments
      • 2.6. SWOT Analysis
    • Mayr GmbH + Co. KG
      • 3.1. Business Overview
      • 3.2. Company Snapshot
      • 3.3. Company Market Share Analysis
      • 3.4. Company Technology Portfolio
      • 3.5. Recent Developments
      • 3.6. SWOT Analysis
    • 2N Telekomunikace A.S
      • 4.1. Business Overview
      • 4.2. Company Snapshot
      • 4.3. Company Market Share Analysis
      • 4.4. Company Technology Portfolio
      • 4.5. Recent Developments
      • 4.6. SWOT Analysis
    • Janus Elevators
      • 5.1. Business Overview
      • 5.2. Company Snapshot
      • 5.3. Company Market Share Analysis
      • 5.4. Company Technology Portfolio
      • 5.5. Recent Developments
      • 5.6. SWOT Analysis
    • Otis Elevator Company
      • 6.1. Business Overview
      • 6.2. Company Snapshot
      • 6.3. Company Market Share Analysis
      • 6.4. Company Technology Portfolio
      • 6.5. Recent Developments
      • 6.6. SWOT Analysis
    • Oleo International
      • 7.1. Business Overview
      • 7.2. Company Snapshot
      • 7.3. Company Market Share Analysis
      • 7.4. Company Technology Portfolio
      • 7.5. Recent Developments
      • 7.6. SWOT Analysis
    • ECI America
      • 8.1. Business Overview
      • 8.2. Company Snapshot
      • 8.3. Company Market Share Analysis
      • 8.4. Company Technology Portfolio
      • 8.5. Recent Developments
      • 8.6. SWOT Analysis
    • Technic Electronic Corporation
      • 9.1. Business Overview
      • 9.2. Company Snapshot
      • 9.3. Company Market Share Analysis
      • 9.4. Company Technology Portfolio
      • 9.5. Recent Developments
      • 9.6. SWOT Analysis
    • Flexco Industries, Inc.
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Technology Portfolio
      • Recent Developments
      • SWOT Analysis

List of Table

1. Global Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
2. Global Maintenance System, Elevator Safety System Market, By Region, 2023–2030 (USD Million)
3. Global Control System, Elevator Safety System Market, By Region, 2023–2030 (USD Million)
4. Global Communication System, Elevator Safety System Market, By Region, 2023–2030 (USD Million)
5. Global Elevator Safety System Market, By Application, 2023–2030 (USD Million)
6. Global Residential, Elevator Safety System Market, By Region, 2023–2030 (USD Million)
7. Global Non-Residential, Elevator Safety System Market, By Region, 2023–2030 (USD Million)
8. Global Elevator Safety System Market, By Region, 2023–2030 (USD Million)
9. North America Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
10. North America Elevator Safety System Market, By Application, 2023–2030 (USD Million)
11. USA Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
12. USA Elevator Safety System Market, By Application, 2023–2030 (USD Million)
13. Canada Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
14. Canada Elevator Safety System Market, By Application, 2023–2030 (USD Million)
15. Mexico Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
16. Mexico Elevator Safety System Market, By Application, 2023–2030 (USD Million)
17. Europe Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
18. Europe Elevator Safety System Market, By Application, 2023–2030 (USD Million)
19. Germany Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
20. Germany Elevator Safety System Market, By Application, 2023–2030 (USD Million)
21. France Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
22. France Elevator Safety System Market, By Application, 2023–2030 (USD Million)
23. UK Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
24. UK Elevator Safety System Market, By Application, 2023–2030 (USD Million)
25. Italy Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
26. Italy Elevator Safety System Market, By Application, 2023–2030 (USD Million)
27. Spain Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
28. Spain Elevator Safety System Market, By Application, 2023–2030 (USD Million)
29. Asia Pacific Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
30. Asia Pacific Elevator Safety System Market, By Application, 2023–2030 (USD Million)
31. Japan Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
32. Japan Elevator Safety System Market, By Application, 2023–2030 (USD Million)
33. China Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
34. China Elevator Safety System Market, By Application, 2023–2030 (USD Million)
35. India Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
36. India Elevator Safety System Market, By Application, 2023–2030 (USD Million)
37. South America Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
38. South America Elevator Safety System Market, By Application, 2023–2030 (USD Million)
39. Brazil Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
40. Brazil Elevator Safety System Market, By Application, 2023–2030 (USD Million)
41. Middle East and Africa Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
42. Middle East and Africa Elevator Safety System Market, By Application, 2023–2030 (USD Million)
43. UAE Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
44. UAE Elevator Safety System Market, By Application, 2023–2030 (USD Million)
45. South Africa Elevator Safety System Market, By Product Type, 2023–2030 (USD Million)
46. South Africa Elevator Safety System Market, By Application, 2023–2030 (USD Million)

List of Figures 

1. Global Elevator Safety System Market Segmentation
2. Elevator Safety System Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Elevator Safety System Market Attractiveness Analysis By Product Type
9. Global Elevator Safety System Market Attractiveness Analysis By Application
10. Global Elevator Safety System Market Attractiveness Analysis By Region
11. Global Elevator Safety System Market: Dynamics
12. Global Elevator Safety System Market Share By Product Type (2023 & 2030)
13. Global Elevator Safety System Market Share By Application (2023 & 2030)
14. Global Elevator Safety System Market Share by Regions (2023 & 2030)
15. Global Elevator Safety System Market Share by Company (2021)