elevator safety system Market

The elevator safety system market size is expected to reach US$ 22,881.75 million by 2028; it is estimated to grow at a CAGR of 9.8% from 2022 to 2028.

Elevators and subsystems are crucial equipment in multistoried buildings and high rises. Elevator safety systems are important for ensuring the safety of the people traveling in elevators. Elevator manufacturers are required to abide by several regulations and codes, as do elevator safety device manufacturers. The stringency of such regulations and codes has also increased with the rising number of elevator installations and elevator users. Elevator safety systems include different types of switches, buffers, governors, alarms, communication systems, and sensors. With growing safety concerns, the number of sensors incorporated in an elevator is rising. Moreover, these systems are being integrated with big data, artificial intelligence (AI), and machine learning (ML) for further upgrades in the performance of safety systems and elevators.

APAC is expected to register the highest CAGR in the elevator safety system market during the forecast period. Owing to the rapidly flourishing construction industry, the number of elevators installed is rising rapidly, along with the demand for elevator safety systems. Various government policies focus on improving control, maintenance, and communication systems incorporated in elevators to lower the possibility of accidents, which is favoring the elevator safety system market growth in APAC. A rise in the aging population in economies such as China and Japan also contribute to the high demand for elevators, which further promotes the demand for elevator safety systems. Moreover, the presence of key manufacturers of elevator and elevator safety systems, along with strategic alliances among stakeholders in the elevator safety system market, is encouraging competitiveness in the market in APAC.

The Pacific Asia Lift and Escalator Association (PALEA) provides a neutral forum for all lift/elevator and escalator organizations operating in the Asia Pacific region and covers twenty-four Asia Pacific countries in the region, thereby driving the elevator safety system market player's businesses in the region.

Impact of COVID-19 Pandemic on APAC Elevator Safety System Market

APAC was severely impacted by the COVID-19 pandemic, with many Asian countries experiencing a drop in national GDPs, international trades, and economies. The pandemic disrupted supply chain activities across the region. The APAC elevator safety system market growth was hampered during the first three quarters of 2020, leading to a massive decline in the revenue of key players. The adverse conditions also led to the discontinuation of construction activities in most countries in APAC due to travel restrictions, employee shortages, and elevated material prices. As the demand for elevators declined in 2020, most key players witnessed significant revenue loss. However, the spread of COVID-19 was well contained in China, allowing the country to continue with the production and supply of elevator systems. Thus, the elevator safety system market in China sustained well despite the crisis.

In 2021, construction activities resumed after revoking the lockdown and implementing successful vaccination drives. Hence, the demand for elevators and elevator safety systems is anticipated to rise in the countries such as China, India, Japan, Australia, South Korea, and Taiwan in the coming years.

Introducing elevator safety systems has led to the development of various government policies to improve control, maintenance, and communication systems, along with overcoming concerns regarding accidents. The Pacific Asia Lift and Escalator Association (PALEA) provides a neutral forum for all lift/elevator and escalator organizations operating in Asia Pacific. In addition, this agency has become an 'A' member of the International Organization for Standardization (ISO), and it is being represented on several working groups associated with the ISO/TC178 technical committee. This association was formed to serve the needs of the lift (elevator) and escalator industry, and it now keeps an eye on 24 countries in Asia Pacific.

China is the dominating country with largest market share in 2021. There is an increased construction, especially of high-rise buildings, and massive penetration of elevators in residential, commercial, and industrial areas, such as railway and metro stations, shopping malls, hotels, airports, high-rise apartments, and public buildings. Additionally, rapid urbanization and increased government initiatives in the construction sector, updated government standards for lift infrastructure, and substantial evolution of architecture are among the key factors boosting the elevator safety system market size in the country.

In Australia, players providing elevators and moving walks must adhere to strict Standards Association of Australia (SAA) safety code requirements. In addition, the association incorporated various safety features designed to encourage good ridership and prevent accidents in elevators installed. Building owners and maintenance service providers are responsible for implementing policies, processes, and guidelines to enable proper subcontractor operations of safety systems.

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 elevator safety system market players existing in the market and profiled in the report study.

The overall elevator safety system market size has been derived using both primary and secondary sources. To begin the market analysis process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative market information. The process also serves the purpose of obtaining an overview and market forecast of the elevator safety system market growth with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic. Participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants-such as valuation experts, research analysts, and key opinion leaders-specializing in the elevator safety system market.