Elevator Safety System Market Size, Growth, Share 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
Market Size Value in US$ 13,073.86 Million in 2022 Market Size Value by US$ 22,881.75 Million by 2028 Growth rate CAGR of 9.8% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Elevator Safety System Market: Strategic Insights
| Market Size Value in | US$ 13,073.86 Million in 2022 |
| Market Size Value by | US$ 22,881.75 Million by 2028 |
| Growth rate | CAGR of 9.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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
North America dominates the elevator safety system market.
Increasing high-rise buildings due to urbanization and increasing smart building integration are the major factors that propel the global elevator safety system market.
Increasing adoption of modernization projects is anticipated to play a significant role in the global elevator safety system market in the coming years.
The key players holding majority shares in the global elevator safety system market are 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, and Flexco Industries, Inc.
The global elevator safety system market is expected to reach US$ 30011.05 million by 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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