Elevator Safety System Market Research Report and Outlook by 2028

The market for elevator safety systems is projected to reach a value of US$ 22,881.75 million by 2028, with an anticipated compound annual growth rate (CAGR) of 9.8% from 2022 to 2028.

Elevators and their subsystems play a vital role in the infrastructure of high-rise buildings and multi-story structures. The safety systems associated with elevators are essential for protecting the individuals who use them. Manufacturers of elevators, as well as those producing safety devices, must comply with a variety of regulations and standards. The increasing number of elevator installations and users has led to stricter enforcement of these regulations. Elevator safety systems encompass a range of components, including switches, buffers, governors, alarms, communication systems, and sensors. As safety concerns grow, the integration of sensors within elevators is becoming more prevalent. Furthermore, these safety systems are increasingly being enhanced through the incorporation of big data analytics, artificial intelligence (AI), and machine learning (ML), which aim to improve the overall performance of elevators and their safety features.

The Asia-Pacific (APAC) region is anticipated to experience the highest CAGR in the elevator safety system market throughout the forecast period. This growth is largely driven by the booming construction sector, which is leading to a surge in elevator installations and a corresponding demand for safety systems. Various government initiatives are focused on enhancing the control, maintenance, and communication systems within elevators to minimize accident risks, thereby supporting the growth of the elevator safety system market in APAC. Additionally, the increasing elderly population in countries like China and Japan is contributing to the heightened demand for elevators, which in turn boosts the need for safety systems. The presence of major manufacturers of elevators and safety systems, along with strategic partnerships among stakeholders, is fostering a competitive environment in the APAC market.

The Pacific Asia Lift and Escalator Association (PALEA) serves as a neutral platform for all elevator and escalator organizations operating within the Asia-Pacific region, covering twenty-four countries. This association plays a significant role in promoting the interests of elevator safety system market players in the area.

Effects of the COVID-19 Pandemic on the APAC Elevator Safety System Market

The COVID-19 pandemic had a profound impact on the APAC region, with many countries experiencing declines in GDP, international trade, and overall economic activity. The pandemic disrupted supply chains across the region, which negatively affected the growth of the APAC elevator safety system market during the first three quarters of 2020, resulting in significant revenue losses for key industry players. The adverse conditions led to the suspension of construction projects in many APAC nations due to travel restrictions, workforce shortages, and rising material costs. Consequently, the demand for elevators plummeted in 2020, causing substantial financial setbacks for many companies. However, China managed to contain the spread of COVID-19 effectively, allowing its elevator production and supply chains to continue operating, which helped sustain the elevator safety system market in the country during the crisis.

In 2021, as lockdowns were lifted and vaccination campaigns were successfully implemented, construction activities resumed. This resurgence is expected to drive an increase in demand for elevators and their safety systems in countries such as China, India, Japan, Australia, South Korea, and Taiwan in the coming years.

The introduction of elevator safety systems has prompted the development of various government policies aimed at enhancing control, maintenance, and communication systems, as well as addressing accident-related concerns. PALEA has also become an 'A' member of the International Organization for Standardization (ISO) and participates in several working groups related to the ISO/TC178 technical committee, which focuses on the lift and escalator industry across 24 countries in the Asia-Pacific region.

China holds the largest market share as of 2021, driven by a surge in construction, particularly of high-rise buildings, and the widespread adoption of elevators in residential, commercial, and industrial sectors, including railway and metro stations, shopping centers, hotels, airports, and public buildings. Rapid urbanization, government initiatives in the construction sector, updated standards for lift infrastructure, and significant architectural advancements are key factors propelling the growth of the elevator safety system market in China.

In Australia, companies involved in providing elevators and moving walkways must comply with stringent safety codes established by the Standards Association of Australia (SAA). This association has implemented various safety features aimed at promoting safe usage and preventing accidents in installed elevators. Building owners and maintenance service providers are tasked with enforcing policies, processes, and guidelines to ensure the effective operation of safety systems by subcontractors.

Key players in the elevator safety system market include 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., all of which are profiled in the report.

The overall market size for elevator safety systems has been determined through a combination of primary and secondary research. The analysis process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data. This approach also aimed to provide an overview and forecast of the elevator safety system market's growth across all segments. Additionally, numerous primary interviews were conducted with industry participants and experts to validate the data and gain deeper insights into the market. Participants included 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 sector.