According to our latest market study on "Elevator Safety System Market Forecast to 2028 - Global Analysis - by Type and Application," the market is expected to grow from US$ 13,073.86 million in 2022 to reach US$ 22,881.75 million by 2028; it is anticipated to grow at a CAGR of 9.8% from 2022 to 2028.
Elevators are increasingly being integrated into buildings as a vital part of the structure by leveraging new technologies such as the Internet of Things (IoT) and artificial intelligence (AI). With the growing demand for safety systems in elevators, operators and manufacturers of escalators emphasize on compliance with a wide range of international and local regulations and standards. Moreover, to ensure the well-being and comfort of passengers, duty holders and owners continue to enhance lift maintenance, operational availability, emergency attendance, quality, and safety to ensure the cost- and energy-efficient operations of elevators. Further, the expansion of metro and airport infrastructure has led to massive elevator adoption in the Middle East. For instance, Dubai Expo 2020 event includes the construction of new hotels and malls, and the expansion of metro and airport networks. Thus, the large-scale use of elevators in infrastructures is generating demand for safety systems in the MEA.
Several elevator safety system market players in the MEA are adapting to Programmable Electronic Systems in Safety-Relevant Applications (PESSRAL) of lifts, which follow the principles of functional safety and mechanical safety in elevators. Moreover, with the growing digitization of lifts, AI, IoT, and big data technologies are adopted during elevator installation, making construction faster and more accurate, as well as improving the health and safety conditions for technicians and passengers.
The UAE held the largest elevator safety system market share in 2021. Stringent regulations imposed by the government of this country to ensure the safety and timely maintenance & repair of elevators are among the major factors favoring the elevator safety system market share in the country. In addition, a surge in government spending on infrastructure developments and a rapid increase in commercial projects have led to greater elevator installations. Furthermore, the development of smart cities and integration of circuit boards and new controllers are the advancements in new elevators, are contributing towards rise in the UAE elevator safety system market size.
Key Findings of Market Study:
The elevator safety system market in the MEA is primarily fueled by the increasing construction activities of skyscrapers and high-rises. Escalators have been installed in residential and commercial projects in countries such as the UAE and Saudi Arabia, boosting demand for escalator safety systems. The 2022 FIFA World Cup in Qatar further bolstered the construction industry in the country. Moreover, countries such as South Africa, Kenya, Nigeria, and Egypt have been focusing on urban development. These activities have triggered the demand for elevators in the abovementioned countries, thereby favoring the elevator safety system market growth. While a smaller number of escalator safety system manufacturers operate in this region, several big elevator manufacturers have strong presence. Hence, despite the lower production of safety systems, the regional demand is quite high, which is mostly met through imports.
In June 2022, TK Elevator launched MAX, a cloud based IoT building operations platform. This new product helps maintain data and provides insights into building operations, creating additional value for building owners, maintenance personnel, and property managers by offering more streamlined operations and increased availability of vertical mobility systems. Therefore, a growing number of government initiatives and new product launches are anticipated to boost the UAE elevator safety system market size in the coming years.
In Nigeria, there is a growing demand for safety systems for elevators installed across several commercial and residential buildings. The Building Services Engineering Division of Nigeria's PPC Ltd. (formerly Philips Projects Centre) has raised the demand for routine elevator maintenance, continued operation, and reliable service to ensure high performance standards and the safety of people using elevators. These factors, as a result, are anticipated to create lucrative growth opportunities for the elevator safety system market in Nigeria in the coming years.
The elevator safety system market analysis has been carried out on the basis of type and application. Based on type, the market is segmented into control system, maintenance system, and communication system. In terms of application, the elevator safety system market analysis is conducted on the basis of residential and non-residential.
Impact of COVID-19 Pandemic on MEA Elevator Safety System Market Growth
The manufacturing and construction activities in the MEA were halted due to the impact of the COVID-19 pandemic on import and export activities. Governments had to impose confinement measures to curb the spread of the disease in 2020, which resulted in the temporary discontinuation of various activities across several sectors. In early 2020, the shutdown of manufacturing facilities hampered the economic growth of elevator safety system manufacturers in the region. Besides, a decline in tourism affected the revamp of old elevators present in commercial establishments.
Economic reforms and the resurgence of international trade in the MEA during the post-pandemic recovery period are expected to provide growth opportunities in the elevator safety system market. Moreover, the resumption of high-rise construction in countries such as Oman, Saudi Arabia, the UAE, Qatar, Bahrain, South Africa, Nigeria, Kenya, and Egypt is expected to support the installation of elevators.
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