Elevator Safety System Market is increasing demand with CAGR of 9.8% during 2022-2028

According to the new research report published by The Insight Partners on "Elevator Safety System Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Control System, Maintenance System, and Communication System) and Application (Residential and Non-Residential)" consists of the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

The elevator safety system market size is expected to grow from US$ 13,073.86 million in 2022 to US$ 22,881.75 million by 2028; the market is estimated to record a CAGR of 9.8% from 2022 to 2028.

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The elevator safety system market is gaining prominence in the current scenario. This is due to the fact that, the safety of elevator users is of utmost importance; therefore, significant research is undergoing on integrating big data, artificial intelligence (AI), and machine learning (ML) with elevators to enhance their safety. Big data aids in the collection and analysis of elevator system functioning, along with the types and causes of faults. Data collected with the help of AI and ML can be utilized for real-time monitoring of an elevator's operation, alongside detecting faults. Moreover, ML can assist in predictive maintenance due to its ability to foresee the malfunction of a particular part or the entire system. Several elevator manufacturers have rolled out products integrated with AI and ML.

In April 2022, TK Elevator launched MAX Link, a code-compliant connectivity enabler for elevator emergency communications equipment. The product-an extension of the company's cloud-based monitoring and predictive maintenance platform, MAX-can be retrofitted with several older communication systems, including existing American Disabilities Act (ADA)-compliant emergency phone systems.

Germany, France, the UK, and Italy are among the prime contributors to the European elevator safety system market. Western Europe is renowned for its improved living conditions, with higher income levels among residents. EU elevator regulation determines the basic health and safety requirements for elevators and elevator safety components.

The European Lift Association (ELA) represents the elevator associations in the European Union (EU) or the European Free Trade Area (EFTA). It has become the main communication vector of the companies' providing lifts, escalators, and moving walkways to the European Parliament, the European Commission, and various other institutions and organizations.

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During the elevator safety system market analysis, rising installation of elevators in high-rises, fueled by urbanization is one of a factor propelling the demand for elevator safety systems. Urban areas across the world have been witnessing a steady influx of people from rural areas. This has triggered the construction of numerous multistorey buildings and high-rises for commercial and residential purposes, thereby prompting the demand for elevator installation. An increase in the use of elevators, in turn, boosts the need for elevator safety systems. This factor is fueling the elevator safety system market growth.

Further, the rising number of elevator-related accidents has compelled regulatory bodies to tighten the regulations governing the functioning of elevators. Most such regulations are focused on improving the safety features of an elevator. Standards such as ISO 22559-1, IS 14665, and BS EN 81-20 ensure that elevator manufacturers provide their products with enhanced safety features. The perks of modern elevators include effective communication, especially during emergencies; smooth operations; and quick rides. Elevator modernization through the integration of IoT, automation, big data analysis, and AI is likely to further drive the elevator safety system market growth during the forecast period.

The List of Companies - Elevator Safety Systems Market

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 key elevator safety system market players profiled during the study.

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