Elevator Safety System Market is expected to reach US$ 22,881.75 million by 2028 | The Insight Partners

Integration of Advanced Technologies for Real-Time Monitoring and Predictive Maintenance to Lead to New Trends in Elevator Safety System Market During 2022-2028

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.

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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 List of Companies - Elevator Safety System Market:
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
Flexco Industries, Inc.

Germany held the largest elevator safety system market share in 2021. According to EUROPA, an official website of the EU, buildings in the EU are responsible for 40% of energy consumption, and greenhouse gas emissions from buildings decreased by 29% during 2005-2019. In addition, elevators represent a much smaller size of buildings' energy utilization as most elevators are almost 20 years old and can be improved to save up to 50% of electricity by utilizing superior drives. According to the Federal Institute for Occupational Safety and Health (BAuA), a German federal agency responsible for occupational safety and health, has stated about the installation of new lifts in Europe. New safety components for lifts must only be made available on the market if they comply with the provisions of European regulations. In April 2022, Otis Germany announced a new project to service more than 130 elevators in the hospital portfolio. The company has renewed its service contracts with EKK plus, a procurement vendor for municipal hospitals. On the back of strong existing relationships and expertise in providing elevators to the healthcare sector, Otis has submitted a combined proposal and won the contract to service elevators through the end of 2023.

The elevator safety system market size is bifurcated on the basis of type and application. Based on type, the elevator safety system market is segmented into control system, maintenance system, and communication system. By application, the elevator safety system market is bifurcated into residential and non-residential.

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Companies in the elevator safety system market players are mainly focused on the development of advanced and efficient systems. A few such developments have been mentioned below:

In 2022, Otis Elevator a company engaged in escalator and elevator installation, manufacturing, and service was granted a contract to supply and install 127 units for Line 3 of the Panama Metro, which includes more than 85 escalators and 40 Gen2 elevators. Otis will provide safe, efficient, and reliable transportation for the Panama Metro, continuing its multi-year license of this historical and developing infrastructure project.

In 2020, Schindler successfully introduced "SCHINDLER AHEAD," the smart IoT platform for the seamless networking of elevators and escalators in fast-moving metropolitan settings. Schindler, a global leader in elevators, escalators, and associated services, exhibits their Digital OOH advertisement solutions for elevators and escalators.

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This release was published on openPR.