Elevator Safety System: Critical Driver Shaping the Rise In Skyscrap*er Construction Fueling The Growth Of The Market Due To Urban Land Constraints And Vertical Development Trends Market in 2025

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Elevator Safety System Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the market for elevator safety systems has seen robust growth over the recent past. Expected to expand from a value of $13.11 billion in 2024 to $14.33 billion in 2025, it boasts a compound annual growth rate (CAGR) of 9.3%. The factors responsible for growth during the historic period include the increasing age of infrastructure, expansion in the commercial real estate sector, development of high-rise residential buildings, awareness of accidents and public demand, governmental modernization plans, and the emergence of intelligent buildings.

Elevator Safety System Market Size Forecast: What's the Projected Valuation by 2029?
In the coming years, the elevator safety system market is projected to witness robust growth, swelling to a size of $20.21 billion by 2029 with a CAGR of 9.0%. This growth expected during the forecast period is credited to factors such as the emergence of megacities and vertical expansion, increased use of predictive maintenance, the influx of modular and prefabricated buildings, sweeping urbanization and infrastructure growth, as well as heightened awareness about safety and security. Key trends anticipated during the forecast duration include technological advancements in traction elevator systems, sensor technology evolution, the incorporation of IoT and smart monitoring systems, the application of 5G and cloud services in elevator monitoring, and improvements in safety features.

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What Are the Drivers Transforming the Elevator Safety System Market?
The elevator safety system market is projected to expand with the rising construction of skyscrap*ers and multi-story buildings. These structures, characterised by their numerous floors or levels, are primarily intended for residential, commercial, or mixed-use, and almost always equipped with elevators for internal vertical transportation. Due to scarce land resources in urban locales, builders are compelled to build vertically to optimise available space. To ensure the safe and dependable vertical transit within these towering constructions, elevator safety systems come into play, preventing catastrophes like free falls or entrapments with mechanisms such as emergency brakes and overspeed governors. To exemplify, the Council on Tall Buildings and Urban Habitat, a non-profit firm based in the U.S., stated that in January 2024, there were 185 structures that exceeded 200 meters or more in 2023, breaking the previous record in terms of high-rise completions by a margin of 12.8% from the 164 finished in 2022. Hence, the rise in construction of skyscra*pers and multi-story buildings is propelling the growth of the elevator safety system market.

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What Long-Term Trends Will Define the Future of the Elevator Safety System Market?
Companies dominating the elevator safety system market are prioritizing the development of novel solutions like compact safety elevator drives to augment efficiency in space, energy, and operations within contemporary building infrastructures. These compact safety elevator drives are essentially space-saving elevator control systems equipped with crucial safety elements such as emergency stop mechanisms and overspeed protection to ensure secure and dependable elevator usage in modern buildings. Case in point, in November 2023, Delta Electronics Inc., a Taiwan-based corporation providing power and thermal management solutions, unveiled the EB3000 family. This new generation of elevator drives aims to redefine safety, compatibility, and maintenance ease. The compact drives are user-friendly and seamlessly integrate with various elevator systems and communication protocols. The EB3000 series places safety at the forefront with embedded Safe Torque Off (STO) and conforms to the recent EN81-20 and EN81-50 elevator safety regulations. Moreover, the drives enable wireless control and maintenance through Bluetooth for efficient troubleshooting and promise passengers a smooth, pleasant journey.

Which Segments in the Elevator Safety System Market Offer the Most Profit Potential?
The elevator safety system market covered in this report is segmented -

1) By Type: Hydraulic Elevator Safety Systems, Traction Elevator Safety Systems, Pneumatic Elevator Safety Systems
2) By Component: Brake Systems, Safety Gear, Control Systems, Load Weighing Devices, Emergency Communication Systems
3) By Technology: Mechanical Safety Systems, Electrical Safety Systems, Smart Safety Systems, IoT-Enabled Safety Systems
4) By Application: Commercial Buildings, Residential Buildings, Industrial Facilities, Healthcare Institutions, Transportation Hubs
5) By End User: Building Contractors, Facility Managers, Real Estate Developers, Elevator Manufacturers, Regulatory Authorities

Subsegments:
1) By Hydraulic Elevator Safety Systems: Buffer Systems, Overspeed Governors, Emergency Lowering Systems, Door Interlocks, Safety Brakes
2) By Traction Elevator Safety Systems: Rope Grippers, Overspeed Governors, Counterweight Safety Gears, Brake Control Systems, Load Weighing Devices
3) By Pneumatic Elevator Safety Systems: Air Pressure Regulation Systems, Emergency Brake Systems, Vacuum Pump Safety Controls, Door Locking Mechanisms, Safety Valves

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Which Firms Dominate the Elevator Safety System Market by Market Share and Revenue in 2025?
Major companies operating in the elevator safety system market are Hitachi Ltd., ThyssenKrupp AG, Mitsubishi Electric Corporation, Toshiba Corporation, Otis Worldwide Corporation, Schindler Holding AG, KONE Corporation, Hyundai Elevator Co. Ltd., Fujitec Co. Ltd., Wittur Holding GmbH, Savaria Corporation, Orona S. Coop., Kleemann Hellas S.A., Stannah Lifts Holdings Ltd., The Hilliard Corporation, Sicher Elevator Co. Ltd., Dewhurst Group plc, DoorKing Inc., Escon Elevators Private Limited, Total Door Systems Inc., C.J. Anderson & Company, Johnson Lifts Private Limited.

Which Regions Offer the Highest Growth Potential in the Elevator Safety System Market?
North America was the largest region in the elevator safety system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elevator safety system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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