Report : Asia Pacific Elevator Safety System Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Control System, Maintenance System, and Communication System) and Application (Residential and Non-residential)
At 11.3% CAGR, the Asia Pacific Elevator Safety System Market is speculated to be worth US$ 5,417.96 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific elevator safety system market was valued at US$ 2,853.57 million in 2022 and is expected to reach US$ 5,417.96 million by 2028, registering a CAGR of 11.3% from 2022 to 2028. Rapid urbanization promoting uptake of elevator safety systems and stringent elevator regulations and standards promoting adoption of elevator safety systems are the critical factors attributed to the Asia Pacific elevator safety system market expansion.
The migration of people from rural to urban areas at a steady pace over the years has been a common phenomenon worldwide, particularly in developing countries. In addition to the initial purpose of showcasing progressive architecture, high-rise buildings are now being constructed to solve the accommodation crisis emerging from the surging urban population. As a result, elevators are losing their status as a premium feature and are becoming a common feature in most multistorey buildings having more than two floors. Modern-day elevators come with different default safety systems, including infrared door protection, terminal slowdown switches, travel limit switches, terminal buffers, interlocking, over-speed governors, alarm bells, emergency stop switches, elevator phones, safety edges, and intercoms. With the increasing installation of elevators in multistorey buildings, elevator safety system manufacturers are witnessing high demand for their products. Additionally, elevator manufacturers are increasing the number of safety features provided in their products to better comply with relevant regulations and distinguish their products from their competitors. For example, manufacturers are offering elevators integrated with microcomputer-enabled monitoring technology and smart auxiliary braking systems to attract new customers and boost the installation of their elevators. Increased use of elevators with rapid urbanization is driving the Asia Pacific elevator safety system market growth in the forecast period.
On the contrary, integration of modern elevator safety systems with legacy systems hampers the Asia Pacific elevator safety system market.
Based on type, the Asia Pacific elevator safety system market is segmented into control system, maintenance system and communication system. The control system held 46.5% share of Asia Pacific elevator safety system market in 2022, amassing US$ 1,325.53 million. It is projected to garner US$ 2,485.98 million by 2028 to expand at 11.0% CAGR during 2022–2028.
Based on application, the Asia Pacific elevator safety system market is bifurcated into residential, and non-residential. The residential segment held 63.9% share of Asia Pacific elevator safety system market in 2022, amassing US$ 1,824.52 million. It is projected to garner US$ 3,280.97 million by 2028 to expand at 10.3% CAGR during 2022–2028.
Based on country, the Asia Pacific elevator safety system market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 28.9% share of Asia Pacific elevator safety system market in 2022. It was assessed at US$ 825.64 million in 2022 and is likely to hit US$ 1,437.93 million by 2028, exhibiting a CAGR of 9.7% during the forecast period.
Key players dominating the Asia Pacific elevator safety system market are 2N Telekomunikace AS; Chr Mayr GmbH + Co KG; Flexco Industries Inc; OLEO International Ltd; Otis Elevator Co; Technic Electronic Corp; and TK Elevator GmbH, among others.
- In 2022; Otis elevator, a company for escalator and elevator installation, manufacturing, and service, has been granted a contract to install and supply 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 2022; TK Elevator launches the new EOX, an elevator with a digital core that delivers enhanced user experiences and energy efficiency. While sustainability and cutting-edge digital features have been a benchmark for mobility solutions for high and mid-rise buildings, EOX represents a move to bring these advantages directly to the architects, owners, and passengers of smaller residential buildings, which are important to the continuously expanding urban landscape.
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