Report : Europe 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 10.3% CAGR, the Europe Elevator Safety System Market is speculated to be worth US$ 6,362.37 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe elevator safety system market was valued at US$ 3,526.95 million in 2022 and is expected to reach US$ 6,362.37 million by 2028, registering a CAGR of 10.3% 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 Europe elevator safety system market expansion.
Due to a lack of awareness, elevators are often not used as instructed by manufacturers. The crowding of an elevator leads to crossing the threshold of maximum capacity. Since old elevators lack several safety features, their misuse, may result in serious and fatal accidents, causing damage to live and properties. Accidents can also occur due to poor design, insufficient maintenance, and malfunctioning components. Common elevator malfunctions include failures in the pulley system (leading to rapid descent), missing teeth on the elevator track, and faults in electric components. Elevator-related accidents prompt the formation of stringent regulations and standards that elevator manufacturers and elevator safety device manufacturers must adhere to. ISO 22559-1, IS 14665, ASME A17.1, EN81.1, and BS EN 81-20 are a few such standards that should be considered by manufacturers for ensuring regulatory compliance with their offerings. Non-adherence can lead to severe penalties such as product recalls and temporary license suspensions. In the European Union (EU), Directive 2014/33/EU, also known as the Lift Directive, governs the lift industry and ensures the safety of lifts functioning in the region.
As a result of such safety regulations and standards, elevator manufacturers are increasingly incorporating modern safety features in their products. These features are enabled by mechanical and electrical elevator safety systems such as guide grips, overspeed governors, car operating switches, car safety switches, terminal limit switches, compensating rope sheave switches, overload relays, phase failure protective relays, buffers, two-way communication systems, sensors, and air cushions. In addition to facilitating better safety of users by reducing the chances of malfunctioning, these systems also lower the chances of penalties for such malfunction. Hence, the stringent regulations and standards on elevator safety is boosting the Europe elevator safety system market growth during the forecast period.
On the contrary, integration of modern elevator safety systems with legacy systems hampers the Europe elevator safety system market.
Based on type, the Europe elevator safety system market is segmented into control system, maintenance system and communication system. The control system held 46.3% share of the Europe elevator safety system market in 2022, amassing US$ 1,632.97 million. It is projected to garner US$ 2,920.56 million by 2028 to expand at 10.2% CAGR during 2022–2028.
Based on application, the Europe elevator safety system market is bifurcated into residential, and non-residential. The residential segment held 67.1% share of the Europe elevator safety system market in 2022, amassing US$ 2,368.17 million. It is projected to garner US$ 4,114.60 million by 2028 to expand at 9.6% CAGR during 2022–2028.
Based on country, the Europe elevator safety system market has been categorized into Germany, France, Italy, Russia, the UK, and the Rest of Europe. Our regional analysis states that Germany captured 30.0% share of the Europe elevator safety system market in 2022. It was assessed at US$ 1,057.97 million in 2022 and is likely to hit US$ 1,886.44 million by 2028, exhibiting a CAGR of 10.1% during the forecast period.
Key players dominating the Europe elevator safety system market are 2N Telekomunikace AS; Chr Mayr GmbH + Co KG; Flexco Industries Inc; OLEO International Ltd; Otis Elevator Co; 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.
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