Report : North America 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 9.3% CAGR, the North America Elevator Safety System Market is speculated to be worth US$ 7,168.89 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America elevator safety system market was valued at US$ 4,205.09 million in 2022 and is expected to reach US$ 7,168.89 million by 2028, registering a CAGR of 9.3% from 2022 to 2028. Rapid urbanization promoting uptake of elevator safety systems and stringent elevator regulations are the critical factors attributed to the North America elevator safety system market expansion.
According to the United Nations Conference on Trade and Development (UNCTAD), 56.2% of the global population resided in urban areas in 2020, compared to 51.6% in 2010. With the growing urban population, the need for high-rise buildings has increased in urban areas. According to the Council on Tall Buildings and Urban Habitat (CTBUH), 1,480 skyscrapers with heights greater than 200 m have been built in the last 20 years in the US. The number also includes 40 new residential skyscrapers constructed during 2019–2022. Moreover, urban populations are compelled to move to multistorey buildings as owning a house in cities is becoming difficult with elevating land and high property taxes, and complex documentation requirements. 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. Thus, the rapid urbanization promoting uptake of elevator safety systems and stringent elevator regulations which is boosting the North America elevator safety system market.
On the contrary, integration of modern elevator safety systems with legacy systems hampers the North America elevator safety system market.
Based on type, the North America elevator safety system market is segmented into control system, maintenance system and communication system. The control system held 44.7% share of North America elevator safety system market in 2022, amassing US$ 1,877.71 million. It is projected to garner US$ 3,160.12 million by 2028 to expand at 9.1% CAGR during 2022–2028.
Based on application, the North America elevator safety system market is bifurcated into residential, and non-residential. The residential segment held 68.6% share of North America elevator safety system market in 2022, amassing US$ 2,886.74 million. It is projected to garner US$ 4,702.39 million by 2028 to expand at 8.5% CAGR during 2022–2028.
Based on country, the North America elevator safety system market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 71.7% share of North America elevator safety system market in 2022. It was assessed at US$ 3,016.47 million in 2022 and is likely to hit US$ 5,090.63 million by 2028, exhibiting a CAGR of 9.1% during the forecast period.
Key players dominating the North America elevator safety system market are 2N Telekomunikace AS; Chr Mayr GmbH + Co KG; Electronic Controls Inc; Flexco Industries Inc; GAL Manufacturing Co LLC; Janus Elevator Products 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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