Report : South & Central 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 7.3% CAGR, the South & Central America Elevator Safety System Market is speculated to be worth US$ 1,484.41 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America elevator safety system market was valued at US$ 972.82 million in 2022 and is expected to reach US$ 1,484.41 million by 2028, registering a CAGR of 7.3% from 2022 to 2028. Rapid urbanization promoting uptake of elevator safety systems are the critical factors attributed to the South & Central America 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 across the region, 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. Thus, the rapid urbanization promoting uptake of elevator safety systems and stringent elevator regulations which is boosting the South & Central America elevator safety system market.
On the contrary, integration of modern elevator safety systems with legacy systems hampers the South & Central America elevator safety system market.
Based on type, the South & Central America elevator safety system market is segmented into control system, maintenance system and communication system. The control system held 46.0% share of South & Central America elevator safety system market in 2022, amassing US$ 447.96 million. It is projected to garner US$ 676.76 million by 2028 to expand at 7.1% CAGR during 2022–2028.
Based on application, the South & Central America elevator safety system market is bifurcated into residential, and non-residential. The residential segment held 68.9% share of South & Central America elevator safety system market in 2022, amassing US$ 670.63 million. It is projected to garner US$ 1,004.84 million by 2028 to expand at 7.0% CAGR during 2022–2028.
Based on country, the South & Central America elevator safety system market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 68.9% share of South & Central America elevator safety system market in 2022. It was assessed at US$ 670.31 million in 2022 and is likely to hit US$ 1,046.80 million by 2028, exhibiting a CAGR of 7.7% during the forecast period.
Key players dominating the South & Central America elevator safety system market are 2N Telekomunikace AS; Chr Mayr GmbH + Co KG; Electronic Controls 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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