Middle East & Africa 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)
The Middle East & Africa elevator safety system market is expected to grow from US$ 1,515.42 million in 2022 to US$ 2,448.12 million by 2028. It is estimated to grow at a CAGR of 8.3% from 2022 to 2028.
Increased Use of Elevators with Rapid Urbanization is Boosting the Middle East & Africa Elevator Safety System Market growth
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 Middle East & Africa elevator safety system market.
Middle East & Africa Elevator Safety System Market Overview
The MEA region has widespread digitalization and is increasingly integrating elevators as a vital part of the building ecosystem by leveraging new technologies such as the Internet of Things (IoT) and artificial intelligence (AI). With the growing demand for safety systems in elevators, operators and manufacturers of escalators comply with a wide range of international and local regulations and standards. Moreover, to ensure the well-being and comfort of the passengers, duty holders and owners continue to enhance lift maintenance, operational availability, emergency attendance, quality, and safety to maintain the cost and energy-efficient operations of elevators.
Furthermore, increased metro and airport infrastructure expansion has led to massive elevator adoption in the Middle East. For instance, Dubai Expo 2020 event includes the construction of new hotels and malls and expanding metro and airport networks. In addition, these infrastructures had huge elevators penetration, creating the necessary demand for safety systems in the country.
Several key players in the region are adapting to Programmable Electronic Systems in Safety-Relevant Applications (PESSRAL) of lifts, which follow the principles of functional safety and mechanical safety in elevators. Moreover, with the growing digitization of lifts, AI, IoT, and big data technologies are adopted during elevator installation making construction faster and more accurate, as well as improving the health and safety conditions for technicians and passengers.
In Nigeria, there is a growing demand for safety systems for elevators installed across several commercial and residential buildings. The Building Services Engineering Division of Nigeria's PPC Ltd. (formerly Philips Projects Centre) has raised the demand for routine elevator maintenance, continued operation, and reliable service to ensure high-performance standards and the safety of people using elevators. These factors, as a result, are anticipated to create lucrative growth opportunities for the Middle East & Africa elevator safety system market in the coming years.
Middle East & Africa Elevator Safety System Market Revenue and Forecast to 2028 (US$ Million)
The Middle East & Africa elevator safety system market is segmented into type, application, and country.
Based on type, the Middle East & Africa elevator safety system market is segmented into control system, maintenance system and communication system. The control system segment held the largest market share in 2022.
Based on application, the Middle East & Africa elevator safety system market is bifurcated into residential, and non-residential. The residential segment dominated the market share in 2022.
Based on country, the Middle East & Africa elevator safety system market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The UAE dominated the market share in 2022.
Chr Mayr GmbH + Co KG; Flexco Industries Inc; OLEO International Ltd; Otis Elevator Co; and TK Elevator GmbH are the leading companies operating in the Middle East & Africa elevator safety system market.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Middle East & Africa Elevator Safety System Market Landscape
4.1 Market Overview
4.2 Middle East & Africa – MEA PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Middle East & Africa Elevator Safety System Market Key Market Dynamics
5.1 Market Drivers
5.1.1 Increased Use of Elevators with Rapid Urbanization
5.1.2 Stringent Regulations and Standards on Elevator Safety
5.2 Market Restraints
5.2.1 Complexities in Integration of Modern Elevator Safety Systems with Legacy Systems
5.3 Market Opportunities
5.3.1 Renovation of Old Buildings and Elevators
5.4 Future Trends
5.4.1 Integration of Big Data, Artificial Intelligence, and Machine Learning for Real-Time Monitoring and Predictive Maintenance
5.5 Impact Analysis of Drivers and Restraints
6. Middle East & Africa Elevator Safety System Market Analysis
6.1 Middle East & Africa Elevator Safety System Market Overview
6.2 Middle East & Africa Elevator Safety System Market Revenue Forecast and Analysis
7. Middle East & Africa Elevator Safety System Market By Type
7.1 Overview
7.2 Middle East & Africa Elevator Safety System Market, by Type (2021 and 2028)
7.3 Control System
7.3.1 Overview
7.3.2 Control System: Middle East & Africa Elevator Safety System Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Maintenance System
7.4.1 Overview
7.4.2 Maintenance System: Middle East & Africa Elevator Safety System Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Communication System
7.5.1 Overview
7.5.2 Communication System: Middle East & Africa Elevator Safety System Market – Revenue and Forecast to 2028 (US$ Million)
8. Middle East & Africa Elevator Safety System Market Analysis – By Application
8.1 Overview
8.2 Middle East & Africa Elevator Safety System Market, by Application (2021 and 2028)
8.3 Residential
8.3.1 Overview
8.3.2 Residential: Middle East & Africa Elevator Safety System Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Non-residential
8.4.1 Overview
8.4.2 Non-residential: Middle East & Africa Elevator Safety System Market – Revenue and Forecast to 2028 (US$ Million)
9. Middle East & Africa Elevator Safety System Market Country Analysis
9.1 Overview
9.1.1 Middle East & Africa Elevator Safety System Market Breakdown, By Country
9.1.1.1 Saudi Arabia : Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 Saudi Arabia : Middle East & Africa Elevator Safety System Market Breakdown, By Type
9.1.1.1.2 Saudi Arabia : Middle East & Africa Elevator Safety System Market Breakdown, By Application
9.1.1.2 UAE: Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 UAE: Middle East & Africa Elevator Safety System Market Breakdown, By Type
9.1.1.2.2 UAE: Middle East & Africa Elevator Safety System Market Breakdown, By Application
9.1.1.3 South Africa: Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 South Africa: Middle East & Africa Elevator Safety System Market Breakdown, By Type
9.1.1.3.2 South Africa: Middle East & Africa Elevator Safety System Market Breakdown, By Application
9.1.1.4 Rest of Middle East & Africa: Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 Rest of Middle East & Africa: Middle East & Africa Elevator Safety System Market Breakdown, By Type
9.1.1.4.2 Rest of Middle East & Africa: Middle East & Africa Elevator Safety System Market Breakdown, By Application
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 New Product Development
10.4 Merger and Acquisition
11. Company Profiles
11.1 OLEO International Ltd
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Otis Elevator Co
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 TK Elevator GmbH
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Flexco Industries Inc
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Chr Mayr GmbH + Co KG
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Word Index
LIST OF TABLES
Table 1. Middle East & Africa Elevator Safety System Market Revenue and Forecast to 2028 (US$ Million)
Table 2. Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 – By Type (US$ Million)
Table 3. Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 – By Application (US$ Million)
Table 4. Saudi Arabia : Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 – By Type (US$ Million)
Table 5. Saudi Arabia : Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 – By Application (US$ Million)
Table 6. UAE: Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 – By Type (US$ Million)
Table 7. UAE: Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 – By Application (US$ Million)
Table 8. South Africa: Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 – By Type (US$ Million)
Table 9. South Africa: Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 – By Application (US$ Million)
Table 10. Rest of Middle East & Africa: Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 – By Type (US$ Million)
Table 11. Rest of Middle East & Africa: Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 – By Application (US$ Million)
Table 12. List of Abbreviation
LIST OF FIGURES
Figure 1. Middle East & Africa Elevator Safety System Market Segmentation
Figure 2. Middle East & Africa Elevator Safety System Market Segmentation – By Country
Figure 3. Middle East & Africa Elevator Safety System Market Overview
Figure 4. Middle East & Africa Elevator Safety System Market, by Type
Figure 5. Middle East & Africa Elevator Safety System Market, by Country
Figure 6. Middle East & Africa – PEST Analysis
Figure 7. Middle East & Africa Elevator Safety System Market- Ecosystem Analysis
Figure 8. Middle East & Africa Elevator Safety System Market: Impact Analysis of Drivers and Restraints
Figure 9. Middle East & Africa Elevator Safety System Market Revenue Forecast and Analysis (US$ Million)
Figure 10. Middle East & Africa Elevator Safety System Market Breakdown, By Type, 2021 & 2028 (%)
Figure 11. Control System: Middle East & Africa Elevator Safety System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. Maintenance System: Middle East & Africa Elevator Safety System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. Communication System: Middle East & Africa Elevator Safety System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Middle East & Africa Elevator Safety System Market Breakdown, By Application, 2021 & 2028 (%)
Figure 15. Residential: Middle East & Africa Elevator Safety System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Non-residential: Middle East & Africa Elevator Safety System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Middle East & Africa Elevator Safety System Market , by Key Country- Revenue (2021) (US$ Million)
Figure 18. Middle East & Africa Elevator Safety System Market Breakdown, By Country, 2021 & 2028 (%)
Figure 19. Saudi Arabia : Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 20. UAE: Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 21. South Africa: Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 22. Rest of Middle East & Africa: Middle East & Africa Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
- Chr Mayr GmbH + Co KG
- Flexco Industries Inc
- OLEO International Ltd
- Otis Elevator Co
- TK Elevator GmbH
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Middle East & Africa elevator safety system market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in Middle East & Africa elevator safety system market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth Middle East & Africa market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.