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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)
Market Report I 2023-01-19 I 96 Pages I The Insight Partners
The North America elevator safety system market is expected to grow from US$ 4,205.09 million in 2022 to US$ 7,168.89 million by 2028. It is estimated to grow at a CAGR of 9.3% from 2022 to 2028.
Increased Use of Elevators with Rapid Urbanization is Driving the North America Elevator Safety System Market
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. 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. The percentage of urban dwellers was above 79% in developed countries, including the US and the UK. 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. 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, increased use of elevators with rapid urbanization is driving the North America elevator safety system market during the forecast period.
North America Elevator Safety System Market Overview
The North America elevator safety system market is analyzed based on three major countries: the US, Canada, and Mexico. With new innovative elevator systems being developed yearly, the industry continues to evolve in technology implementation. Builders and elevator inspectors comprehend the tested and proven safety code developed and provided by several associations, such as the American Society of Mechanical Engineers (ASME), National Association of Elevator Contractors (NAEC), Canadian Standards Association (CSA), and National Association of Elevator Contractors (North America), in the region.
The American Society of Mechanical Engineers (ASME) has developed eight major codes addressing safety in the design, construction, inspections, testing, maintenance, installation, operation, alteration, and repair of elevators, as well as for other types of lifts and moving walks. Additionally, ASME safety codes were mainly created to set a standard in the elevator industry to minimize accidents, injury, and costly downtime and further boost consistency in elevator construction and installation across North America. Several elevator safety system companies continue to provide complete elevator remodeling services, improvements, maintenance, renovations, repairs, and modernization for the vertical commute. In addition, key players in the market provide industry-leading safety systems by working directly with elevator manufacturers and installers, contributing to the increasing demand for North America elevator safety system market.
North America Elevator Safety System Market Revenue and Forecast to 2028 (US$ Million)
North America Elevator Safety System Market Segmentation
The North America elevator safety system market is segmented into type, application, and country.
Based on type, the North America 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 North America elevator safety system market is bifurcated into residential, and non-residential. The residential segment dominated the market share in 2022.
Based on country, the North America elevator safety system market is segmented into the US, Canada, and Mexico. The US dominated the market share in 2022.
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; TK Elevator GmbH are the leading companies operating in the North America elevator safety system market.
TABLE OF CONTENTS
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. North America Elevator Safety System Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. North America 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. North America Elevator Safety System Market - Market Analysis
6.1 North America Elevator Safety System Market Overview
6.2 North America Elevator Safety System Market Revenue Forecast and Analysis
7. North America Elevator Safety System Market - By Type
7.1 Overview
7.2 North America Elevator Safety System Market, by Type (2021 and 2028)
7.3 Control System
7.3.1 Overview
7.3.2 Control System: North America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Maintenance System
7.4.1 Overview
7.4.2 Maintenance System: North America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
7.5 Communication System
7.5.1 Overview
7.5.2 Communication System: North America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
8. North America Elevator Safety System Market Analysis - by Application
8.1 Overview
8.2 North America Elevator Safety System Market, by Application (2021 and 2028)
8.3 Residential
8.3.1 Overview
8.3.2 Residential: North America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Non-residential
8.4.1 Overview
8.4.2 Non-residential: North America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
9. North America Elevator Safety System Market - Country Analysis
9.1 Overview
9.1.1 North America Elevator Safety System Market Breakdown, by Country
9.1.1.1 US: North America Elevator Safety System Market - Revenue and Forecast to 2028
9.1.1.1.1 US: North America Elevator Safety System Market Breakdown, By Type
9.1.1.1.2 US: North America Elevator Safety System Market Breakdown, By Application
9.1.1.2 Canada: North America Elevator Safety System Market - Revenue and Forecast to 2028
9.1.1.2.1 Canada: North America Elevator Safety System Market Breakdown, By Type
9.1.1.2.2 Canada: North America Elevator Safety System Market Breakdown, By Application
9.1.1.3 Mexico: North America Elevator Safety System Market - Revenue and Forecast to 2028
9.1.1.3.1 Mexico: North America Elevator Safety System Market Breakdown, By Type
9.1.1.3.2 Mexico: North America 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 GAL Manufacturing Co LLC
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 2N Telekomunikace AS
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 OLEO International Ltd
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 Otis Elevator Co
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 Janus Elevator Products Inc
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
11.6 TK Elevator GmbH
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Electronic Controls Inc
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Flexco Industries Inc
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 Chr Mayr GmbH + Co KG
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Word Index
LIST OF TABLES
Table 1. North America Elevator Safety System Market Revenue and Forecast to 2028 (US$ Million)
Table 2. North America Elevator Safety System Market - Revenue and Forecast to 2028 - By Type (US$ Million)
Table 3. North America Elevator Safety System Market - Revenue and Forecast to 2028 - By Application (US$ Million)
Table 4. US: North America Elevator Safety System Market - Revenue and Forecast to 2028 - By Type (US$ Million)
Table 5. US: North America Elevator Safety System Market - Revenue and Forecast to 2028 - By Application (US$ Million)
Table 6. Canada: North America Elevator Safety System Market - Revenue and Forecast to 2028 - By Type (US$ Million)
Table 7. Canada: North America Elevator Safety System Market - Revenue and Forecast to 2028 - By Application (US$ Million)
Table 8. Mexico: North America Elevator Safety System Market Breakdown, By Type
Table 9. Mexico: North America Elevator Safety System Market - Revenue and Forecast to 2028 - By Application (US$ Million)
Table 10. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Elevator Safety System Market Segmentation
Figure 2. North America Elevator Safety System Market Segmentation - By Country
Figure 3. North America Elevator Safety System Market Overview
Figure 4. North America Elevator Safety System Market, by Type
Figure 5. North America Elevator Safety System Market, by Country
Figure 6. North America - PEST Analysis
Figure 7. North America Elevator Safety System Market- Ecosystem Analysis
Figure 8. North America Elevator Safety System Market: Impact Analysis of Drivers and Restraints
Figure 9. North America Elevator Safety System Market Revenue Forecast and Analysis (US$ Million)
Figure 10. North America Elevator Safety System Market Breakdown, By Type, 2021 & 2028 (%)
Figure 11. Control System: North America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 12. Maintenance System: North America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 13. Communication System: North America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America Elevator Safety System Market Breakdown, By Application, 2021 & 2028 (%)
Figure 15. Residential: North America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 16. Non-residential: North America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 17. North America Elevator Safety System Market, By Key Country - Revenue (2021) (US$ Million)
Figure 18. North America Elevator Safety System Market Breakdown, by Country, 2021 & 2028 (%)
Figure 19. US: North America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 20. Canada: North America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 21. Mexico: North America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
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