Asia Pacific 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)

Asia Pacific 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 Asia Pacific elevator safety system market is expected to grow from US$ 2,853.57 million in 2022 to US$ 5,417.96 million by 2028. It is estimated to grow at a CAGR of 11.3% from 2022 to 2028.

Integration of Big Data, Artificial Intelligence, and Machine Learning for Real-Time Monitoring and Predictive Maintenance is Boosting the Asia Pacific Elevator Safety System Market

Since the safety of elevator users is of utmost importance, there is growing research on integrating big data, artificial intelligence (AI), and machine learning (ML) with elevators to enhance their safety. Big data aids in the collection and analysis of elevator system functioning with the types and causes of faults. Data collected with the help of AI and ML can be utilized for real-time monitoring of an elevator's operation, alongside detecting faults. Moreover, ML can assist in predictive maintenance due to its ability to foresee the malfunction of a particular part or the entire system. Several elevator manufacturers have rolled out products integrated with AI and ML. In June 2021, Otis Worldwide Corp. unveiled the third generation of digitally native elevators. These elevators function in tandem with the Otis ONE IoT digital platform. As per the company, the platform collects extensive amounts of data from the various sensors embedded in the elevators, followed by analyzing these data to provide real-time performance information, predictive insights, and proactive communication, among others.

AI and ML also assist in the resolution of several elevator issues remotely. In July 2019, Hitachi Elevator (China) Co., Ltd. launched the MCA-ES elevator model in China. Per the company’s claims, the new product has obtained safety integrity level (SIL) 3 certification as it offers better safety and security to its passengers. The vehicle is equipped with a remote monitoring device for collecting the elevator's operational data around the clock. The data is shared with the company's big data center, where AI pre-diagnosis is leveraged for identifying abnormalities and predicting potential malfunctions. Before the launch, the company conducted a pilot on AI pre-diagnosis on-demand service with Nanjing Municipal Government and witnessed a 65% decrease in elevator abnormalities. In July 2016, Schindler Holding and GE Digital announced a strategic alliance. Through this arrangement, Schindler will leverage GE's Predix Platform to analyze and leverage data generated from Schindler's connected elevators and other products. Such trends showcase how the continuous upgrades in elevator safety systems, with the use of sensors, big data, AI, and ML, would improve the performance of the Asia Pacific elevator safety system market in the future.

Asia Pacific Elevator Safety System Market Overview

The surge in demand for elevators majorly in high-rise commercial and residential buildings in Asia Pacific countries is creating lucrative opportunities for the key market players. Rapid technological advances and policy support, as well as economic digitization and growing disposable income, especially in the middle-income class community, are among the factors that assist the transition of economies in this region from the growth phase to the developed phase.

India is projected to register the fastest CAGR in the Asia Pacific elevator safety system market during the forecast period. Introducing elevator safety systems has led to the development of various government policies to improve control, maintenance, and communication systems and overcome rising concerns regarding accidents. The Pacific Asia Lift and Escalator Association (PALEA) provides a neutral forum for all lift/elevator and escalator organizations operating in Asia Pacific. In addition, with becoming an 'A' member of the International Organization for Standardization (ISO) and is represented on several working groups associated with the ISO/TC178 technical committee, this association was formed to serve the needs of the lift (elevator) and escalator industry and covers 24 Asia Pacific countries in the region. However, factors such as lack of technological upgrades due to huge costs, shortage of skilled personnel, and high investments required to install safety systems in elevators are anticipated to limit the Asia Pacific elevator safety system market growth.

Asia Pacific Elevator Safety System Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Elevator Safety System Market Segmentation

The Asia Pacific elevator safety system market is segmented into type, application, and country.

Based on type, the Asia Pacific 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 Asia Pacific elevator safety system market is bifurcated into residential, and non-residential. The residential segment dominated the market share in 2022.

Based on country, the Asia Pacific elevator safety system market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the market share in 2022.

2N Telekomunikace AS; Chr Mayr GmbH + Co KG; Flexco Industries Inc; OLEO International Ltd; Otis Elevator Co; Technic Electronic Corp; and TK Elevator GmbH are the leading companies operating in the Asia Pacific elevator safety system market.

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