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)

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)

The South & Central America elevator safety system market is expected to grow from US$ 972.82 million in 2022 to US$ 1,484.41 million by 2028. It is estimated to grow at a CAGR of 7.3% from 2022 to 2028.

Integration of Big Data, Artificial Intelligence, and Machine Learning for Real-Time Monitoring and Predictive Maintenance is Boosting the South & Central America Elevator Safety System Market Growth

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. 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 South & Central America elevator safety system market in the future.

South & Central America Elevator Safety System Market Overview

The South & Central America region has a mixed growth scenario, with a few countries having complex macroeconomic and political environments. Developing economies such as Brazil, Argentina, Chile, and Peru make significant investments in elevator infrastructure and adopting safety systems devices.

With urbanization creating a world of increasingly tall buildings, there is a growing number of elevators, mainly across the commercial sector in Brazil. In March 2021, Otis—a leading manufacturer, installation and service company for elevators and escalators—initiated a project to modernize elevators in Sao Paulo's Iconic Birmann 21 building. The company has provided technology and added its newest destination dispatch system and all the equipment and safety systems, such as motors, signage, call buttons, cabs, and floor landing doors.

The consulate in Buenos Aires—the capital of Argentina—has initiated the guidelines and services to be maintained in building elevators with safe, reliable, and efficient operating conditions. In addition, the contract is released for routine maintenance services and upgrading the safety systems installed in elevators, thereby boosting the South & Central America elevator safety system market growth in the country.

South & Central America Elevator Safety System Market Revenue and Forecast to 2028 (US$ Million)

South & Central America Elevator Safety System Market Segmentation

The South & Central America elevator safety system market is segmented into type, application, and country.

Based on type, the South & Central 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 South & Central 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 South & Central America elevator safety system market is segmented into Brazil, Argentina, and the Rest of South & Central America. The Brazil dominated the market share in 2022.

2N Telekomunikace AS: Chr Mayr GmbH + Co KG; Electronic Controls Inc; OLEO International Ltd; Otis Elevator Co; and TK Elevator GmbH are the leading companies operating in the South & Central America elevator safety system market.

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