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)
Middle East & Africa Elevator Safety System Market Segmentation
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.