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.
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.
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 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.
Table of Contents
1. Introduction1.1 Study Scope
1.2 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. South & Central America Elevator Safety System Market Landscape
4.1 Market Overview
4.2 South & Central America - PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. South & Central 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. Elevator Safety System Market - South & Central America Market Analysis
6.1 South & Central America Elevator Safety System Market Overview
6.2 South & Central America Elevator Safety System Market Revenue Forecast and Analysis
7. South & Central America Elevator Safety System Market - By Type
7.1 Overview
7.2 South & Central America Elevator Safety System Market, by Type (2021 and 2028)
7.3 Control System
7.3.1 Overview
7.3.2 Control System: South & Central 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: South & Central 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: South & Central America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
8. South & Central America Elevator Safety System Market Analysis - by Application
8.1 Overview
8.2 South & Central America Elevator Safety System Market, by Application (2021 and 2028)
8.3 Residential
8.3.1 Overview
8.3.2 Residential: South & Central 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: South & Central America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
9. South & Central America Elevator Safety System Market - Country Analysis
9.1 Overview
9.1.1 South & Central America Elevator Safety System Market Breakdown, by Country
9.1.1.1 Brazil Elevator Safety System Market - Revenue and Forecast to 2028
9.1.1.1.1 Brazil Elevator Safety System Market Breakdown, By Type
9.1.1.1.2 Brazil Elevator Safety System Market Breakdown, By Application
9.1.1.2 Argentina Elevator Safety System Market - Revenue and Forecast to 2028
9.1.1.2.1 Argentina Elevator Safety System Market Breakdown, By Type
9.1.1.2.2 Argentina Elevator Safety System Market Breakdown, By Application
9.1.1.3 Rest of South & Central America Elevator Safety System Market - Revenue and Forecast to 2028
9.1.1.3.1 Rest of South & Central America Elevator Safety System Market Breakdown, By Type
9.1.1.3.2 Rest of South & Central 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 2N Telekomunikace AS
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 OLEO International Ltd
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 Otis Elevator Co
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 TK Elevator GmbH
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 Electronic Controls 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 Chr Mayr GmbH + Co KG
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
12. Appendix
12.1 About the Publisher
12.2 Word Index
Table 1. South & Central America Elevator Safety System Market Revenue and Forecast to 2028 (US$ Million)
Table 2. South & Central America Elevator Safety System Market - Revenue and Forecast to 2028 - By Type (US$ Million)
Table 3. South & Central America Elevator Safety System Market - Revenue and Forecast to 2028 - By Application (US$ Million)
Table 4. Brazil Elevator Safety System Market - Revenue and Forecast to 2028 - By Type (US$ Million)
Table 5. Brazil Elevator Safety System Market - Revenue and Forecast to 2028 - By Application (US$ Million)
Table 6. Argentina Elevator Safety System Market - Revenue and Forecast to 2028 - By Type (US$ Million)
Table 7. Argentina Elevator Safety System Market - Revenue and Forecast to 2028 - By Application (US$ Million)
Table 8. Rest of South & Central America Elevator Safety System Market - Revenue and Forecast to 2028 - By Type (US$ Million)
Table 9. Rest of South & Central America Elevator Safety System Market - Revenue and Forecast to 2028 - By Application (US$ Million)
Table 10. List of Abbreviation
Figure 1. South & Central America Elevator Safety System Market Segmentation
Figure 2. South & Central America Elevator Safety System Market Segmentation - By Country
Figure 3. South & Central America Elevator Safety System Market Overview
Figure 4. South & Central America Elevator Safety System Market, by Type
Figure 5. South & Central America Elevator Safety System Market, by Country
Figure 6. South & Central America - PEST Analysis
Figure 7. Elevator Safety System Market- Ecosystem Analysis
Figure 8. South & Central America Elevator Safety System Market: Impact Analysis of Drivers and Restraints
Figure 9. South & Central America Elevator Safety System Market Revenue Forecast and Analysis (US$ Million)
Figure 10. South & Central America Elevator Safety System Market Breakdown, By Type, 2021 & 2028 (%)
Figure 11. Control System: South & Central America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 12. Maintenance System: South & Central America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 13. Communication System: South & Central America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 14. South & Central America Elevator Safety System Market Breakdown, By Application, 2021 & 2028 (%)
Figure 15. Residential: South & Central America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 16. Non-residential: South & Central America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 17. South & Central America Elevator Safety System Market ,by Key Country - Revenue (2021) (US$ Million)
Figure 18. South & Central America Elevator Safety System Market Breakdown, by Country, 2021 & 2028 (%)
Figure 19. Brazil Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 20. Argentina Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 21. Rest of South & Central America Elevator Safety System Market - Revenue and Forecast to 2028 (US$ Million)
Companies Mentioned
- 2N Telekomunikace AS
- Chr Mayr GmbH + Co KG
- Electronic Controls Inc
- OLEO International Ltd
- Otis Elevator Co
- TK Elevator GmbH
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 84 |
| Published | January 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 972.82 Million |
| Forecasted Market Value ( USD | $ 1484.41 Million |
| Compound Annual Growth Rate | 7.3% |
| No. of Companies Mentioned | 6 |
