Elevator Safety System Market Report 2025

The elevator safety system market size has grown strongly in recent years. It will grow from $13.11 billion in 2024 to $14.33 billion in 2025 at a compound annual growth rate (CAGR) of 9.3%. The growth during the historic period can be attributed to aging infrastructure, expansion of commercial real estate, development of high-rise residential buildings, increased accident awareness and public pressure, government modernization initiatives, and the emergence of smart buildings.

The elevator safety system market size is expected to see strong growth in the next few years. It will grow to $20.21 billion in 2029 at a compound annual growth rate (CAGR) of 9%. The growth projected for the forecast period can be attributed to the rise of megacities and vertical expansion, increased adoption of predictive maintenance, growth in modular and prefabricated buildings, accelerating urbanization and infrastructure development, and heightened awareness of safety and security. Key trends during this period include innovations in traction elevator systems, advancements in sensor technology, integration of IoT and smart monitoring systems, 5G and cloud-enabled elevator monitoring, and developments in safety features.

The growing number of skyscrapers and multi-story buildings is expected to drive the expansion of the elevator safety system market moving forward. These tall structures, often designed for residential, commercial, or mixed-use purposes, rely on elevators to enable vertical transportation between floors. The rise in such buildings is largely due to limited urban land availability, which encourages vertical development to maximize usable space. Elevator safety systems are critical in these buildings to ensure safe and reliable vertical transport, preventing incidents such as free falls or entrapments through features such as emergency brakes and overspeed governors. For example, in January 2024, the Council on Tall Buildings and Urban Habitat, a US-based non-profit organization, reported a record 185 structures of 200 meters or taller completed in 2023, marking a 12.8% increase over the 164 completed in 2022. Therefore, the increasing construction of skyscrapers and multi-story buildings is fueling growth in the elevator safety system market.

Key companies in the elevator safety system market are focusing on innovative products such as compact safety elevator drives to improve space efficiency, energy savings, and operational reliability in modern infrastructure. Compact safety elevator drives are space-saving control systems that integrate essential safety functions such as emergency braking and overspeed protection, ensuring secure elevator operation in contemporary buildings. For instance, in November 2023, Delta Electronics Inc., a Taiwan-based provider of power and thermal management solutions, introduced the EB3000 family - next-generation elevator drives that set new standards in safety, compatibility, and ease of maintenance. These compact drives are easy to install and compatible with various elevator systems and communication protocols. Prioritizing safety, the EB3000 series features built-in Safe Torque Off (STO) and complies with the latest EN81-20 and EN81-50 elevator safety standards. They also support wireless control and maintenance via Bluetooth for efficient troubleshooting and are designed to deliver a smooth, comfortable ride.

In April 2025, Kings III Emergency Communications, a US-based company specializing in emergency communication and monitoring services, acquired LiftNet for an undisclosed amount. This acquisition aims to enhance safety, reliability, and value for critical infrastructure, commercial building owners, and property managers across North America by combining emergency response expertise with advanced real-time elevator and escalator performance monitoring. LiftNet is a US-based provider specializing in elevator safety and remote monitoring systems.

Major players in the elevator safety system market are Hitachi Ltd., ThyssenKrupp AG, Mitsubishi Electric Corporation, Toshiba Corporation, Otis Worldwide Corporation, Schindler Holding AG, KONE Corporation, Hyundai Elevator Co. Ltd., Fujitec Co. Ltd., Wittur Holding GmbH, Savaria Corporation, Orona S. Coop., Kleemann Hellas S.A., Stannah Lifts Holdings Ltd., The Hilliard Corporation, Sicher Elevator Co. Ltd., Dewhurst Group plc, DoorKing Inc., Escon Elevators Private Limited, Total Door Systems Inc., C.J. Anderson & Company, and Johnson Lifts Private Limited.

North America was the largest region in the elevator safety system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in elevator safety system report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the elevator safety system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s recommendations and conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The swift increase in U.S. tariffs and the ensuing trade tensions in spring 2025 are significantly affecting the machinery sector by increasing costs for steel, hydraulic systems, and precision bearings critical components often imported from tariff-affected regions. Manufacturers of construction, agricultural, and industrial machinery now face squeezed margins, as many long-term contracts prevent immediate price adjustments. The uncertainty has also delayed investment in automation and smart machinery technologies, slowing productivity gains. To adapt, firms are accelerating local supplier development, redesigning products to use alternative materials, and leveraging predictive maintenance to extend equipment lifespans amid higher replacement costs.

Elevator safety systems comprise a comprehensive set of mechanisms and protocols designed to ensure the safe and reliable operation of elevators across various building environments. These systems aim to prevent accidents, protect passengers during emergencies such as power outages or mechanical failures, and ensure adherence to strict safety standards and regulations governing vertical transportation.

The primary types of elevator safety systems include hydraulic elevator safety systems, traction elevator safety systems, and pneumatic elevator safety systems. Hydraulic elevator safety systems are specifically engineered to prevent accidents in hydraulic lift operations and include components such as rupture valves, overspeed governors, and pressure relief systems that ensure safe lifting, lowering, and emergency responses. These systems feature essential elements such as brake systems, safety gear, control systems, load weighing devices, and emergency communication systems. They employ a variety of technologies, including mechanical safety systems, electrical safety systems, smart safety systems, and IoT-enabled safety systems. Applications span commercial and residential buildings, industrial facilities, healthcare institutions, and transportation hubs, serving a broad range of end users including building contractors, facility managers, real estate developers, elevator manufacturers, and regulatory authorities.

The elevator safety system market research report is one of a series of new reports that provides elevator safety system market statistics, including elevator safety system industry global market size, regional shares, competitors with an elevator safety system market share, detailed elevator safety system market segments, market trends and opportunities, and any further data you may need to thrive in the elevator safety system industry. This elevator safety system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The elevator safety system market consists of sales of emergency brakes, door interlocks, control panels, buffer systems, overload sensors, emergency alarm systems, and fire emergency controls. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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