Elevator Testing, Safety Inspection, and Certification Services Market Size (2024 - 2030)

Global Elevator Testing, Safety Inspection, and Certification Services Market was valued at USD 193.04 billion and is projected to reach a market size of USD 2501.2 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 3.77%.

Industry Overview:

An elevator, also known as a lift, is a device that carries people or goods vertically between floors, levels, or decks of a building, ship, or other structure with the help of cables, hydraulic cylinders, or roller tracks. Although some pumps hydraulic fluid to elevate a cylindrical piston like a jack, they are often powered by electric motors that drive traction cables and counterweight systems like a hoist. An elevator is any kind of conveyor mechanism used in manufacturing or agriculture to lift items continuously into bins or silos. There are numerous varieties, including the chain and bucket elevator, the grain auger screw conveyor that operates on Archimedes' screw principle, and the chain and paddles or forks of hay elevators. In new multistory buildings, elevators are frequently a legal requirement due to wheelchair accessibility rules, especially in cases where wheelchair ramps are impractical.

A car that moves in a vertical shaft to transport people or cargo between the floors of a multistory building is an elevator, also known as a lift. The majority of contemporary elevators are moved by electric motors through a network of cables and sheaves with the help of a counterweight (pulleys). The elevator, which made it possible to access higher structures, was a key factor in establishing the distinctive urban topography of many modern cities, particularly those in the United States, and it is estimated to play a crucial role in the growth of cities in the future. Several machines make up an elevator. Carbon fiber reinforced polymers (CFRP), glass fiber reinforced polymers, and bio-derived polymers are used to construct elevators. An elevator uses a basic machine called a wheel, axle, and metal box. Cables tied to the cab and a counterweight are raised and lowered by a sheave, which is simply a pulley, which is turned by a motor at the top of the shaft. Faster elevators don't use gears; they couple the sheave directly.

COVID-19 impact on the Elevator Testing, Safety Inspection, and Certification Services Market

Globally, factories, warehouses, companies, and institutions were forced to shut down completely or partially as a result of the COVID-19 pandemic epidemic. Other lockdown measures were added to this, such as tight social distance rules, travel restrictions, and restricted access to factories, warehouses, and electronic firms. Supply chain activities and services related to logistics have been disrupted throughout the majority of sectors in the world. Due to the decline in demand for elevator testing, inspection, and certification services during the pandemic, lockdown measures, restricted consumer and industrial spending, and lower manufacturing rates as a result of supply chain disruptions have all had an impact on the growth of the market. Governments all across the world are now directing their attention and resources to the healthcare industry as a result of the outbreak. Although Elevator Testing, Safety Inspection, and Certification Services are crucial to many end-use industries, the healthcare industry is currently gaining ground as a result of the COVID-19 outbreak's expanding reach. Many businesses have stepped up the manufacturing of medical supplies including masks, drapes, and PPE kits, which should provide market participants plenty of room to develop. The attire of medical personnel provides protective boundaries between patients and themselves in hospital settings. To ensure the safety of the goods, masks, and gowns made of medical textiles should adhere to particular criteria. Market participants offering Elevator Testing, Safety Inspection, and Certification services guarantee high standards of quality along the whole supply chain.

MARKET DRIVERS:

Building energy efficiency is becoming an increasingly important market component.

The world consumes a lot of energy as a result of the rising industry and urbanization. 75% of CO2 (carbon dioxide) emissions and 75% of natural resource usage occur in cities around the world. These reasons have led to numerous governments around the world mandating efficient and intelligent energy use. The Leadership in Energy and Environmental Design (LEED) rating system was created by the US Green Buildings Council to lessen environmental impact and advance the idea of sustainable buildings. Similar trends have been observed in the European region, where the construction of 10 national roadmaps and an EU policy roadmap for decarbonizing the built environment was announced by the European Green Building Councils. This dependence and consumption rate might decrease with the use of intelligent elevators. Energy-efficient elevators are being produced by elevator manufacturers for mid- and high-rise buildings, including smart controls, hardware, and other low-energy systems.

One of the key factors driving the Elevator Testing, Safety Inspection, and Certification Services Market market's growth is the increasing demand for smart elevators.

Smart elevators were developed as a result of the development of energy-efficient elevators that may hasten the transition between levels of a building. When a user selects a destination floor, a smart elevator will direct them to the elevator that will get them there with the fewest stops. The capabilities of a smart elevator go beyond only vertical mobility. Among other features, smart elevators may have security features like biometrics, touchscreens, access control, and destination dispatch systems. Several sensors are used by smart elevators to track the activity of different system parts. To enhance their product offerings, major vendors like KONE and Otis Elevator collaborate with computer behemoths like Apple, IBM, and Microsoft.

MARKET RESTRAINTS:

The market is being constrained by the uncertainty and risk surrounding the world economy.

The global economy and the building sector both have an impact on the market for Elevator Testing, Safety Inspection, and Certification Services. The primary sources of demand for these commodities are construction projects, both residential and non-residential. Despite the COVID-19 pandemic's partial recovery of the world economy, threats and uncertainty continue to be significant. A slowdown in the economy has a direct impact on some macroeconomic variables, including the level of employment, company activity, consumer confidence, disposable income, and interest rates in the nation. The amount of investment made in the construction industry may suffer as a result, which would harm the market.

Elevator Testing, Safety Inspection, and Certification Services Market REPORT COVERAGE:

This research report on the Elevator Testing, Safety Inspection, and Certification Services Market has been segmented and sub-segmented based on end-user, building size, and region.

Elevator Testing, Safety Inspection, and Certification Services Market segmentation By End User

• Residential buildings
• Commercial
• Marine & Off-Shore
• Industrial
• Institutional
• Others

With a CAGR of 5.5%, the commercial vertical is predicted to be the dominating growth vertical. Elevator demand rises in this region as a result of expanding construction of malls, offices, hotels, hospitals, and other structures, which in turn fuels the demand for elevator repair. Furthermore, as commercial building construction has increased as a result of emerging advancements, numerous industry participants have decided to invest in smart elevator systems. The use of cutting-edge elements, such as cloud technologies, aids in the correct maintenance of elevators at hospitals, hotels, malls, and other locations. These elements have fueled market demands for higher standards of elevator maintenance.

Elevator Testing, Safety Inspection, and Certification Services Market segmentation By Building Size

• Low Rise
• Mid Rise
• High Rise

Low-rise construction will continue to dominate the Elevator Testing, Safety Inspection, and Certification Services Market with a CAGR of 5.3%. Rising technological developments aimed at raising maintenance standards for elevators at different low-rise construction sites have also been a significant factor in the market's increased domination of elevators. Elevator maintenance enhances machine functionality and, when paired with automatic actions such as door closing and opening without the pressing of buttons, contributes to high demand in low-rise building operations. Since technology is developing quickly, there has been a significant shift in low-rise building construction, including hotels, hospitals, and many others, toward better use of smart technology-based elevators.

Elevator Testing, Safety Inspection, and Certification Services Market segmentation By Geography

• North America
• Europe
• APAC
• South America
• Rest of the world

With a market share of 37% in 2021, the APAC region will dominate the global elevator maintenance industry. Due to the rapid growth of the construction industry, APAC dominated the market. India, China, Indonesia, Malaysia, and other developing and emerging nations in the APAC area are looking for lifting technologies that are highly productive, efficient, and environmentally benign. The government's infrastructure projects are expanding the fastest in China. Following China, Indonesia is expanding in both the residential and non-residential sectors of construction, which is impacting the market expansion. The majority of elevators used in commercial, residential, institutional, and other settings in Europe are quite outdated, and demand for their upgrading with cutting-edge technologies is growing in these areas. Furthermore, as more elevators are needed for new infrastructure operations, the expansion of these industries is also having an impact on the market. The Schindler Group estimates that 50% of elevators in Europe are more than 20 years old and are typically hydraulic elevators and bucket elevators with screw conveyors. The world's oldest elevators are found throughout Europe. As a result, this area's need for care is growing.

Elevator Testing, Safety Inspection, and Certification Services Market Key Players are:

• SGS SA

• Bureau Veritas SA

• DEKRA

• Intertek Group plc

• Eurofins Scientific Group

• TUV SUD AG

• TUV Rheinland AG

• DNV GL

• UL LLC

• Applus+

• MISTRAS Group Inc.

• ATRAC Group

• Apave International

• ALS Global

• Compoende Beneficiamento De Pecas Ltda

• TÜV NORD GROUP

NOTABLE HAPPENINGS IN THE ELEVATOR TESTING, SAFETY INSPECTION, AND CERTIFICATION SERVICES MARKET IN THE RECENT PAST:

• Collaboration: In February 2021, Schindler and citizenM hotels, the top boutique hotel chain based in the Netherlands, entered into a partnership agreement to service and update the elevators in all of the Group's current buildings around the world as well as to install future vertical mobility solutions in the chain's new hotels.