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Pune India, Jan. 31, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the elevator safety system market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the elevator safety system market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product type, application, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global elevator safety system market are GAL Manufacturing Company, LLC; Chr. Mayr GmbH + Co. KG; 2N Telekomunikace A.S; Oleo International; Janus Elevators; TK Elevator; ECI America; Technic Electronic Corporation; Otis Elevator Company; and Flexco Industries, Inc among others. To achieve a substantial market share in the worldwide elevator safety system market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Elevators and related systems are crucial pieces of technology in high-rises and multistory buildings. For the safety of persons utilizing them, elevator safety mechanisms are essential. A number of rules and codes apply to both elevator manufacturers and elevator safety device manufacturers. The severity of these laws and standards has increased along with the number of elevator installations and elevator users. Elevator safety systems come with a variety of switches, buffers, governors, alarms, communication systems, and sensors. Due to growing safety concerns, elevators are being equipped with an increasing number of sensors. In order to enhance the performance of safety systems and elevators, big data, artificial intelligence, and machine learning are also being merged with these systems. The main drivers of the market growth are increased energy efficiency initiatives in the European Union, increased smart city proliferation in MEA and Singapore, increased commercial sector growth in Mexico and Brazil, increased popularity of energy-efficient & intelligent buildings in North America, increased wireless technology adoption, and high demand for security. Due to the fact that safety is one of their top priorities, numerous projects have been started worldwide to upgrade these outdated elevators. A new regulation that went into effect in 2014 mandates that emergency safety brakes be placed in all elevators in New York City by the year 2027.
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Scope of elevator safety system market Report
|Market Share Unit||USD Million|
|Segments Covered||Product Type, Application, and Regions|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||GAL Manufacturing Company, LLC; Chr. Mayr GmbH + Co. KG; 2N Telekomunikace A.S; Oleo International; Janus Elevators; TK Elevator; ECI America; Technic Electronic Corporation; Otis Elevator Company; and Flexco Industries, Inc. among others.|
The maintenance system segment is expected to be the fastest-growing segment in 2022.
The product type segment includes maintenance system, control system, and communication system. The maintenance system segment is expected to witness the highest growth rate during the forecast period. A systematic examination is carried out by service professionals to maintain elevators in good working condition. The process includes identifying, diagnosing, and resolving problems before they cause shutdown, malfunction, or system failure. Elevator maintenance is frequently done at least once a month to prevent costly repairs and increase asset longevity.
The residential segment is expected to be the fastest-growing segment in 2022.
The application segment includes residential and non-residential. The residential segment is expected to witness the highest growth rate during the forecast period. Annual inspections and regular maintenance are required for residential elevators’ many pieces of equipment, such as emergency alarms, emergency stops, door locks, overload sensors, and overspeed detectors. Residential elevator lift breakage and malfunction are often caused by improper use, poor maintenance, intentional vandalism, and a lack of funding for repair and maintenance. Maintenance on these elevators is now necessary to prevent mishaps in apartment buildings. India, the second-largest market for residential elevators after China, has a high demand, according to Otis, one of the leading manufacturers of elevators and escalators. Additionally, due to a surge in the sale of housing projects and an increase in the government’s investment in infrastructure, the residential segment now accounts for around 80% of the Indian market.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the elevator safety system market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The Asia Pacific region witnessed a major share. As a result of the construction industry’s rapid expansion, the demand for elevator safety systems is rising quickly along with the number of elevators deployed. Various government laws that prioritise improving the control, maintenance, and communication systems integrated into elevators in order to lower the risk of accidents are assisting the growth of the elevator safety system market in APAC. The increased need for elevators also contributes to the strong demand for elevator safety systems in countries like China and Japan, where the elderly population is growing. The competition in the APAC market is also being fueled by the presence of significant elevator and elevator safety system manufacturers as well as strategic collaborations among market participants.
Germany’s elevator safety system market size was valued at USD 980.47 million in 2022 and is expected to reach USD 2086.48 million by 2030, at a CAGR of 9.9% from 2023 to 2030.
The presence of major manufacturers of elevators and elevator safety systems as well as strategic partnerships between market participants are enhancing competition in the German industry.
China’s elevator safety system market size was valued at USD 1332.39 million in 2022 and is expected to reach USD 2876.9 million by 2030, at a CAGR of 10.1% from 2023 to 2030.
There is an increase in development, notably of high-rise buildings, and there is a substantial penetration of elevators in residential, commercial, and industrial areas, including train and metro stations, shopping centres, hotels, airports, high-rise residences, and public buildings. The nation’s increasing urbanisation, increased government initiatives in the construction sector, updated regulatory standards for lift infrastructure, and considerable architectural evolution are additional significant factors supporting the market expansion for elevator safety systems.
India’s elevator safety system market size was valued at USD 1024.9 million in 2022 and is expected to reach USD 2196.9 million by 2030, at a CAGR of 10% from 2023 to 2030.
Construction work was resumed after the lockdown was lifted and successful vaccination efforts were conducted. As a result, it is anticipated that countries like India would see a surge in demand for elevators and elevator safety systems in the years to come.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the elevator safety system market is mainly driven by the rising industrialisation.
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Belgian Commitment to Partnership Supports a New Frontier of Europe-US Space Research
BRUSSELS, Dec. 10, 2023 /PRNewswire/ — Belgian Prime Minister Alexander De Croo has travelled to Houston, United States, to meet Raphaël Liégeois, the Belgian career astronaut selected as part of the European Space Agency (ESA) astronaut class of 2022. De Croo’s visit coincides with the ESA cohort’s familiarisation trip to NASA’s Johnson Space Centre, which is the precursor to a further two years of training, delivered in Houston, to prepare the astronauts for their respective missions on the International Space Station. The visit signals a new phase of the long-standing collaboration between Europe and the United States on space research and exemplifies Belgium’s commitment to partnerships in facing global challenges.
Belgium’s expertise in aerospace, and in science more generally, is internationally recognised – in terms of both training and industry. Belgium is a founding member of the ESA and its fifth-largest funder. The country’s support of the ESA shows its commitment to shaping the development of Europe’s space capability and ensuring that investment in space continues to deliver benefits to the citizens of Europe and the world.
“For Belgians, the sky isn’t the limit, the universe is,” said De Croo. “Today, we are very proud to see Raphaël take this important step in his career as an astronaut. He will be an important role model for many generations of STEM students to come. Space research and innovation hold particular importance for Belgium; they are powerful economic drivers which foster the growth of high-tech industries and create jobs – as evidenced by the number of Belgian companies on the cutting edge of aeronautics.”
The 17 members of the ESA astronaut class of 2022 were selected from a pool of over 23,000 applicants. The process, designed to bring together the finest scientific minds that Europe has to offer, took place over a period lasting 18 months.
The selection of Raphaël Liégeois is testament to Belgium’s focus on embracing openness, driven by innovation, partnerships, and diversity, to create solutions that drive progress for all.
Located in the heart of Europe, Belgium is one of the most open economies in the world, counting 11.5 million people with a reputation for innovation, hard work, partnership, and multilingualism. Strategically located between Germany, the Netherlands, France, and Luxembourg, and only a stone’s throw from the UK, it lies at the centre of the richest and most densely populated area in Europe. A member of the European Union, Belgium enjoys full access to the world’s most advanced single market and customs zone which ensures extensive frictionless trade.
Belgium boasts a highly developed transport infrastructure, including the second largest seaport in Europe (Antwerp). Belgium is home to world-leading research and innovation facilities, multinational corporations, and artisanal businesses supported by the investor-centric approach of public services.
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Savory & Partners: Digital Nomad Visas Sparking a Migration Boom
DUBAI, UAE, Dec. 9, 2023 /PRNewswire/ — The simplicity and lax requirements of digital nomad visas have made them easily accessible, and countries like Portugal and Spain, which have excellent infrastructure, great internet connection, and an outstanding standard of living, draw in more digital nomads by the day, according to experts at Dubai-headquartered citizenship and residency by investment advisors Savory and Partners.
A recent research quoted by the company estimates that there are 16.9 million digital nomads roaming the globe. This is a whopping 162% increase from 2019, just four years earlier.
As soon as Portugal introduced its digital nomad visa in October of 2022, the applications started pouring in. While the government hasn’t announced the number of applications it has received, Portugal’s Labour Minister did announce that the country approved 550 applications within the first six months.
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Not just Europe
“It’s not just Europe but even Barbados’ digital nomad visa, dubbed the Welcome Stamp, has been doing outstandingly well, receiving a total of 3,511 applications between 2020 and 2022”, a digital nomad specialist at Savory & Partners reports.
While digital nomads typically use visa-free access or visas to stay in countries for a few months at a time before moving on to the next, digital nomad visas provide a sense of comfort and stability that aligns perfectly with their lifestyle, giving them ample time to enjoy the country they are in before moving on to the next.
The rapid growth in application numbers and the surging demand for digital nomad visas isn’t surprising. They are extremely simple to apply to, have fast processing times ranging from a few days to a couple of months, and they do not require any business establishment or investment.
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Savory & Partners is an accredited agent for multiple governments where citizenship by investment is offered. The company has coverage in over 20 jurisdictions, including Europe and was the first firm to obtain all five authorised agent licenses for the governments of the Caribbean Islands. It has processed second passports for over 4,000 citizens with a 100 per cent success rate.
With a presence in 3 continents and 7 countries and more than 60 experts worldwide, the company’s multinational staff comprises advisors who guide clients in English, Arabic, Farsi, French, Spanish and Hindi.
To know more about Savory & Partners, visit www.savoryandpartners.com.
For more information, please send an email to [email protected] can also call +971 04 430 1717 or send a WhatsApp message to +971 54 440 2955.
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Robotic Lawn Mower Market to Reach $2.4 Billion, by 2032 at 10.9% CAGR: Allied Market Research
The increasing demand for smart appliances for garden maintenance by global consumers, along with the development of IOT enabled features is fueling the growth of the robotic lawn mower market.
WILMINGTON, Del., Dec. 8, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Robotic Lawn Mower Market by Range (Low-Range Robotic Lawn Mower, Medium-Range Robotic Lawn Mower, and High-Range Robotic Lawn Mower), End User (Residential User and Commercial User), and Distribution Channel (Retail and Online): Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global robotic lawn mower market size was valued at $838.5 million in 2022, and is projected to reach $2.4 billion by 2032, growing at a CAGR of 10.9% from 2023 to 2032.
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Prime determinants of growth
The robotic lawn mower market is driven by factors such as increase in demand for automation, rise in advancements for technology, and increase in popularity of online platforms. However, the rise in regular maintenance and repair costs restricts market growth. Moreover, the increase in demand for rental robotic lawn mowers offers new opportunities in the coming years.
Report coverage & details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Range, End User, Distribution Channel, and Region
Increase in demand for automation
Rise in advancements for technology
Reduction in the labor costs
Increase in demand for rental robotic lawn mowers
Growth in the adoption of internet of things
Declining Cost of Batteries/Fuel Cells
Less adoption in developing markets
Regular maintenance and repair costs
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The medium range robotic lawn mower segment to maintain its leadership status throughout the forecast period
Based on range, the medium range robotic lawn mower segment dominated the market in 2022 accounting for more than half of the market share and is expected to dominate the market during the forecast period. This segment is projected to manifest the highest CAGR of 10.4% from 2023 to 2032, owing to the increase in residential and commercial spaces such as buildings, corporate spaces, sports centers, and public parks, which has fueled the requirement for medium range robotic lawn mowers.
The residential segment to maintain its leadership status throughout the forecast period
Based on end user, the residential segment dominated the market in 2022 accounting for less than three-fourths of the market share and is expected to dominate the market during the forecast period. This segment is projected to manifest the highest CAGR of 10.7% from 2023 to 2032, owing to the increase in the demand for low and medium range robotic lawn mowers in the residential sector due to the increased requirement for lawn care and maintenance.
The retail segment to maintain its lead position during the forecast period
On the basis of the distribution channel, the retail segment dominated the market in 2022 accounting for less than half of the market share and is expected to maintain its dominance during the forecast period. The increased demand for ecologically friendly and sustainable robotic lawn mowers, which is being driven by the rising awareness of environmental challenges, is one of the main factors boosting retail sales.
Europe to maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for less than two-fifths of the market share and is expected to maintain its dominance during the forecast period. The growing popularity in artificial intelligence for performing day-to-day activities with higher efficiency is among the primary factors driving the Europe robotic lawn mower market.
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Leading Market Players: –
Robert Bosch GmbHHusqvarna ABHonda Motor Co., Ltd.Zucchetti Centro Sistemi S.p.A.Stiga C S.a.r.l.Andreas Holding AG & Co. KGPositec Tool CorporationWiper S.R.L.Suzhou Cleva Electric Appliance Co., Ltd.Stanley Black & Decker, Inc.The report provides a detailed analysis of these key players in the robotic lawn mower market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.USA/Canada (Toll Free):+1-800-792-5285UK: +44-845-528-1300Hong Kong: +852-301-84916India (Pune): +91-20-66346060Fax: [email protected]: www.alliedmarketresearch.comAllied Market Research Blog:https://blog.alliedmarketresearch.com/consumer-goods
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