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Italian Elevators and Escalators – Market
Italian Elevators and Escalators – Market
DUBLIN, Oct. 2, 2024 (Globe Newswire) — The “Italian Elevators and Escalators – Market Size and Growth Forecast 2024-2029” report has been added to ResearchAndMarkets.com’s offering.
Italy elevator and escalator market is expected to grow at a CAGR of 0.89% from 2023 to 2029
The top four prominent vendors in the Italian elevator and escalator market include Otis, KONE, Schindler and TK Elevator, accounting for 60% of the Italian market share.
Italy is the second-largest country in the world for elevator infrastructure, with nearly one million systems facilitating nearly 100 million journeys every day. Despite this impressive figure, more than 70% of operating elevators in Italy have been in operation for more than 20 years, and nearly 50% are more than 30 years old.
Italy has a significant elevator installation base within Europe. However, many high-rise buildings still lack them, negatively impacting comfort and accessibility. Less than 5% of residential buildings in Italy have an elevator system, and only one in eight buildings above three floors has an elevator. This gap presents an opportunity for major original equipment manufacturers (OEMs) to tap into the Italian elevator and escalator market, meeting the demand for elevator installations in these buildings and improving overall accessibility and convenience. may cause
Italian manufacturer Sicor Italy Srl will expand its market reach from June 1, 2024 directly from its Italian facilities to the UK, France and Germany. Aritec New Materials Group, headquartered in Lucerne, Switzerland, has announced a strategic partnership with Alberto Sassi. SpA, an Italian company famous for elevator mechanical technology, announced on May 3, 2024. The company, which has been operating in Italy for 10 years through its Swedish subsidiary Hydroware Srl, revealed on July 21, 2023 that it intends to focus on offering an entirely new lift package. In Italy.
Growth rate of digitalization and increasing development of buildings drive Italian elevators and escalators market
Italy is likely to invest $7.8 billion in dock modernization and capacity expansion by 2026. The funding will primarily focus on increasing the capacity of Italy’s main container ports to handle larger vessels through dredging, new breakwaters and improved road and rail connections.
$30.8 million has been allocated for energy efficiency projects and building redevelopment, a significant investment that is expected to save 980,000 tonnes of CO2 through energy efficiency in public and private buildings.
Milan will become one of Europe’s most modern cities, with further public and private development expected to attract $13 billion in investment by 2030 (including $2 billion in public urbanization projects). In addition, Milan’s housing industry will add 33,000 homes and accommodate 100,000 people by 2030.
According to Eurostat, Italy has the highest home ownership rate in Europe. In 2020, more than 75% of families owned a home, exceeding 20 million homes.
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Demand creation through regulatory maintenance and modernization of elevators and escalators in Italy
In 2022, maintenance and modernization of the Italian elevator and escalator market accounted for 67.9% and 32.1%, respectively.
According to Thyssenkrupp Elevator Italia, around 40% of the total building stock exceeds the 30-year standard. Various technological advances have made machine users more functional and economical from an energy perspective. It is also essential to meet EU regulations in each sector.
SMI (Scale Mobili Italia) focuses on the maintenance and service of mobility equipment such as elevators, escalators and moving walkways. In 2018, it introduced training sessions and courses on escalator maintenance for elevator company technicians, enabling them to explore maintenance, modernization and replacement procedures for escalators from multiple brands.
Government efforts to expand infrastructure across the country to increase demand for new installations in the Italian elevator and escalator market
In August 2020, Hitachi and Italian contractors Webild and Astaldi were awarded a contract worth $2.8 billion to begin initial construction on the Verona-Padova high-speed/high-capacity rail project in Italy. The project is scheduled to be completed by 2027 and aims to strengthen the development of Italy’s infrastructure sector.
Italy is likely to invest $7.8 billion in wharf modernization and capacity expansion by 2026. The funding is primarily focused on increasing the capacity of Italy’s main container ports to handle larger vessels through dredging, new breakwaters and improved road and rail connections. link.
Italy has an extensive transport network spanning 18,000 kilometers, including 7,000 kilometers of motorways and 1,500 kilometers of high-speed rail. The Turin-Lyon high-speed railway is a railway project currently under construction between the cities of Turin and Lyon. The project is expected to be completed by 2032.
Key questions answered:
What is the size of the Italian elevator and escalator market?
What will be the installed volume of the Italian elevator and escalator market in 2023?
What are the key opportunities in the Italian elevator and escalator market?
What will be the growth rate of the Italian elevator and escalator market?
Who are the key players in the Italian elevator and escalator market?
Key attributes:
report attributes
detail
Number of pages
131
Forecast period
2023-2029
Estimated market value in 2023
12301 units
Predicted market value to 2029
12959 units
compound annual growth rate
0.8%
Target area
Italy
Vendor scenery
Major vendors
Otis
connection
schindler
TK elevator
Mitsubishi Electric
Fujitec
Other notable vendors
Elevator market segmentation
machine type
climbing
elevator
industrial elevator
carriage type
capacity
2-15 people
16-24 people
25-33 people
34 people or more
end user
commercial
Residential
industrial
others
public transport
institutional
infrastructure
Escalator Market Segmentation
Product type
parallel
multi parallel
sidewalk
cross
end user
public transport
commercial
others
Engine department
infrastructure
industrial
For more information on this report, please visit https://www.researchandmarkets.com/r/99rela.
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