Elevators and escalators: Key market research findings
- Improvement of existing elevators and escalators
- Growth of energy-efficient elevators
Technavio has added a new market research report on the elevators and escalators market in Spain, which is expected to grow at a CAGR of more than 3% between 2015 and 2019. Growth of this market in Spain is dependent on the renovation of existing buildings and infrastructures, besides the increasing demand from residential and transportation sectors.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Replacement and modernization of existing elevators and escalators is the key driver for the growth of this market. The government of Spain is making considerable efforts and encouraging vendors to replace the existing installed elevators to inflate growth of this market. Since Spain has the largest base for installed elevators and escalators in Europe, renovation of these equipment will augment the prospects for growth in this market,” says Navin Rajendra, Lead Analyst, Heavy Industry, Technavio Research
One of the most interesting trends that this market is witnessing is the increase in the electric elevator installations. These elevators are gaining popularity as they are highly energy efficient. Electrical elevators currently account for approximately 94% of the total installed elevators and their advantages like the ability to carry more people are expected to foster market growth during the forecast period.
The key vendors in the elevators and escalators market in Spain include KONE Spain, Otis Spain, Schindler and ThyssenKrupp. This market is dominated by large multinational vendors like KONE and Otis that primarily focus on providing services like elevator and escalator installation, maintenance, and modernization solutions for large-scale public infrastructure, residential, and commercial construction projects.
A more detailed analysis is available in the Technavio report, Elevators and Escalators Market in Spain 2015-2019.
We can customize reports by other regions and specific segments upon request.
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