Demand for elevators in Western Europe is projected to rise 1.9% per year to $29.6 billion in 2021. A slow recovery in nonresidential and multifamily housing construction, as well as price growth, will support demand advances. The West European elevator market was historically the largest regional market, with 41% of global demand in 2006, but was surpassed in 2010 by the Asia/Pacific region, which was boosted by booming new equipment demand in developing areas. In 2016, Western Europe held just 28% of the global total.
The residential market in Western Europe has historically accounted for slightly over half of total demand, but during the global economic recession, the new housing market in many countries in the region saw particularly dramatic contractions. Going forward, the residential market is projected to reach $14.7 billion in 2021 on growth of 2.0% per year.
Demand for elevator equipment (including elevators, escalators, moving walkways, and associated parts) and services in all regions is forecast to reach $114 billion in 2021 on advances of 3.3% per year. The nonresidential market accounted for nearly three-fifths of all spending on elevators in 2016 and will see faster growth than the residential market. Gains in nonresidential construction spending as well as major projects planned in developing markets will support elevator equipment and services demand. Elevators and escalators see intensive use in such projects as skyscrapers, airports, metro and train stations, and hospitals, which are frequently constructed in developing areas that are rapidly urbanizing. Furthermore, elevators are often required in many types of nonresidential buildings — codes such as the Americans with Disabilities Act (ADA) in the US and EN81-70 in the European Union, support elevator demand in nonresidential markets.
Opportunities exist in the residential market as similar codes requiring elevators apply to multifamily housing. Increasing urbanization and the corresponding need to build upward will also boost demand. However, a strong preference for single-family housing over multifamily housing in some developed markets such as North America and Australia limits residential demand in those areas.
Energy Efficiency & Tall Building Technologies Drive Product Development. In recent years, efforts to improve the efficiency of elevators and escalators have supported research and development by major elevator equipment suppliers. While regenerative braking in elevators is increasingly commonplace, companies continue to improve regenerative drives in escalators and moving walks, reducing their standby energy consumption. Additionally, innovations in destination control systems use computerized systems that direct passengers and elevator cabs to take the path of least energy consumption. The construction of ever-taller skyscrapers spurs the development of a variety of innovative technologies, from high-speed elevators to carbon fiber cables, multy rope-free magnetic technology, and others that increase the available travel distance of elevators.
Source: The Freedonia Group
- Top reasons to hire a Buyer agent when you want to update your product portfolio
- How much will it cost to market my new product?
- Bulgarian essential oils and cosmetics/ Health benefits of Rose oil
- Meeting with the President of Bulgarian Chamber of Commerce and Industry
- Global Functional Food Trends: Natural vs Fortified