New Installation in the Greece Elevator and Escalator Market to Reach 9 Million Units by 2028. Exclusive Report by Arizton

The Greece elevators and escalators market to witness around 455K units of installed base in 2028

Chicago, Sept. 26, 2022 (GLOBE NEWSWIRE) -- The Greece elevators market by the installed base is expected to reach 455k units by 2028. The Greece escalators market used in the commercial sector accounted for the largest share of around 35.7% in 2021, about urban development projects in the pipeline.

According to Arizton’s latest research report, Greece elevator and escalator market is expected to grow at a CAGR of around 3% during 2022-2028. Parallel escalators are commonly used in malls, metro stations, and public buildings. Increased construction and investment opportunities in public transit are expected to drive the adoption of parallel escalators during the forecast period.

Greece Elevator and Escalator Market Report Scope

Report AttributesDetails
MARKET SIZE BY NEW INSTALLATIONS (2028)9,283 thousand units
MARKET SIZE BY NEW INSTALLATIONS (2021)7,571 thousand units
CAGR (2022-2028)Around 3%
MARKET SIZE BY INSTALLED BASE (2028)4,55,259 thousand units
MARKET SEGMENTATION BY CAPACITY2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
MARKET SEGMENTATION BY END-USERCommercial, Residential, Industrial, and Others
MARKET SEGMENTATION BY TYPEHydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others

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Increased commercial construction to drive the demand for 25-33-persons elevators

  • Increased commercial development projects across Greece drive the need for 25-33-passenger elevators.
  • The Hellinikon Commercial Hub construction by Lamda Development began in February 2022. It will include the biggest mall in Greece, a retail park with large corporations, and office spaces. A prominent, mixed-use tower with a hotel, offices, and flats will be built next to it.
  • Greece's government and GEK TERNA, a local firm, received a 30-year license to manage and build a 5-star hotel with 3,450 rooms, a conference, sports, and cultural event complex, and an exhibition hall.

Technological Development

  • The ION Green Solar lift, manufactured in Greece by Fain Ascensores, can cut carbon emissions by 86%. It uses a mechanism that works with solar energy and optimizes power consumption.
  • The innovation is feasible due to a 30% weight reduction in the cabin, achieved using high-strength steel, the inclusion of a new traction set-up, and the addition of the KERS energy recovery system.
  • In addition, from manufacturing until the time of installation, green elevators lower overall carbon footprints.

Recent Technology Adoption by Major Vendors

  • KONE offers UltraRope technology for skyscrapers and high-rise buildings and can travel up to 1,000 meters. This enhances elevator eco-efficiency, reliability, durability, and performance.
  • OTIS provides digital services through IoT for both elevators and escalators. The inspection time and resolving of trouble is easy with an end-to-end digital platform.
  • MULTI, a new possible feature is implemented with the replacement of hoist ropes with linear motors, which further increases capacity, sorter waiting times, and advanced mobility solutions.
  • Schindler transforms users’ experience with the Digital Twin technology, which incorporates AI-based data insights and solutions. Digital Twin is now implemented for virtual visualization and simulation, which aids in the installation and maintenance of an elevator.

Key Vendors

  • KONE
  • Otis
  • TK Elevator
  • Hyundai Elevator
  • Mitsubishi Electric
  • Schindler
  • Fujitec

Other Prominent Vendors

  • Morris Hellas
  • Cibes lift
  • Wittur Elevator Components
  • Zerco

Elevator Market Segmentation by

Machine Type

  • Hydraulic and Pneumatic
  • Machine Room Traction
  • Machine Room Less Traction
  • Others 
    • Climbing
    • Elevators
    • Industrial Elevators

Carriage Type

  • Passenger
  • Freight 


  • 2-15 Persons
  • 16-24 Persons
  • 25-33 Persons
  • 34 Persons and Above 


  • Commercial
  • Residential
  • Industrial
  • Others 
    • Public Transit
    • Institutional
    • Infrastructural

Escalator Market Segmentation by

Product Type

  • Parallel
  • Multi Parallel
  • Walkway
  • Crisscross


  • Public Transit
  • Commercial
  • Others
    • Institutional Sector
    • Infrastructure
    • Industrial

Explore industrial machinery profile to know more about the industry.  

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