Dublin, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The "Italy Elevator and Escalator - Market Size & Growth Forecast 2023-2029" report has been added to ResearchAndMarkets.com's offering.
The Italy elevator and escalator market is expected to grow at a CAGR of 2.41% during 2023-2029. The increasing demand for high-rise structures and the government's focus on infrastructure in key economic cities have propelled the Italy elevator and escalator market to new heights.
The Italy elevator market by the installed base is expected to reach 1,126,423 units by 2029. In 2022, elevators used in the residential sector accounted for the largest share of around 38.6%, applicable to Italy's steadily increasing urban population. The rising use of elevators in apartment buildings significantly impacts their adoption in the residential sector.
Growth Rate Of Digitalization And Increasing Developments In Buildings To Drive The Italy Elevator And Escalator Market
Home transactions have witnessed an increase of 43.1% in 2021. It is observed that housing purchases rose in smaller cities, towns, or the countryside in 2021 by 46.6% and in major cities by 36.1%.
Increasing sales growth in smaller towns/cities or suburbs is contributed by the pandemic, which has stimulated demand for better access to living spaces, according to ANCE (Associazione Nazionale Costruttori Edili).
An investment of USD 41.7 million was invested in meeting the demand of Milan for developing long-term rental and social housing. Further, a residential project of 200 apartments project was planned in the Sarpi Area of Milan.
Nearly USD 30.8 million was allocated to energy efficiency projects and building redevelopment as a key investment in saving 0.98Mt CO2 by anticipating reduction through energy efficiency in public and private buildings.
KEY HIGHLIGHTS
- Unity of Japanese engineer Hitachi and Italian contractors Webuild and Astaldi had been awarded a contract worth USD 2.8 billion in August 2020 to begin initial works on Verona-Padua high-speed/high-capacity railway project in Italy with an allocated fund of USD 5.4 billion. The project is anticipated to be finished by 2027 and will enhance the development of the infrastructure sector in Italy.
- Ministry of Infrastructure had allocated USD 8.4 million towards mobility, water resources, housing, and urban renewal. In addition, another USD 661 million was financed for the "Caput Mundi" project, which was initiated by the Ministry of Tourism.
- An estimated investment of around USD 312.6 million for a new logistics project is planned for Verona, Italy. The project is located in Vigasio and will be in two phases; an investment of USD 12.5 million is estimated to construct four buildings in an area of 200,000 m2. The project's second phase will involve an additional investment of USD 18.8 million. The initial phase is expected to be finished by 2023.
- To promote increased tourist flows and enable the area's commercial fabric and community centers to resume, a moving walkway, also known as a sliding sidewalk, was installed in the tunnel between Rome's Via Nazionale and Via del Tritone. The Termini-Vatican-Aurelio tramway will pass across Via Nazionale on the Jubilee of 2025. The authority anticipates that increased pedestrian and tourist traffic will result from the upgraded infrastructure.
- Under Italy's Budget Law 2021, funding of USD 33.3billion was allotted to Infrastructure 4.0 investment, USD 29.5billion for high-speed railway and road maintenance, and USD 38.5 was funded to intermodal transport and integrated logistics for the development of non-residential and infrastructure construction in Italy.
- The Milan-Cortina 2026 Winter Olympics are the city's next major international event and are expected to be a successful operation, a fundamental demonstration for Italy. It's an opportunity to enhance Cortina's infrastructure, which is one of its drawbacks, and to attract international tourists.
- Three million tons of carbon dioxide per year will be reduced by the Turin-Lyon railway by 2030. The Trans-European Transport Network (TEN-T) is building a railway between Turin and Lyon under the Alps. Webuild and its joint venture (JV) partners have been awarded a contract for excavating a section of the base tunnel for the Turin-Lyon high-speed train worth USD 1.69 billion (€1.43 billion).
SEGMENTATION
Governments Effort To Expand Infrastructure Across Nation To Increase Demand For New Installations
- Italy will likely invest USD 7.8 billion to modernize and increase capacity at its docks until 2026. The funding is mainly focused on increasing the size of the ships that Italy's leading container ports can handle through dredging, new breakwaters, and improved connections to road and rail links.
- The government of Italy allocated USD 4.1 billion towards mobility in 2022. Out of this funding, USD 2.1 billion will be utilized for local lines and high-speed rail and around USD 1.7 billion for rapid mass transport such as metros and subways, also upgrading the bus fleet in Rome.
- The train run time between the Brescia-Verona-Vicenza line will be reduced by 2026 as the line between Liguria, and Alpi will compete. The upgradation of the Verona to Brennero line will also be witnessed with a value of USD 8.9 billion.
- In Bentivoglio, part of the Bologna Freight Village complex, Italy, to design and construct three new turnkey logistics buildings. Three structures with floor areas of 12,340 m2, 18,200 m2, and 16,700 m2 are involved. Each building will have functional office space, a warehouse, and technical facilities. Since the corporation is committed to sustainability, these buildings will be LEED Silver certified.
Regulation-Driven Maintenance And Modernization of Elevators And Escalators In Italy To Create Demand
- The maintenance and modernization of Italy elevator and escalator market accounted for 67.9% and 32.1%, respectively, for 2022.
- According to ThyssenKrupp Elevator Italia, around 40% of the total building stock has crossed the threshold age of 30 years. Various technological advancements have made machine users more functional and economical from an energy perspective. They also need to satisfy EU regulations by sector, which is essential.
- SMI (Scale Mobili Italia) is focused on the maintenance and service of mobility equipment, including elevators, escalators, and moving walkways. In 2018 it introduced training sessions and courses on the maintenance of escalators for technicians in elevator companies where they get to explore procedures for maintenance, modernization, and replacement of multi-brand escalators. This is expected to support the Italy elevator and escalator market growth during the forecast period.
VENDOR LANDSCAPE
- The top 4 prominent vendors, including Otis, KONE, Schindler, and TK Elevator, account for 60% of the Italy elevator and escalator market share.
Key Vendors
- Otis
- KONE
- Schindler
- TK Elevator
- Mitsubishi Electric
- Fujitec
Other Prominent Vendors
- Stannah Lifts Holdings Ltd
- GMV Lifts
- Cibes Lift Group
- Giovenzana
- Wittur
Key Metrics
| Report Attribute | Details |
| No. of Pages | 105 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value in 2022 | 29795 Units |
| Forecasted Market Value by 2029 | 35201 Units |
| Compound Annual Growth Rate | 2.4% |
| Regions Covered | Italy |
For more information about this report visit https://www.researchandmarkets.com/r/n3u4u-elevator?w=12
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