Market outlook of the elevator and escalator market in Spain
In this market research report, Technavio analysts have estimated the elevator and escalator market in Spain to surpass USD 403 million by 2019. Growth of this market in Spain is not dependent on the construction industry but on the renovation of existing buildings and infrastructures. Additionally, growth in the residential and transportation sectors is expected to drive the market growth during the forecast period.
Replacement and modernization of existing elevators and escalators is the key driver for the growth of this market. The financial crisis of 2008 negatively impacted the housing sector as the residential market took a hit and became stagnant. Therefore, in order to initiate growth in this market, the government of Spain is encouraging vendors to replace the existing installed elevators. 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.
Competitive landscape and key vendors
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.
Key vendors in this market are -
Schindler S.A (Spain)
Other prominent vendors analyzed in this market analysis are Carlos Silva, GMV Euro lifts, Hidral, Mac Puarsa, Omega Elevators, Orona Group, and Wittur Group.
Growth drivers, challenges, and upcoming trends: Elevators and escalators
Upcoming trends like the increase in the electric elevator installation are rapidly 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.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the elevator and escalator market in Spain. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
Financial crisis in Spain 2008-2015
In Europe, Spain was one of the major countries to be affected by the global financial crisis of 2008. The impact of this crisis was such that the government had to apply for a rescue package loan of USD 138 billion from the European stability mechanism in 2012. The collapse of the housing bubble was estimated to be one of the main causes for the financial crisis outburst in Spain.
Key questions answered in the report include
What will the market size and the growth rate be in 2019?
What are the key factors driving the elevator and escalator market in Spain?
What are the key market trends impacting the growth of the elevator and escalator market in Spain?
What are the challenges to market growth?
Who are the key vendors in the elevator and escalator market in Spain?
What are the market opportunities and threats faced by the vendors in the elevator and escalator market in Spain?
What are the key outcomes of the five forces analysis of the elevator and escalator market in Spain?
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