DUBLIN–(BUSINESS WIRE)–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
Regulation-Driven Maintenance And Modernization of Elevators And Escalators In Italy To Create Demand
REGIONAL ANALYSIS
VENDOR LANDSCAPE
Elevator Market Segmentation by
Machine Type
Carriage Type
Capacity
End-User
Escalator Market Segmentation by
Product Type
End-User
Key Vendors
Other Prominent Vendors
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ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900