(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Aug. 29, 2024 (GLOBE NEWSWIRE) -- The "Spain Elevators and Escalators - market Size & Growth Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Spain elevator and escalator market is expected to grow at a CAGR of 1.08% from 2023 to 2029 Otis Elevator, KONE, Schindler, and TKE are the top four manufacturers in the Spain elevator and escalator market, with a 60% market share. TK Elevator (TKE) introduced the EOX Renew elevator on October 5, 2023, enhancing accessibility, sustainability, and property worth in older buildings across Spain, Portugal, and Italy. TK Elevator launched EOX Renew, expanding its EOX elevator range for low and medium-rise residential buildings.
Ferrovial and Oreco Balgon have completed the Halo elevator in Vigo, Spain, connecting the Areal district with Vialia Square. This USD 16.0 million project, part of the "Vigo Vertical" initiative, aims to improve urban mobility by allowing pedestrians to cross the AP-9 highway and access train and bus stations.
Schindler Spain has been certified by Iberdola in terms of environment and sustainability; it has managed to utilize 100% of the energy consumed through renewable resources, reducing its impact on the environment and improving its carbon footprint.
KONE supplied 60 eco-efficient KONE Transit MasterT escalators designed for round-the-clock operation in places with heavy traffic.,fourteen KONE Monospace elevators, including 25 years of maintenance for the Atocha station commuter train area in Madrid, are scheduled to be completed by 2023.
Spain's tourism sector has shown a strong recovery in 2023, with international visitors increasing by 130% from 31.2 million in 2021 to 71.6 million in 2023. The hotel industry has also expanded, with 133 hotels and 17,754 rooms transacted in 2023, and new hotel openings by Travelodge, boosting the demand for elevators and escalators in the country. Major public infrastructure projects, such as the completion of the Sagrada Familia and the expansion of the Madrid Metro, further drive this demand, supported by government investments in transport and rail infrastructure. Additionally, Spain's Sustainable Tourism Strategy 2030 aims to enhance the sector through sustainable growth and competitiveness, aligning with the United Nations' Agenda for Sustainable Development.
Government investments in public transport and infrastructure, such as the USD 880.5 million loan secured by Metro de Madrid for 80 new trains, are set to improve the sustainability and efficiency of the country's metro system. Increased funding for railways and road projects, highlighted by a 7% rise in infrastructure investment in 2023, further supports the growth of the elevator and escalator market in Spain.
The hotel construction boom in Spain, with a 64.8% increase in new projects and refurbishments in early 2024, has led to significant investments totaling over USD 2.10 trillion for 412 projects in the first quarter. Major developments, such as the Villa Padierna Beach Resort in Marbella, are part of this trend, positioning the hotel industry as a key contributor to the elevator and escalator market's growth. Additionally, the use of AI and IoT in elevators and escalators is expanding, driven by the Spanish government's digitalization initiatives, including the "Spain Start-Up Nation" strategy, which aims to integrate innovation across various sectors.
Energy efficiency regulations in Spain's construction sector are pushing the adoption of energy-efficient elevators and escalators, supported by key regulations like the Energy Certification of Buildings and the Technical Building Code. Moreover, initiatives such as Navarra's rental social housing plan, which involves constructing units to nearly zero-energy building standards, are driving the demand for sustainable building solutions.
Despite these positive developments, challenges remain, including delays in payments and a labor shortage in the elevator industry. The construction sector's reliance on banks for financing has been strained by late payments, impacting cash flow and project timelines. Additionally, labor shortages, which worsened during the COVID-19 pandemic, continue to affect the industry, with employers struggling to find adequately trained workers. This issue is particularly prevalent in the manufacturing, construction, IT, education, and healthcare sectors, necessitating a better alignment of training programs with the evolving needs of the labor market.
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