DUBLIN–(BUSINESS WIRE)–The “Germany Elevator and Escalator – Market Size and Growth Forecast 2023-2029” report has been added to ResearchAndMarkets.com’s offering.
The Germany elevator and escalator market is expected to grow at a CAGR of 11.22% during 2023-2029
The maintenance and modernization in the Germany elevator and escalator market accounted for 67.9% and 32.1%, respectively, for the year 2022.
The increasing demand for high-rise structures and the government’s focus on infrastructure in key economic cities have propelled the elevator business in Germany to new heights.
The Germany elevator market by the installed base is expected to reach 96.3 thousand units by 2029. The elevators market in Germany in the year 2022 witnessed a more substantial growth than expected, representing medium year-on-year demand of 2.7% for the term 2023-2025 due to high raw material costs, neutral manufacturing activity, as fresh COVID-19 cases weighing on the recovery momentum.
Future elevator industry growth is anticipated to be driven by investments in public sector infrastructure, digitalization, energy-efficient housing renovations, and a green circular economy, all of which are supported by EU financing.
KEY HIGHLIGHTS
In September 2020, the Federal Minister of the Interior, Building, and Community announced that the second round of the national funding program Smart City Model Projects will support 32 Smart City Model Projects with roughly 350 million Euros. In 2021, out of 94 cities, districts, and municipalities participating in the nation’s “Smart Cities Model Projects” for funding, only 28 were selected officially.
Germany has allotted EUR 2.5 billion as part of its 2021-2026 National Recovery and Resilience Plan (NRRP) for investments in the repair of energy-efficient buildings. The country is anticipated to achieve at least a 30% energy reduction through this extensive remodeling effort.
The government introduced the Energy Efficiency Strategy 2050 initiative in December 2019, intending to meet its 2030 targets by encouraging energy efficiency investments across several sectors. The Energy Conservation Law in Germany specifies the regulations for energy conservation. The Energy Conservation Act (EnEG), the Energy Conservation Ordinance (EnEV), which were substituted by the GEG in November 2020, and the Renewable Energies Heat Act (EEWarmeG) include the most significant regulations governing energy efficiency in buildings.
Under the Basic Law, the German government has earmarked USD 1 billion in program funds to be utilized between 2020 and 2024 to give financial support regarding social housing. The German government has initiated several measures to develop the country’s housing market. It has allocated EUR 5.0 billion (USD 5.9 billion) under its housing policies to construct 100,000 rental units in the next four years.
Otis Germany signed an agreement with the Max Bogl Group to develop a new business model allowing clients to get elevator modules in high-quality serial manufacturing from a single source, bringing the Living Modular idea to life. Otis will provide elevator components with cutting-edge technology, which Otis will build at the Max Bogl factory.
The Growth Rate Of Digitalization And Increasing Developments In Buildings To Drive The Germany Elevator And Escalator Market
By developing a roadmap for digital design and construction, Building Information Modelling is regarded as the standard tool for planning and designing a building for all federal infrastructure projects, according to the Federal Ministry of Transport and Digital Infrastructure(BMVI). In Germany, companies are using BIM as part of their projects for more than USD 25 million value. Increasing usage of BIM will create more opportunities for international companies which can provide BIM software to local companies.
Germany’s residential program aims to complete the extensive renovation of 40,000 homes by 2026, as stated in its 2021-2026 National Recovery and Resilience Plan (NRRP). Municipal living laboratories for the energy transition will be used with this measure to perform pilot programs that explore new ideas for an effective and sustainable energy supply in urban areas.
The climb lift system was Schindler’s new upgrade of access equipment used for high-rise projects in Germany (Elbtower in Hamburg) and the Middle east. The Schindler Climb Lift’s interior design will enable building work to be completed more efficiently, especially regarding the exterior. According to Schindler, these elements can help to cut the cost of constructing high-rise buildings by approximately 5%.
The Important Project of Common European Interest (IPCEI) on Microelectronics and Communication Technologies(USD 1.5 billion) and the IPCEI on Next Generation Cloud Infrastructure and Services (IPCEI-CIS) USD 767.6 million) Two significant multi-country digitalization projects are also a part of the NRRP.
Governments Effort To Expand Infrastructure Across Nation To Increase Demand For New Installations
Regional Analysis
Vendor Landscape
Key Vendors
Other Prominent Vendors
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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
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