Market Trends of Energy Efficient Elevators Industry
This section covers the major market trends shaping the Energy Efficient Elevators Market according to our research experts:
Industrial Sector to Significantly Contribute to the Market Demand
- The industrial sector uses more energy than any other end-user sectors. Elevators are the crucial elements that make it practical to live and work several floors above the ground.
- Due to the increasing requirements of elevators, energy consumption in the industrial sector (such as in the manufacturing sector for workforce, component and equipment transfer) is increasing. This is one of the leading reasons for the increasing amount of CO2 emissions.
- The demand for energy efficient systems in the industrial sector, therefore, increased in the last few years. The rising electricity prices have also been a major contribution to the demand for more energy efficient solutions.
- Energy efficient elevators use a relatively small amount of energy compared to the overall energy consumption of a building. At the same time, these elevators provide daily carrier service for passengers as well as contribute to the user’s experience with the building. Hence, these can be included in sustainability planning.
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Europe to Record a Significant Growth Rate Over the Forecast Period
- The European energy efficient elevators market is fueled by the growing demand for modernization of buildings and an increase in the construction activity. According to the Institute of Energy Economics and the Rational Use Of Energy, about 75% of the current energy generation capacity is expected to be replaced by 2030. This is a driving factor for energy-efficient solutions.
- The energy-efficient elevator manufacturers in European regions are focusing on new product developments for having better product penetration over the region. For instance, in November 2019, Mitsubishi announced that it developed its new MOVE elevator model featuring fast delivery, space savings, and low environmental impact primarily suited to use in medium and low-rise office buildings and apartments in Europe. The development and manufacturing of this product are being handled by subsidiary Mitsubishi Elevator Europe B.V. (EMEC), who will market the model in the Netherlands, France, the United Kingdom, and other European countries.
- The residential and industrial sectors consume a greater part of the overall energy generation in Europe. In addition, the changing lifestyle is a factor that demands more comfort in buildings, which, in turn, increases the energy consumption rate. The national energy agencies can play a major role in improving the awareness of the selection and proper operation of energy-efficient lift and escalator systems.
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