LONDON--(BUSINESS WIRE)--Technavio analysts forecast the elevator and escalator market in France to post a CAGR of more than 4% in 2019, according to their latest report.
The research study covers the present scenario and growth prospects of the elevator and escalator market in France for 2015-2019. To calculate the market size, the report considers the number of new elevator and escalator units installed in the country during the forecast period.
Technavio heavy industry analysts highlight the following three factors that are contributing to the growth of the elevator and escalator market in France:
- Increased demand for replacement and modernization
- Construction of new high-rise buildings
- Increase in aging population
Increased demand for replacement and modernization
According to Technavio’s report, the elevator and escalator market in France had an installed base of 558,400 units as of 2014, which is one of the largest installed bases in Europe. Out of the total installed base, approximately 50% of the equipment is aged 20 years or above as most of the high-rise construction in the country took place during 1970-2011. The following table lists the major high-rise buildings constructed in France during 1970-2014.
“The average life cycle of elevator and escalator equipment ranges from 20 to 30 years after installation. Since major high-rise buildings in the country were constructed during 1970-2011, the elevator and escalator equipment installed in these buildings either have completed their effective life cycle or are on the verge of completing their life cycle as of 2014. As a result, there is high demand for replacement of these equipment, which is boosting the demand for new elevator and escalator installations in the country,” says Soumya Mutsuddi, a lead analyst at Technavio for construction industry.
With advances in elevator and escalator technology and control systems, the elevators and escalators installed during 1970-2011 are proving to be less cost-effective and energy-efficient compared to the latest standards. Most of these elevators and escalators are functioning with spare parts that are obsolete. This has led to an increase in demand for modernization of elevators in the country as these obsolete spare parts have to be replaced by new cost-effective spare parts to achieve optimum configuration and profitable operation of elevators.
Construction of new high-rise buildings
The construction industry in France is growing considerably. The industry has witnessed the construction of many high-rise buildings as of 2014. The French government’s initiatives to increase private investment in the country will accelerate the growth of both office and residential constructions in the country during the forecast period. The following is the list of high-rise buildings in France that are likely to be constructed during the forecast period.
“Since elevators and escalators are prerequisites for any high-rise building, the construction of these high-rise buildings in the country will generate a positive demand for new elevator and escalator installations, which will fuel the growth of the elevator and escalator market during the forecast period,” says Soumya.
Increase in aging population
Age is the major factor that influences the use of elevators and escalators. Companies that are engaged in the construction of public infrastructure or residential and non-residential buildings are increasingly focusing on installing elevators and escalators to facilitate convenient movement.
According to the World Bank estimates, 11.06 million people in France were aged 65 years or above in 2010, which constituted 17% of the total population. It increased to 12.58 million people in 2014, constituting 19% of the total population. This drives the need for the installation of elevators and escalators in commercial and residential buildings as well as railway stations and bus terminals in the country.
Browse Related Reports:
- Elevators and Escalators Market in the UK 2015-2019
- Elevator and Escalator Market in Spain 2015-2019
- Elevators and Escalators Market in Canada - Market Analysis 2015-2019
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