Maintenance Service Segment to Contribute Major Share in Romania Elevator and Escalator Market - 6Wresearch

 Over the past five years, Romania elevator and escalator market registered sluggish growth in terms of number of new installations, predominantly attributed to low investment in the construction projects. Corruption allegations against politicians have adversely affected investors confidence, decline in construction market projects have created negative impact in the growth of elevators and escalators market. However, the market is forecast to post positive growth on account of government's Transport Master Plan, First Home Program and Rural Development Program (RDP) which would support industry growth and construction of new hotels & shopping malls, along with increasing inflow of FDI in the construction and retail sectors. During the forecast period, the maintenance service segment is projected to hold major market share on the back of growing new installation, increasing aging elevators installed base coupled with government regulation of compulsory service of elevators and escalators in the country.

According to 6Wresearch, Romania Elevator and Escalator Market is expected to grow at a CAGR of 6.3% during 2018-24. Expansion is anticipated during the forecast period on the back of growing construction and infrastructure development projects in the country. The European Commission adopted Large Infrastructure Operational Program (LIOP) 2014-2020 for Romania in July 2015 which provides an investment package of $11.7 billion in transportation sector (such as airports, railway station, and metros). General Master Plan provides an investment worth $54billion for transport infrastructure development to assist further growth in deployment of elevators and escalators.

According to Shefali Goel, Senior Research Analyst, Research and Consulting, 6Wresearch, the commercial vertical held the highest market revenue share in the overall elevators and escalator market of Romania. Increasing commercial buildings in the country bolstered the demand for elevators and escalators. More than 10 commercial buildings are in phase of construction in Romania.

"Moreover, growing tourism sector has driven the construction of new hotels across the region, resulting in an increased deployment of elevators and escalators," Shefali further added.

According to Ramneek Dawar, Research Associate, Research and Consulting, 6Wresearch, "Bucharest & Brasov regions, accounted for majority of the revenue share in Romania elevators and escalators market, attributed to key construction projects in the commercial, hospitality and residential verticals; increasing construction activities in residential vertical in Bucharest and Brasov will be the key driving factor for the growth of the market during the forecast period.

"Additionally, upcoming Euro 2020 Football Tournament event is likely to propel major growth in infrastructure projects, primarily, highways, airport terminals, transport links between Bucharest city and the airport, and would give further boost growth of the tourism sector,' Ramneek quoted.

Some of the key players in Romania elevator and escalator market include- Kone Corporation, Otis Elevator, Schindler and ThyssenKrupp.

"Romania elevator and escalator Market (2018-2024)" provides in-depth analysis with 61 figures and 13 tables covered in more than 98 pages. The report estimates and forecast the overall Romania elevator and escalator market by revenues, types, regions, services and verticals such as residential, commercial, and industrial. The report also offer insights on competitive landscape, market share by companies, companies benchmarking, company profiles, market drivers and restraints.