Europe Frequency Conversion Speed Regulating Elevator Market was valued at USD 1.7 Billion in 2022 and is projected to reach USD 2.7 Billion by 2030, growing at a CAGR of 6.8% from 2024 to 2030.
The European elevator market is undergoing a significant transformation with the integration of frequency conversion speed regulating technology. This advancement not only enhances operational efficiency but also aligns with the region's sustainability goals. Understanding the various types of these elevators and the specific requirements from industries is crucial for stakeholders aiming to optimize building performance and energy consumption.
Types of Frequency Conversion Speed Regulating Elevators
Frequency conversion speed regulating elevators, commonly known as variable frequency drive (VFD) elevators, adjust the motor speed by varying the frequency of the electrical power supplied. This technology offers smoother acceleration and deceleration, precise speed control, and improved energy efficiency. The primary types include:
Traction Elevators with VFD: These elevators use ropes and counterweights, driven by electric motors equipped with VFDs. They are prevalent in mid to high-rise buildings due to their speed and efficiency.
Hydraulic Elevators with VFD: Incorporating VFDs in hydraulic systems enhances their performance by regulating pump speeds, leading to smoother rides and reduced energy consumption. They are typically used in low-rise buildings.
Machine Room-Less (MRL) Elevators with VFD: MRL elevators eliminate the need for a separate machine room, integrating the machinery within the shaft. Equipped with VFDs, they offer space-saving solutions and are gaining popularity in modern constructions.
Industry Requirements Driving Adoption
Several industry-specific requirements are propelling the adoption of frequency conversion speed regulating elevators in Europe:
Energy Efficiency and Sustainability: With the European Union's stringent energy directives, industries are prioritizing energy-efficient solutions. VFD elevators consume less power by adjusting motor speeds, contributing to lower operational costs and reduced carbon footprints.
Enhanced User Experience: Sectors like hospitality and commercial real estate demand elevators that provide smooth and quiet operation. VFD technology ensures minimal vibrations and noise, enhancing passenger comfort.
Smart Building Integration: The rise of IoT and smart buildings necessitates elevators that can integrate seamlessly with building management systems. VFD elevators, equipped with advanced sensors and communication interfaces, enable real-time monitoring and predictive maintenance.
Regulatory Compliance: European standards mandate specific safety and performance criteria for elevators. VFD-equipped systems offer precise control, aiding compliance with these regulations.
Market Trends and Future Outlook
The European elevator market was valued at approximately USD 23.15 billion in 2023, with projections indicating a compound annual growth rate (CAGR) exceeding 2% from 2024 to 2032. This growth is attributed to technological advancements, including the integration of VFDs, which enhance energy efficiency and performance. Additionally, the increasing focus on smart city initiatives and sustainable building practices is expected to drive further adoption of VFD elevators across various sectors.
In conclusion, frequency conversion speed regulating elevators are pivotal in modernizing Europe's vertical transportation landscape. By catering to industry demands for efficiency, sustainability, and advanced integration, these elevators are set to play a crucial role in the continent's infrastructural evolution.
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Alimak
GEDA
STROS
Böcker
Delta Elevator
Fraco
Anka Hoist
SJEC
Yatai Heavy Industry
Shanghai Jianglu Electromechanical Equipment
DSJJ
Shandong Dahan Construction Machinery
Zhangjiagang Rongda Construction Machinery Manufacturing
Jinan Ruigao Lifting Machinery
Jinan Longyu Lifting Machinery
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Europe Frequency Conversion Speed Regulating Elevator Market
Passenger Elevators
Freight Elevators
Service Elevators
Vehicular Elevators
AC Drive System
DC Drive System
Hydraulic Systems
Maglev Systems
Manual Control
Automatic Control
Smart Control Systems
Remote Control Systems
Residential Sector
Commercial Sector
Industrial Sector
Healthcare Sector
Hospitality Sector
Below 1000 kg
1000 kg to 2000 kg
2000 kg to 4000 kg
Above 4000 kg
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Europe Frequency Conversion Speed Regulating Elevator Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Europe Frequency Conversion Speed Regulating Elevator Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Europe Frequency Conversion Speed Regulating Elevator Market, By Type
6. Europe Frequency Conversion Speed Regulating Elevator Market, By Application
7. Europe Frequency Conversion Speed Regulating Elevator Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Europe Frequency Conversion Speed Regulating Elevator Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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