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Economy

Going Up – and Down – Big Elevator, Escalator Sales in Greece

September 28, 2022

ATHENS – A construction turnaround in Greece as the deadly COVID pandemic wanes, led by the 8-billion euro ($7.65 billion) redevelopment of the abandoned Hellenikon International Airport site is driving up the sale of elevators and escalators.

The market for elevators by the installed base is expected to reach 455,000 in 2028, with those in the commercial sector accounting for 35.7 percent, said Global News Wire about the increase.

A research report by Arizton said the market is expected to grow by about 3 percent from 2022-2028, led by the need in malls, metro stations and public buildings across the country, especially those carrying 25-33 people.

The Hellenikon development by Greece’s Lamda Development began in February and will include the biggest mall in the country as well as a major retail park and office spaces, a high-rise luxury residence and hotel to be built.

Greece’s government and the Greek construction firm Gek Terna received a 30-year license to manage and build a 5-star hotel with 3,450 rooms, a conference, sports, and cultural event complex, and an exhibition hall.

Technological developments have also brought more energy-efficient elevators, while the ION Green Solar lift, manufactured in Greece by Fain Ascensores, can cut carbon emissions by 86 percent and uses a mechanism working with solar energy.

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