In Europe and North America, the busiest decades of urbanization were seen in the 1960s and 1970s. Today, the urban infrastructure, including buildings and public transport solutions, is aging – as are the elevators and escalators that are installed in them. It is estimated that more than two-thirds of all elevators and escalators in operation are over 20 years old and in need of modernization. Increasing requirements for the safety of the aging equipment is a strong driver for the modernization demand in mature markets, such as in Europe and North America.
The safety regulations are well developed on both continents. In Europe, most countries have taken the EU-level safety recommendations into national legislation and have submitted time limits for executing modernizations. Over half of the more than eight million elevators and escalators in operation worldwide are currently located in Europe, and nearly 20 percent are in the United States. The annual global modernization market is estimated to be at about EUR 6 billion in value.