Elevator and escalator industry expected to grow over 50 per cent in the next four years, to reach US$ 175 billion by 2021.
Covering vital sectors within the industry, IEE Expo 2018 was packed with seminars, workshops and panel discussion.
With a growth expectancy of over 50 per cent in the next four years, the Indian elevator and escalator sector is scaling high making India one of the biggest markets for this industry. The International Elevator and Escalator Expo 2018 reflected a similar growth stride, with 174 exhibiting companies from 10 countries that included India, China, Germany, Japan, Italy, the Netherlands, Switzerland, Turkey, the UK, and the US, marking a 20 per cent increase in the international participation and 15 per cent increase in the total exhibition space.
The key business event had magnificent real-life samples of elevators and escalators to give visitors a personalised experience of luxury and high-end technology. The show was bustling with exhibitors and visitors and discussing business with prospective buyers. With a total of 9,400 visitors recorded at the fair, the show was a clear win-win situation for both exhibitors and business visitors.
Sharing his experience about exhibiting at IEE Expo, Mahmood Kazi, Managing Director, Mas Industries, said: “I feel our stall has been the most populated at IEE Expo 2018 and the products we have displayed here have received a very good response and recognition through the show. With the help and exposure we received from this show we have set a target of 250 units for home lifts and other allied products.”
Sneha Rewale, Joint Managing Director, Creestaa Elevators, was in accordance with the views and shared: “The experience at IEE Expo has been wonderful. The competition on this platform is really good and we have had some good developers visiting the stall. Going forward with the discussions we had here, we are expecting positive business leads in future.”
Business visitors seemed equally happy about the technology and brands they got to witness at the show. Pritam Chivukula, Tridhaatu Realty & Infra, said: “I came here with an open mind but looking at the wonderful range of elevator and component manufactures I am completely stunned. This is a great opportunity for everyone from the industry to visit and make best use of the exhibitors who have put up a fantastic show.”
In an insightful seminar about the current dynamics of the vertical transportation sector, Shankar Gopalkrishnan, President, Madras Consultancy Group, stated: “The elevator and escalator market stood at US$ 115 billion in the year 2017 and is expected to reach US$ 175 billion by the year 2021. Major demand is expected from the affordable housing sector which needs innovative solutions to supplement vertical real estate growth.”
The industry was seen eyeing this premium business fair as many notable members from the sector made their presence felt. Right from the inauguration, IEE Expo 2018 hosted highly influential names in the industry like Dominic Romell, Director, Romell Group (Secretary, CREDAI-MCHI); Deepak Goradia, Vice Chairman and Managing Director, Dosti Realty; S Saravana Raj, Area Director-Engineering South Asia, Mariott; Niranjan Hiranandani, Co-founder and Managing Director, Hiranandani Group; and Dr Prabhat Rahandale, Director, Maharashtra Fire Service, Chief Fire Officer, Mumbai Fire Brigade, to name a few.
The exhibition had back-to-back seminars from industry leaders like Gefran, Fujitec, Nidec, Otis, Hiteachi, Intellithink, Wittur, Schmersal and Monteferro, who touched vital topics within the industry giving the attendees better clarity about the sector. Apart from the technical seminars, the International Elevator and Escalator Expo 2018 had panel discussions on interdisciplinary coordination in planning and design of tall buildings, workshop on elevators for fire-fighting and emergency evacuation, and introduction of section 5, part B in the National Building Code (NBC) 2016.
Talking about the amendments done in the guidelines in regards to safety concerns during building construction, Sanjay Pant, Scientist and Director (Civil Engineering), Bureau of Indian Standards, said: “The International Elevator and Escalator Expo is an interesting platform with a large number of players involved. The National Building Code, which was recently revised in 2016, has incorporated a detailed chapter on escalators and added a new chapter on travellator, structural glazing, and asset facility management. The panel discussion that took place will definitely go a long way in ensuring that the code is rightly implemented in the country.”
Also talking about the industry as a whole was real estate mogul Niranjan Hiranandani, Co-founder and Managing Director, Hiranandani Group, shared: “51 per cent of the population in India is moving to the urban areas, which will lead to congestion, eventually leading to an aggressive growth in elevators. For now the demand comes from the higher segment but over a period of time, as housing for all will make its way, the bottom of the pyramid will grow faster and that’s where elevator industry professionals will have to be more cautious.”
With the towering future this industry possesses, it will be exciting to see what the next edition of IEE Expo which will be held from February 27-29, 2020, will have in store for the Indian market.