Elevator Opportunities
Technology

Elevator Opportunities

The elevator and escalator market in India is expected to grow by $522.84 million during 2021-25, progressing at the rate of 9 per cent. This is propelled by the growing number of metro and airport projects and high economic growth. Infrastructure growth in India is expected at a CAGR of ap...

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The elevator and escalator market in India is expected to grow by $522.84 million during 2021-25, progressing at the rate of 9 per cent. This is propelled by the growing number of metro and airport projects and high economic growth. Infrastructure growth in India is expected at a CAGR of approximately 7 per cent as the government is projected to invest about Rs 102 lakh crore in infrastructure projects by 2024-2025. Having said that, India has been witnessing a rapid increase in investments in large-scale metro projects, especially in tier-1 and tier-2 cities, to support the transportation and development needs of India as cities urbanise. These developments have accelerated demand for smart and efficient escalator and elevator systems in India resulting in new opportunities for leading manufacturers. Shortening travel times and making journeys safe and hassle-free for travellers are the main tasks of elevators and escalators at airports and metro stations. They help passengers navigate through distant and complex spaces to catch flights, and move quickly and seamlessly between terminals while their luggage gets manoeuvred through various sections of an airport. Especially with the latest mobility solutions, the development of elevators and escalators has become much more efficient. Smart elevators such as IoT-based elevators can monitor performance, offer real-time maintenance recommendations, provide updated status, advance reporting, control, and monitor the elevator remotely. For instance, TK Elevator’s “MAX” is a game-changing predictive and pre-emptive maintenance solution that extends remote monitoring capabilities to dramatically increase the current availability levels of existing and new elevators. Utilising the power of the Internet of Things (IoT) and Microsoft’s Azure cloud computing technology, MAX predicts maintenance issues before they occur, and empowers elevator engineers by flagging the need to replace components and systems before the end of their lifecycle. Sustainability is often a key factor for project owners when choosing between mobility solutions. Modern airports and transportation hubs look for mobility systems that are more energyefficient, more intelligent and more integrated into the building operations workflow. Leading and more innovative players in the market have more comprehensive and innovative solutions in place to satisfy these requirements and would be able to better capture these opportunities. Elevators, escalators, and moving walks from TK Elevator have a significant presence in international and domestic airports across the globe, also supporting some of the top airports in Asia Pacific and the Middle East including the Qatar Hamad International Airport, Singapore Changi and Hong Kong International Airport. TK Elevator’s market-leading presence in various high-speed rail, train and subway stations across Asia Pacific highlights the company’s capability in providing safe, highperforming and reliable solutions to airports and large-scale infrastructure projects. Conclusion With a more positive outlook on tourism over the next few years, more subway and railway network expansion in the pipeline, and new transportation infrastructure being continuously built across India, we see enormous opportunities for leading manufacturers of elevators, escalators and moving walks.(Communication by the management of the company)

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