Page 80 - CO_February_2022

ELEVATORS & ESCALATORS
LEAD STORY

Increase in construction of skyscrapers: Demand for skyscrapers horizontal and inclined moving walkways that offer flexibility to
is increasing globally, helping to boost the high-rise elevator & clients for using them in different environments. Emergence of new
escalator market. Planners and developers are starting to turn airport projects, launch of shopping malls in tier 1 & tier 2 cities,
to luxury residential towers due to the shrinking supply of land and renovations of railway stations are fuelling the demand for
combined with increasing population. Big cities around the moving walkway solutions. Such trends are translating into revenue
globe are increasingly adopting and building skyscrapers for opportunities for companies in the elevator & escalator market.
commercial, mic block, and residential proposes. The aim of
skyscrapers is steadily changing, from a show of wealth and Next gen mobility solutions: The elevator & escalator market is
decadence, to luxury office space. Additionally, high-rise buildings projected to surpass the revenue of $66.3 billion by 2031. Automatic
are now offering premium quality housing, providing a great door solutions and human insight-driven designs are being
quality of life. preferred by users. Companies such as KONE globally and in India
Rising trend to modernize existing and aging infrastructure is are highly focused on innovating and creating value for customers.
observed in the elevator & escalator market in recent years. Aging All the efforts and proactive work in research has helped KONE
of the existing installed base of elevators & escalators coupled in launching several products. For instance, the KONE DX class
with the need to comply with safety requirements of elevators & elevator which features built-in connectivity, and enhanced user
escalators are the key factors fuelling the elevator & escalator experience has been designed globally and localized in India for
market. Modernization of elevators and escalators increases Indian needs using all the digital innovation to ensure a great and
their energy saving potential up to 70%, which is the major factor safe ride in the world’s first digitally connected elevators. KONE DX
boosting market growth. class elevators is the newest addition in KONE’s range of products.
DX Class elevators use the KONE digital platform and secure APIs to
Moving walkway solutions gaining prominence: The elevator & connect elevators with a whole new suite of solutions and services
escalator market is slated to clock a favourable CAGR of 7% in the that make life easier and more convenient for users.
future, as companies are shifting their manufacturing capabilities TK Elevators are gaining prominence in India for the next gen
to moving walkway solutions. Hitachi’s moving walkways are solutions namely MULTI, rope less elevators, and their cloud-based
acquiring popularity as futuristic technology to move a large predictive maintenance service. Companies in the elevator &
number of people with least waiting time. Stakeholders are escalator market are increasing efforts to develop state-of-
taking cues from such companies to increase the availability of the-art systems that offer time and energy efficiencies. These

84 CONSTRUCTION OPPORTUNITIES|FEBRUARY 2022