Page 52 - September 2015 Digital Construction Opportunities

SPECIAL FOCUS-ELEVATORS & ESCALATORS Rising trends The growing vertical developments in construction have made the elevator and escalator market more competitive. Veena Kurup finds out the technical trends and strategies adopted by the manufacturers driving the growth of vertical transportation sector in India. Rapid urban growth has shot up the involved in the elevator and escalator pattern. According to a United Nations demand for vertical transportation modes business. Aiming to overcome the market report, the largest urban growth is expected across the globe. Large-scale investments competition, manufacturers have resorted to take place in India, China and Nigeria. on infrastructure developments have to technical supremacy and energy efciency Tese three countries will account for 37 particularly raised the market for elevator as their new business mantra. per cent of the projected growth of the and escalator systems in emerging markets world's urban population between 2014 like China, India and the Middle East. MARKET OUTLOOK and 2050, wherein India alone is expected According to industry experts, the global According to the industry stakeholders, to add about 404 million urban dwellers. demand for elevator business is expected the country’s intake of such advanced As per a recent report by TechSci Research, to reach around $115 billion by 2017 from technologies is far behind its neighbour in India, the western and northern markets about $86 billion in 2012. While China is China. Ajay Raina, are the largest revenue contributors for the expected to continue its lead in the market CEO, Kinetic Hyundai elevator industry. Increasing infrastructure for elevators, India has now emerged as Elevator & Movement investment, rise in new commercial and the second largest in the league due to its Technologies Ltd says , residential complexes are the major factors infrastructure developments. “India is the second largest driving the demand for elevators from these However, the path of modernisation adopted market in the world for regions. in India is complex and requires topmost vertical transportation “The process of urbanisation drives the safety and ease in accessibility. Moreover, today, after China. However, in terms need for more housing units. Te elevator the increasing number of high-rises in the of production capacity the country lags industry will play an important role and fuel last fve years has particularly raised the far behind China. While India produces the need for smart and efcient technologies demand for more efcient, fast and user annually about 45,000 units, China brings to support urban growth. Otis’ fagship friendly vertical modes of transportation. out 400,000 units.” technology, the Gen2™ elevator system caters These evolving opportunities in India’s Te residential sector holds a maximum well to the need for vertical transportation infrastructure and construction sectors share in the market for elevators today. A that is sustainable and smart,” says Sebi have not just attracted multinationals constant rise in the urban population is Joseph, Managing Director, Otis Elevator but also national and local manufacturers considered a major cause for this demand Company India. 52 construction opportunities|sEPTEMBER 2015