Connect with us

Technology

AI Impact on Elevator And Escalator Market In India growth, set to increase by USD 913.2 million from 2024-2028, Growing number of high-speed metro projects to boost the revenue, Technavio

Published

on

NEW YORK, Aug. 22, 2024 /PRNewswire/ — The global elevator and escalator market in India size is estimated to grow by USD 913.2 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 9.45% during the forecast period. Growing number of high-speed metro projects is driving market growth, with a trend towards rising demand for customization in elevators. However, high cost of repair and maintenance poses a challenge. Key market players include Beacon Elevator Co. Pvt. Ltd., Blue Star Elevators India Ltd., City lift India Ltd., Easa Elevators Pvt. Ltd., ESCON Elevators Pvt. Ltd., Express Lifts Ltd., Fujitec Co. Ltd., Grj Elevator Pvt. Ltd., Hitachi Ltd., Johnson Lifts Pvt. Ltd., Kinetic Hyundai Elevator and Movement Technologies Ltd., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., RP Bidyut Elevator, Schindler Holding Ltd., SEPL India Ltd., thyssenkrupp AG, Toshiba Corp., and TRIO Elevators Co. India Pvt. Ltd..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Product (Elevator and Escalator), End-user
(Residential and Non-residential), and Geography
(APAC)

Region Covered

India

Key companies profiled

Beacon Elevator Co. Pvt. Ltd., Blue Star Elevators
India Ltd., City lift India Ltd., Easa Elevators Pvt.
Ltd., ESCON Elevators Pvt. Ltd., Express Lifts
Ltd., Fujitec Co. Ltd., Grj Elevator Pvt. Ltd., Hitachi
Ltd., Johnson Lifts Pvt. Ltd., Kinetic Hyundai
Elevator and Movement Technologies Ltd., KONE
Corp., Mitsubishi Electric Corp., Otis Worldwide
Corp., RP Bidyut Elevator, Schindler Holding Ltd.,
SEPL India Ltd., thyssenkrupp AG, Toshiba Corp.,
and TRIO Elevators Co. India Pvt. Ltd.

Key Market Trends Fueling Growth

The Indian elevator and escalator market is witnessing a significant trend towards customization. End-users are demanding tailor-made elevators based on their specifications, which can differ in size, design, and structure. Customization extends to cabin walls, lighting, and floors. For instance, hospital elevators prioritize large-capacity motors for speed and comfort, while maintaining low noise levels. As household income rises, consumers seek visually appealing elevators for home decor. Vendors cater to this demand by offering customized elevators in materials like glass, stainless steel, and wood. The customization trend is driving market growth in India.

The Elevator and Escalator market in India is experiencing significant growth, driven by trends such as predictive maintenance and cloud-based monitoring. Customized systems catering to IT hubs, industrial hubs, tech companies, office spaces, commercial complexes, public spaces, transportation hubs, and residential areas are in high demand. IoT connectivity and AI are integral to modernization and retrofitting of existing buildings, including industrial settings, green building projects, educational institutions, healthcare facilities, and retrofitting older buildings. Affordable housing and the tourism industry also contribute to the market’s growth. High-speed and high-capacity elevators, touchless controls, automation, and conveyor belts are essential for urban mobility and passenger segment. Security features, sustainability goals, and eco-friendly materials are key considerations. Category-wise insights include commercial spaces, office buildings, shopping centers, and retail outlets. Smart cities and construction activities are also major factors fueling the market’s expansion.

Discover a Comprehensive 360° Market Analysis: Understand the Impact of AI. For detailed information- Request Sample!

Market Challenges

The elevator and escalator market in India faces significant challenges due to the high operational costs. New installations of elevators and escalators have a lifespan of 20-30 years, but their continuous maintenance is essential due to common issues like getting stuck, non-functioning call boxes, odd noises, and bumpy rides. Elevator components, such as door hardware, landing entrance doors, pistons, traveling cables, cab operating panels, cab wiring, motors, lift lighting, and fans, often require frequent repairs. Replacement costs vary from USD100 to USD3,000 for low-end elevators and escalators, while modernization can cost more than USD200 for fixtures and over USD7,000 for control systems. Installing a new piston or motor costs over USD10,000. High repair, replacement, and maintenance costs may discourage property owners from modernizing their lifts and escalators, potentially limiting market growth.

The Indian elevator and escalator market is witnessing significant growth, driven by infrastructure development in sectors like hospitality, airports, train stations, and bus terminals, especially in urban areas. However, challenges persist, including safety concerns due to injuries and fatalities from accidents caused by unsafe practices and faulty designs. To address these issues, there is a growing demand for smart elevators and escalators that prioritize energy efficiency, vertical transport, and sustainable urban spaces. Building height and high-rise construction are key factors driving the market, with a focus on “Housing for all,” new installation in offices, malls, residential apartments, hotels, retail establishments, leisure parks, and more. Retrofitting projects are also gaining traction, as building owners look to upgrade existing systems to meet modern building codes and improve elevator traffic flow. In smaller cities, smart systems are being adopted to enhance energy savings and ensure safety in vertical transportation systems.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This elevator and escalator market in India report extensively covers market segmentation by

Product 1.1 Elevator1.2 EscalatorEnd-user 2.1 Residential2.2 Non-residentialGeography 3.1 APAC

1.1 Elevator- In India, the elevator market is witnessing growth due to the increasing construction of high-rise buildings and the preference for energy-efficient solutions. Traditional elevator technologies, such as hydraulic, machine-room-less (MRL), and traction, are used in various building structures. Hydraulic elevators are commonly used in low-rise buildings due to their lower maintenance costs. Traction elevators, which are more performance-oriented, are preferred in mid- and high-rise buildings. KONE, thyssenkrupp, and Schindler are leading vendors offering innovative, cost-effective, and energy-efficient elevator solutions. The demand for multifamily rental buildings and commercial spaces is driving the growth of the traction elevator market. The use of elevators in high-rise buildings is essential for easy movement of people and goods. Energy-efficient elevators are increasingly preferred due to their long-term economic benefits. The shortage of land availability in India has led to an increase in the number of skyscrapers and high-rise residential buildings, further boosting the demand for elevators.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report

Research Analysis

The Elevator and Escalator Market in India is witnessing significant growth due to the increasing construction of high-rise buildings in urban areas. Sustainable urban spaces are a priority, leading to the demand for vertical conveyance systems in commercial and residential buildings. Infrastructure development and building codes are driving the adoption of safe and efficient vertical transportation solutions. Online shopping and smart cities are also contributing to the market growth. However, concerns over injuries, fatalities, and accidents due to unsafe practices, faulty design, and non-compliant products persist. The market is expected to embrace IoT and AI technologies for improved safety, maintenance, and energy efficiency. Construction activities in the residential and commercial industries are expected to continue fueling the demand for elevators and escalators in India.

Market Research Overview

The Elevator and Escalator Market in India is witnessing significant growth due to the increasing construction of high-rise buildings in urban areas. Vertical transportation systems are becoming essential infrastructure in India’s sustainable urban spaces, with high-rise buildings, multi-story residential complexes, commercial buildings, and IT hubs leading the way. Infrastructure development and modernization of older buildings through retrofitting projects are also driving market growth. Building codes and regulations are being updated to ensure safety and energy savings through the use of smart systems, such as destination control systems, predictive maintenance, cloud-based monitoring, and customized systems. The market is not limited to large cities but is expanding to smaller cities as well. The use of IoT, AI, and eco-friendly materials in vertical conveyance systems is a growing trend in green building projects. The passenger segment, including the hospitality sector, airports, train stations, and bus terminals, is a significant market for high-speed and high-capacity elevators. The market also caters to various industries, including educational institutions, healthcare facilities, and affordable housing, among others. Safety features, urban mobility, and touchless controls are becoming increasingly important in the market. The market is expected to continue growing as India strives to meet its smart cities goals and provide housing for all.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductElevatorEscalatorEnd-userResidentialNon-residentialGeographyAPAC

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/ai-impact-on-elevator-and-escalator-market-in-india-growth-set-to-increase-by-usd-913-2-million-from-2024-2028–growing-number-of-high-speed-metro-projects-to-boost-the-revenue-technavio-302228742.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Siemon Announces Optical Patching Solutions for GenAI Networks Using NVIDIA Accelerated Computing

Published

on

By

Siemon announces it is offering its full range of optical patching solutions to work specifically with NVIDIA AI infrastructure for generative AI networks.

WATERTOWN, Conn., Sept. 22, 2024 /PRNewswire-PRWeb/ — The Siemon Company, a global leader in network infrastructure solutions, today announced it is offering its full range of optical patching solutions to work specifically with NVIDIA AI infrastructure for generative AI networks. Large complex GPU clusters can benefit from using structured cabling patch panels versus point-to-point cabling. Siemon acts as a trusted advisor to customers by providing expert advice and best practice recommendations for design & deployment of NVIDIA AI Infrastructure.

“Siemon is very familiar with NVIDIA reference architectures and has worked with many customers to design and deploy NVIDIA clusters… Siemon offers a full range of AI-ready fiber cabling, DAC, and AOC solutions that support 400G, 800G, and 1.6T applications.”

As part of the solution integration, Siemon has joined the NVIDIA Partner Network (NPN) as a Solution Advisor Consultant. NPN Solution Advisor Consultants provide consultation services and expert advice to customers looking to implement NVIDIA-based solutions or technologies. Siemon joins the network to offer its expertise in addressing the unique infrastructure and cabling challenges presented by accelerated computing.

NVIDIA optical reach specifications are calculated assuming two optical patch panels are used in the link and assuming each employ two optical connectors, which makes for a total allowance of four optical connectors in the link. The Siemon optical patching solutions meet NVIDIA requirements and provide customers with flexibility and ease of management.

Media Contact

Brian Baum, Siemon, 1 8609454200, brian_baum@siemon.com

View original content:https://www.prweb.com/releases/siemon-announces-optical-patching-solutions-for-genai-networks-using-nvidia-accelerated-computing-302254640.html

SOURCE Siemon

Continue Reading

Technology

AMSimpkins & Associates Awarded Wisconsin Technical Purchasing Consortium Contract RFB 25-002TP – for Identity Verification Solutions

Published

on

By

AMSimpkins & Associates has been awarded the Wisconsin Technical Colleges Purchasing Consortium (WTC-PC) contract for Identity Verification Solutions. This partnership includes providing their advanced S.A.F.E. (Student Application Fraudulent Examination) platform to 16 Wisconsin technical colleges, enhancing security and safeguarding against fraudulent student applications. With a focus on higher education, AMSA aims to support these institutions in maintaining the integrity of their admissions processes and preventing identity fraud. This collaboration underscores AMSA’s commitment to delivering innovative solutions tailored for the education sector.

ATLANTA, Sept. 22, 2024 /PRNewswire-PRWeb/ — AMSimpkins & Associates is proud to announce its selection by the Wisconsin Technical College System Purchasing Consortium (WTC-PC) to provide Identity Verification Solutions through the S.A.F.E. platform. The WTC-PC comprises 16 independent, publicly funded two-year technical colleges across Wisconsin, including Blackhawk Technical College, Chippewa Valley Technical College, Fox Valley Technical College, and Milwaukee Area Technical College, among others.

“We are honored by the Wisconsin Technical College Consortium’s trust in AMSA. This partnership further emphasizes our commitment to providing secure, innovative identity verification solutions that support the needs of educational institutions in protecting their students and operations.”

With a focus on preventing identity fraud, AMSimpkins & Associates’ comprehensive solutions will strengthen the security measures across admissions, enrollment, and financial aid processes, ensuring secure verification and compliance with federal and state regulations. S.A.F.E. will now support Wisconsin’s higher education system, offering its cutting-edge technology to streamline operations and safeguard student data.

“We are honored by the Wisconsin Technical College Consortium’s trust in AMSimpkins & Associates,” said Maurice Simpkins, President and Founder. “This partnership further emphasizes our commitment to providing secure, innovative identity verification solutions that support the needs of educational institutions in protecting their students and operations.”

As part of this agreement, AMSimpkins & Associates will deliver comprehensive services, including system integration, training, and ongoing support to ensure seamless implementation. S.A.F.E.’s capabilities are designed to evolve with growing threats of fraudulent activities, keeping institutions one step ahead in securing student identities.

Institutions in the Wisconsin Technical College System:

Blackhawk Technical CollegeChippewa Valley Technical CollegeFox Valley Technical CollegeGateway Technical CollegeLakeshore Technical CollegeMadison Area Technical CollegeMid-State Technical CollegeMilwaukee Area Technical CollegeMoraine Park Technical CollegeNicolet Area Technical CollegeNorthcentral Technical CollegeNortheast Wisconsin Technical CollegeNorthwood Technical CollegeSouthwest Wisconsin Technical CollegeWaukesha County Technical CollegeWestern Technical College

The S.A.F.E. platform’s advanced identity verification services will play a pivotal role in securing sensitive data and ensuring a safe and fraud-free environment for Wisconsin’s technical colleges and their students.

For more information about AMSimpkins & Associates and the S.A.F.E. platform, please visit amsa-highered.com.

Media Contact

LAQWACIA SIMPKINS, AMSimpkins & Associates, 1 6786824193, LSIMPKINS@AMSA-CONSULTING.COM, amsa-highered.com

Twitter, Facebook, LinkedIn

View original content:https://www.prweb.com/releases/amsimpkins–associates-awarded-wisconsin-technical-purchasing-consortium-contract-rfb-25-002tp—for-identity-verification-solutions-302253867.html

SOURCE AMSimpkins & Associates

Continue Reading

Technology

Shijingshan: Committed to High-Level Openness

Published

on

By

BEIJING, Sept. 22, 2024 /PRNewswire/ — Following the third plenary session of the 20th Central Committee of the Communist Party of China, China successfully hosted its first national-level international large-scale fair—the China International Fair for Trade in Services (CIFTIS) 2024, which concluded on September 16. The event featured exhibitors from 85 countries and international organizations, participating under their national governments or headquarters, with over 450 Fortune Global 500 companies and industry leaders showcasing their offerings both online and offline.

Adhering to the open, cooperative and mutually beneficial principle, the CIFTIS injects new momentum into global economic development through concrete actions. As one of the “dual venues” for the fair, Shijingshan District hosted a variety of business activities, including exhibitions, negotiations, and conferences. While providing meeting organization services, it showcased the achievements of Shijingshan in fostering openness and development. By leveraging the Fair’s platform, Shijingshan seeks to promote its developmental advantages globally and aims to attract more partners to this welcoming district for mutually beneficial and win-win cooperation.

Presenting Achievements in Open Cooperation and Development in Multiple Dimensions

This CIFTIS’s Shougang Park venue is composed of nine thematic exhibitions, including telecommunications, computer and information services; financial services; culture & tourism services; education services; sports services; supply chain & business services; engineering consulting & construction services; health services; and environmental services. It circles around cultivating new quality productive forces while showcasing the latest achievements, technologies, and applications in the digitalization, intelligentization, and greening of services trade, creating a “debut stage” for global services trade.

Shijingshan leverages its strengths by organizing five thematic exhibitions and four promotional booths on-site. The culture & tourism services exhibition promoted Shijingshan’s rich culture and tourism resources, while also building a support area for paired assistance to highlight its revitalization efforts to a global audience. The financial services exhibition showcased its achievements in economic development across five sectors, that is, sci-tech finance, green finance, inclusive finance, pension finance, and digital finance. The exhibition of telecommunications, computer and information services highlighted the growth of Shijingshan’s the artificial intelligence large model industry cluster and key humanoid robot enterprises. In addition, the primary and secondary school science education experimental zone invited participation from six national-level science education centers, including Shijingshan District, to display their accomplishments. Four schools, including the Beijing National Day School Shijingshan, showcased their scientific research and learning outcomes through visual presentations and videos, while also engaging visitors in interactive science experiments.

The AIES Beijing Open is made up of four competition areas, virtual cycling, virtual rowing, virtual dance, and virtual table tennis. The event welcomed international competitors, domestic professional athletes, high-level amateurs, and university students, while showing the achievements of the “digital + sports” industry. Besides, four promotional booths focused on taxation, justice, investment, and commerce showcases Shijingshan’s tax and judicial policies, offering one-stop policy guidance for participating businesses and visitors. These booths also clarified investment promotion policies, creating a unique event that integrates commerce, tourism, culture, and sports.

Working Together for Global Open Cooperation and Development

The Open Cooperation Forum 2024 was held on the afternoon of September 13. Experts, scholars, government representatives, and business leaders from both domestic and international backgrounds gathered at the Shougang Park to engage in in-depth discussions on promoting high-level open cooperation and supporting regional economic development. Shijingshan District is committed to taking industrial transformation as the strategic foundation for its initiatives, establishing several distinctive industrial parks, including the Intelligent Technology Park, Industrial Internet Park, Virtual Reality Park, Science Fiction Industry Cluster, and Artificial Intelligence Large Model Cluster. What’s more, the district is focusing on new opportunities in future information, future health, future manufacturing, and future space, continually enhancing its innovation capacity, development vitality, economic strength, and overall competitiveness.

It is dedicated to expanding openness as a key driver for integrating into the capital’s new development pattern. The district capitalizes on a range of policy opportunities, including the construction of Beijing’s two zones, effectively leveraging the role of expanding services and deepening economic reforms. It continues to optimize the business environment, actively participates in organizing the CIFTIS, and develops high-standard international cooperation zones to provide a broad platform and efficient services for enterprises to settle and cluster. Shijingshan aims to implement high-level openness to promote high-quality development, enhance mechanisms for foreign openness, innovate and elevate services trade, and align with international economic and trade standards, creating a premier business environment characterized by marketization, rule of law, and internationalization.

Three parallel forums took place during this CIFTIS. With the theme of “Leveraging Overseas Strength for Development • Pursuing Broad Horizons Through Innovation”, the Dream Incubator of Overseas Chinese Beijing Forum set up ten sub-venues abroad, aiming to enhance the involvement of overseas Chinese’s capital and expertise in Beijing’s high-quality development. The Artificial General Intelligence Computility Forum focused on “Releasing New Quality Productive Forces with Unbounded Intelligence and Computational Foundations”, where industry experts and scholars explored new possibilities in artificial general intelligence computility. The Digital Energy Development Forum 2024, themed as “Energizing the Future with Digital Innovation”, showcased a range of quality development achievements and finalized partnerships for several high-quality projects, uniting all parties to advance digital innovation and development.

The rich array of side events is one of the highlights of this CIFTIS. The International Open Cooperation Promotion Conference circled around developing the international open cooperation zone, drawing representatives from international organizations, leading global companies, and prospective businesses seeking to establish a presence in these areas. It centered on the advantages of Shijingshan’s key industries to attract target enterprises. Furthermore, the Roundtable Discussion of Foreign-Funded Enterprises engaged representatives from international organizations, business associations, and foreign-funded companies from countries like Malaysia, Singapore, and France to explore collaboration in aligning with high-standard international economic and trade rules, as well as market access in the service sector, sharing the successes of modernization with Chinese characteristics.

To enhance the consumer experience for attendees of the CIFTIS, Shijingshan has expanded its comprehensive service offerings in areas such as food, accommodation, transportation, tourism, entertainment and shopping. The Second “Here I Am for CIFTIS” Shijingshan Culture and Tourism Carnival has been significantly upgraded, evidenced by the “Divine Beasts Ascend to Immortal Mountain”: Enchanting Night Tour in Shijing Mountain. The “Surprises Await in Shijingshan. Hey There, CIFTIS!” promotional event was held during the 14th Shijingshan Consumption Festival. This included online surprise announcements and a consumption map showcasing quality shopping venues. Special surprise floats were on display, with oversized themed shopping bags distributed. Shopping centers like Joy City, Xirondo Plaza, Modern Plaza, and Chang’an Mills in Shijingshan also launched supporting promotional activities. Business tours in Shijingshan offered three dedicated routes, inviting exhibitors from digital technology, finance and insurance, culture and tourism, and sports related industries to explore relevant industrial parks and attractions for in-depth exchanges.

The China International Fair for Trade in Services 2024 has successfully concluded. Utilizing this platform, Shijingshan has once again showed its high-quality development achievements and favorable business environment to a global audience. We look forward to collaborating with more partners in an open and inclusive manner to create a win-win future.

View original content:https://www.prnewswire.com/news-releases/shijingshan-committed-to-high-level-openness-302254872.html

SOURCE Open Cooperation Forum

Continue Reading

Trending