W ith the rapid pace of urbanisation our cities are expanding exponentially, not just geographically, but also vertically. Vertical transportation plays a key role in the vertical rise of the cities. Thus elevators and escalators has become the integral and essential part of any building now. 

The smart elevators controlled with the IoT & AI technology providing advance diagnosis and service support is the future of the elevator industry.

The latest elevator technology developments has brought high-speed elevators with a comfortable ride and advanced safety features. The growing number of residential projects in metro cities is driving the demand for elevators. In addition, an increasing number of office spaces and commercial buildings are projected to drive the development of the Indian elevator and escalator industry. 

With the government giving priority to ‘Housing for All’ and affordable housing, the real estate sector is expected to see a steady growth. In this budget, the eligibility of the tax deduction has been extended by one more year. The additional deduction of Rs 1.5 lakh is therefore eligible for loans up to 31 March 2022 for the purchasing of an affordable home. Stable real estate prices, lowest-ever interest rates, and the government housing policies are factors that makes the market favourable. These aspects would definitely allow the real estate industry to grow well in the immediate future. 

The Escalator market has good potential in view of the upcoming Metros, new airports, particularly in smaller towns and due to the requirement at railway stations, to ease people’s movement. A large number of housing & commercial projects has increased the demand for passenger elevators followed by Car elevators & Home elevators. The demand for special hospital elevators also expected to be increased after the recent increase in health infrastructure budget. 

In India, the market for smart elevators is rising rapidly. India is witnessing the new elevator generation equipped with advanced technology that delivers IoT technologies with energy efficiency, cost-effectiveness.  Using cloud technology round-the-clock, a new smart IoT & AI technology tracks wired elevators and escalators. The elevators and escalators can be tracked for the critical incident before it occurs, using this new technology. The system controlled at all times makes these elevators and escalators more safe and reliable. 

The available Indian standards on lifts for important area such as design requirements, space requirements, fire protection, technical & safety requirements, operation and maintenance guidelines for lifts and escalators are also undergoing further improvement. The expectations and demand of Indian customers while installing and maintaining elevators and escalators have been always a priority to ensure high quality, less downtime, fewer faults and uncompromised safety. With the new situation after Covid-19, the need for more touchless elevator applications would entail a change of mindset and investment to retrofit current equipment to migrate to this way of operation. 

Companies involved in the production of elevators are increasingly focusing on smart and energy-efficient elevators to attract consumer attention across different end-use segments. Today, the supplier of elevators needs to be more versatile in fulfilling consumer expectations and willing to satisfy the need for custom solutions. Primarily, consumers are looking for a decent, safe, consistent product supplied on time, backed by good after-sales support.