How is the market for elevator and escalator shaping up in India?
Indian elevator and escalator market is registering steady growth and is expected to reach nearly US$ 1517.66 mn by 2027 with the CAGR of approximately 7% during the forecast period. Central government’s drive to affordable housing coupled with the time-bound distribution of residential & commercial schemes will drive the demand for elevators. The ongoing metro developments through Delhi, Nagpur, Chennai, Bengaluru, Lucknow, Hyderabad, and few more cities will also drive the demand for elevators as both are part of the new day metro station infrastructure. The demand for high-speed elevators is growing thanks to the development of commercial properties. Aesthetic innovations in look and feel are also big differentiators. Today, users and members of the public consider elevators more than just a means of travel, aesthetically advanced and intelligent elevators are taking centre stage as India continues to urbanize. Understanding this need and requirement, we have designed elevators which are not only elegant and sophisticated but also smart in technology, in different configurations suitable for various private and public use-cases in India. For instance, MAX - our smart, machine learning Internet of Things (IoT) elevator solution dramatically increases elevator availability by reducing out-of-service situations by up to 50% through real-time diagnostics. MAX are be used to predict maintenance issues before they occur and empowers elevator engineers to increase elevator availability by flagging the need to replace components and systems before critical milestones of their lifecycle.
Which are the new technologies you have introduced in the market in the recent past? How are these technologies assisting in providing better mobility?|
We at TK Elevator have introduced several ground-breaking technologies, such as TWIN elevator system which allows two elevators to operate independently in one shaft, TWIN offers the benefits of significantly increasing system capacity, without the need for extra elevator shafts. One of the most innovative advantages of the TWIN is its ability to park one of the two cars while the other stays in operation. This means when passenger volumes are low, very little energy is consumed by the non-moving cars. Additionally, the TWIN can be equipped with energy recovery devices that can feed about 30% of energy back into the building’s power grid. The MAX is a ground-breaking predictive and pre-emptive service solution that expands remote monitoring capabilities to significantly boost the current availability levels of both new and old elevators. By utilizing the Internet of Things (IoT) capabilities of Microsoft Azure, MAX enables an elevator to "inform" service workers about its actual needs, including real-time identification of problems, component replacements, and preventative system maintenance. Our AGILE Destination Control (DSC) improves system and energy efficiency as well as passenger experience by effectively shortening wait and travel times. Compared to conventional elevator control systems, the AGILE DSC increases passenger handling capacity by up to 30%, minimizes passengers' travel times to their destination and reduces crowding in lift lobbies. DSC also allows for much more flexibility in elevator grouping, lift core layouts and overall building design.
Can you please share with us through the safety features of your elevator and escalator?
Safety is a key priority for TK Elevator, we constantly strive for zero incidents both in the field and during our manufacturing process. Every month, we perform safety exercises and observe the same high safety standards throughout the whole value chain, at customer locations to sensitize and educate all our staff about safety procedures. Smarter and connected elevators and the digitalisation process have transformed the way safety monitoring happens. Operational data and connected components enable TK elevator’s product development specialists to predict possible safety weak spots and implement various stringent safety features on our elevators and escalators. Our innovative TWIN system for example, comes with a 4-stage safety management system with independent monitoring, which is certified to the highest industry standards, including the German TÜV and European SIL3. Special Type Examination was carried out by TÜV SÜD New Technologies in the field of Lift department, a Design Examination certificate was also obtained.
With our 4-stage safety system, each car’s movement, direction, speed and destination are constantly monitored, if minimum clearance is compromised, both cars will be slowed down; brakes will be applied if car separation is lower than a defined value, and safety gears of both cars will be immediately applied if the system detects further reduction in car separation. Escalators from TK Elevator can also be configured with a host of safety features. From safety curtains to protect users and passengers from falling, to auxiliary brakes which stop the step band in the unlikely event of a disconnection between the motor and drive chain, to prevent uncontrolled downward movements, we strive to enhance passenger safety and product reliability.
Which are the sectors that will contribute the maximum revenue for your organization in 2023?
Rapid urbanization, commercial construction, and upgrading infrastructure of industrial and residential spaces are major factors driving India’s elevator industry as well as our growth. Having said that, India has been witnessing a rapid increase in investments both by government and private entities on large-scale metro projects, especially in tier-1 and tier-2 cities, to provide an effective transport system to consumers. Similarly, in order to cater to the rising air traffic, the Government of India has envisaged increasing the number of operational airports to 190-200 by FY40 from current 103 airports. Transportation infrastructure is one of TK Elevator’s major strategic focuses. With thousands of passengers travelling through on a daily basis, many local and international airports, train stations and transportation hubs across the globe gave TK Elevator’s proven mobility solutions their vote of confidence. Real estate investments in the vicinity of these metro rail stations and airports will also create demand for elevators and escalators. In view of growing demands for elevators in private mansions and luxury homes, as well as other forms low rise residences, TK Elevator will be offering solutions optimized for this market segment. Please stay tuned for updates from us!
What are the challenges facing the industry and how can the government hand-hold the elevator and escalator industry?
The major challenge the elevator industry faces is that despite being one of the fastest-growing segments, it isn't the most high-tech segment. Development scale of high-rise towers in India are relatively small, and the elevators supplied to these projects generally operate at lower speeds, and controlled by less sophisticated control systems. Even some newer housing societies may install modern lifts, but there is not much emphasis on maintenance because housing societies change leadership every year, which often leads to change in directions. Regulator disparities across the nation are another urgent issue. The sector is governed by a distinct entity in each state. For regulation and policy, a national organization is required. There are still no laws controlling the installation and upkeep of lifts in over two-thirds of the nation. The key stakeholders in the sector claim that a unified Lift Act might not only promote the optimization of development, manufacture, and installation costs but also support the improvement of product safety using innovative technology.
What are the after sales services you provide to your customers?
TK Elevator offers a comprehensive range of mobility products and services, including passenger, freight and panoramic elevators, for both low and high-rise properties, its commitment to quality and innovation covers the entire life cycle of elevators, escalators and moving walks. TK Elevator’s capability to service elevators, escalators and moving walks of all makes across 22 countries in Asia Pacific, makes it the ideal one-stop maintenance partner for developers, property managers and REITs. At TK Elevator, customer service and satisfaction are our top priorities. Our maintenance and modernization services enable property owners and managers to save costs and boost profits as they grow and expand. TK Elevator’s modernization service, together with its digital solutions MAX and AGILE Destination Control, are especially ideal for property overhauls, repurposing and upgrades. Customers benefit from improved accessibility and passenger capacity in older buildings, resulting in short and long-term economic and administrative advantages like higher rent returns.
What is your outlook for the elevator and escalator industry in 2023?
As aforementioned, the industry will continue to be driven by India’s rapid urbanization and infrastructure development. Recent development trends in the residential sector will also create new opportunities for us in the low-rise / private residences market segment. Our long-standing reputation globally in the high-rise and high-speed segment will ensure we fulfil such needs should more of them arise in India. TK Elevator has developed sustainable, eco-friendly products and solutions that prove themselves through high energy-efficiency and reliable performance over the long term. We have a host of offerings that are best suited for all applications. We have products that match up to the best in the industry in terms of engineering and technology. Our portfolio includes a wide range of passenger and freight elevators, escalators and moving walks, passenger boarding bridges, stair and platform lifts as well as tailored service solutions for all products. As more high-end construction and infrastructure projects which emphasize sustainability and speed gain popularity in the Indian market, the TKE brand will be one of the best-known names in India for energy-efficient, AI-assisted, and centrally managed and maintained elevator solutions.