Playing a Role in India’s Growth Strategy

Scaling new heights in India’s VT

India’s industrial landscape is transforming significantly, with the “Made in India” initiative at the forefront. This initiative, aimed at promoting manufacturing and encouraging businesses to produce within the country, has sparked a wave of innovation across various industries. The vertical-transportation (VT) industry is experiencing a surge in demand due to rapid urbanization. Inovance Monarch BST, a prominent player in automation and industrial solutions, aims to expand the presence of “Made in India” VT systems to meet this growing need for efficient and reliable transportation solutions.

Inovance: A Vision of Global Leadership

Inovance, with a strong foothold in automation and industrial solutions, is uniquely positioned to extend the scope of “Made in India.” The company’s strategic focus is on harnessing advanced technologies, ensuring quality manufacturing and building strong partnerships to penetrate both domestic and international markets. 

Inovance India is rapidly expanding its local facilities to manufacture and assemble elevator electrical solutions domestically. Indigenous adaptation is crucial to Inovance’s vision of becoming a market leader and playing a significant role in India’s growth story. By tailoring our solutions to meet the unique needs of the Indian market, Inovance not only strengthens its position but also contributes to the nation’s economic progress. This approach fosters greater employment opportunities for the Indian workforce and drives advancements in local R&D, reinforcing Inovance’s commitment to supporting India’s industrial and technological growth.

Leveraging Advanced Technology and Standards

Our success in the Indian elevator industry over the past 12 years is a testament to our unwavering commitment to innovation and excellence. Our expertise in automation allows us to develop systems that are not only efficient but also safe and reliable. By integrating Internet of Things (IoT), AI and machine learning, Inovance offers predictive maintenance, energy efficiency and an enhanced user experience, raising the bar for the industry. We have successfully localized our manufacturing operations in the region by working closely with our channels and customers. This strategic approach has been instrumental in establishing a strong presence in the market.

Inovance places a strong emphasis on quality. By adhering to international standards and best practices, the company ensures that our products are competitive on a global scale. We provide high-quality and best-in-class elevator user experiences that combine safety, simplicity and performance. Our Monarch portfolio comprises open and closed-loop integrated elevator controllers, as well as open and closed-loop elevator and escalator solutions including the NICE 1000+ Gen NXT, NICE3000+, NICE1000+, NICE100+, NICE2000, NICE900, ME320LN, MD500L and WISE310. Monarch’s NICE Integrated Solution is a complete integrated controller and drive solution developed for increased safety and dependability, resulting in cost-effective, smooth and efficient elevator operations. In addition to our wide range of controllers and solutions, our BST product line comprises buttons, electrical harnesses, automatic doors, COPs/LOPs and other electrical accessories.

Inovance developed the smart IoT device for elevators in response to the evolving VT industry, which places a premium on security and safety in buildings. This device can gather data from nearby devices, monitor and record the operational status of nearby devices in real-time and support tracking and management, predictive maintenance, process optimization and smooth integration across operations. Furthermore, increasing productivity and decreasing downtime can minimize costs, providing considerable benefits to elevator firms.

Market Expansion: A Strategic Focus

In the domestic market, Inovance is strategically expanding its presence by addressing the surging demand for VT solutions in Tier 2 and Tier 3 cities, where urbanization is rapidly accelerating. Additionally, the company is actively pursuing government-led smart city initiatives, offering customized elevator solutions that align with the specific requirements of these projects.

Furthermore, Inovance is investing in R&D to continuously innovate and improve its products. By understanding the specific needs of the Indian market, the company offers customized controller solutions that cater to diverse customer segments, from residential buildings to commercial complexes and industrial facilities. To support this expansion, Inovance is building a robust distribution network and establishing service centers in key regions. Indigenous adaptation plays a key role in enabling faster delivery by aligning products and services with local market needs and conditions. This approach allows Inovance to streamline operations, reduce lead times and respond more quickly to customer demands, enhancing efficiency and customer satisfaction. We regularly train and educate our teams, channels and customers on the latest technology, products and safety standards.

Challenges and the Way Forward

While the opportunities are vast, there are challenges we must navigate to succeed in both domestic and international markets. These include competition from established global and local players, regulatory hurdles and the need for continuous innovation. Exporting is highly competitive compared to other players in the Indian market. 

To overcome these challenges, Inovance is focused on building a strong brand identity, emphasizing its commitment to quality and innovation. The company is also investing in training and development to ensure that its workforce and customers are equipped with the skills needed to compete in the global market.

Conclusion

Inovance’s strategy to extend the scope of “Made in India” VT systems across domestic and international markets is a testament to the company’s vision and commitment to excellence. By leveraging advanced technology, ensuring quality manufacturing and building strategic partnerships, Inovance is poised to become a global leader in the elevator industry. As the world continues to urbanize, Inovance solutions will play a crucial role in shaping the cities of the future, both in India and beyond.