Rising to the Challenge

Your author shares perspectives on the growth drivers elevating VT in India.

Several key growth drivers are elevating the vertical-transportation (VT) industry in India. These include widespread urbanization and infrastructure development, an increase in high-rise buildings, a growing population, modernization and retrofitting existing buildings, technological advancements and changes in lifestyle. These factors promise to drive demand for VT systems as more and taller buildings are constructed. Rapid growth of urban areas and infrastructure development also lead to the expansion of the VT industry, as demand for more sophisticated, modern buildings grows. Technological advancements in VT provide additional value to customers by delivering greater energy efficiency and predictive maintenance capabilities that improve overall elevator performance. Further, the Indian government is supporting the VT industry with new regulations to ensure the safety, security and quality of VT systems. 

According to Forbes India, 2023 has proven to be a turning point as India’s GDP surges, solidifying the country’s position as a frontrunner in the global economic race and resulting in an annual growth rate of 7.2%. The Government of India has made infrastructure development its top priority in 2023, introducing many initiatives to promote investment in the sector to achieve its US$5 trillion economic plan by 2025. Developing infrastructure such as metros, airports, pedestrian overbridges and railways is important, as it provides numerous economic, social and environmental benefits.

The “Make in India” initiative was launched in 2014 by the Government of India to make India self-reliant and facilitate investment, foster innovation, enhance skill development, protect intellectual property and build best-in-class manufacturing infrastructure in the country. India is known to have the largest workforce population with affordable labor, which has attracted lots of foreign investors across the world to strengthen India’s manufacturing sector.  

At Inovance, we are a global company with a specific focus on the Indian market to provide excellent quality and best-in-class elevator user experiences that combine safety, simplicity and performance. Our Monarch portfolio includes a range of open and closed-loop integrated elevator controllers, alongside open and closed-loop elevator and escalator solutions such as NICE100+, NICE1000+, NICE3000+, NICE2000, NICE900, ME320LN, MD500L and WISE310. Monarch’s NICE Integrated Solution is an all-in-one integrated controller and drive concept designed for enhanced safety and reliability, delivering cost-effective, smooth and efficient elevator operations. Our BST product portfolio complements our range of controllers and solutions and includes COPs/LOPs, electrical harnesses, automatic door headers, buttons and other electrical accessories.

As the VT industry booms and the need for safety and security are critical considerations within buildings, Inovance has developed our smart Internet of Things (IoT)-WL135 device for elevators, which can collect local device data, monitor and record the running status of local devices in real time and facilitate tracking and management, predictive maintenance, process optimization and seamless integration across operations. It also comes with superior safety and security features and can help reduce costs by enhancing efficiency and reducing downtime. Inovance’s smart IoT-WL135 device detects a problem before it occurs and alerts the customer so maintenance can be carried out, providing significant benefits to elevator companies.

The focus on efficiency, safety, accessibility and sustainability will continue to shape the VT industry’s growth over the coming years, generating job opportunities in manufacturing, installation, maintenance and servicing of VT systems, in turn benefiting the Indian economy.