This summer ELEVATOR WORLD conducted a survey of the industry (see Taking the Pulse by Lindsay Fletcher). It proved a lot of what we already know. We all had a similar year in 2020, and we’re all experiencing spotty recovery in 2021. The future of the industry is very bright, but right now everyone is dealing with supply-chain issues, inflation and the inability to find enough good people to work. Some 56% of respondents have difficulty hiring, which is surprising for an industry that typically retains so many of its people.
Private-equity firms have discovered the elevator industry. On our survey, 52% of those who answered think private equity is good for the industry, offering an influx of needed capital, talent and new perspectives. Ten years ago, in 19 out of 20 deals, an OEM was the buyer. Today, its private-equity firms, and there may be 10 to 20 of them bidding for a single company. The risks would be reckless cost-cutting to make money, but most of the independents working with private-equity firms are focusing on training, professionalism and customer satisfaction.
In this issue, we also present you a more visual perspective of the industry with the winners of the 2021 Photo Contest. It is the ninth annual iteration of this popular contest, and we were again dazzled and inspired by the winning submissions. Middle East winners were abundant and give us new views of the Dubai Creek Harbour; a look at the intricacy of a high-speed elevator’s hoistway; and a peak at who reads EW. We thank the photographers whose creativity helps us see this industry through a new lens.
Along with articles on technology, engineering, maintenance and new products, we end the year with in-depth features on landmark projects. Inspiration from the Shard, London by Hongliang Liang explains how the iconic tower offers innovative vertical-transportation (VT) design ideas for high-rise office and slender luxury residential towers. Soaring Views by Lindsay Fletcher shows the VT, provided by Toshiba Elevator Middle East LLC, for the towers of Harbour Views, the tallest twin towers on Creek Island in Dubai.
There is so much more in this issue, and we hope you enjoy it. We are eager for you to communicate with us on what is happening in your company and with your projects. We continue to wish you health and safety.
T. Bruce MacKinnon | President
tbruce@elevatorworld.com
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