| | NOVEMBER 20218A s healthy moderation in the economy sets in, the Indian real estate as well as Elevator and Escalator industry is expected to revive and bounce back. Sales numbers have significantly jumped in most of the major cities in India in the last quarter, painting a positive picture for 2021. Most of the rating agencies and banks such as Moody's and S&P have also estimated that the Indian economy is set to grow in the range of 8-10 percent in FY 2021. This will further push demand for elevator and escalators too.As the markets recover, the elevator and escalators market size in India is expected to grow by $659.2 million during the period 2020-2024. The elevator and escalators market in India is expected to post a year-over-year growth rate of 7.68 percent during this period. Going forward, Elevator industry is expected to develop indigenously and bring up new technologies like DSC and other innovations to India to manufacture, with less reliance on manpower and increased scaffold-less construction, augmented IOT based data collection and learning to determine parameters based on actual usage of elevators to help analyse values on which lift traffic analysis was modelled.THE 'NEW NORMAL'The COVID-19 outbreak has had severe impact on the society, businesses, and the economy, leading us to think again about more effective health and safety measures. Passengers are getting increasingly conscious about elevators hygiene and safety protocols, companies in the vertical transportation sector have been working hard to provide solutions for safer rides, and most of the solutions were based on digital enhancements and technologies.As viruses and other bacteria can be transferred through hand contact with different surfaces, elevator passengers increasingly demand better protection during their daily rides, solutions such as regular cleaning of elevator surfaces, touchless technology, and antimicrobials sanitation are getting ever popular amongst elevator service providers and manufacturers.KEY CHALLENGES FACED BY ELEVATOR MANUFACTURERSProtecting the health and safety of the customers, employees and communities during the pandemic has been the most important and challenging task for everyone. ELEVATOR TECHNOLOGIES IN DIGITAL WORLDBy Manish Mehan, CEO, TK ElevatorManish MehanVANTAGE POINT
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