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AI Impact on Elevator And Escalator Market In India growth, set to increase by USD 913.2 million from 2024-2028, Growing number of high-speed metro projects to boost the revenue, Technavio

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NEW YORK, Aug. 22, 2024 /PRNewswire/ — The global elevator and escalator market in India size is estimated to grow by USD 913.2 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 9.45% during the forecast period. Growing number of high-speed metro projects is driving market growth, with a trend towards rising demand for customization in elevators. However, high cost of repair and maintenance poses a challenge. Key market players include Beacon Elevator Co. Pvt. Ltd., Blue Star Elevators India Ltd., City lift India Ltd., Easa Elevators Pvt. Ltd., ESCON Elevators Pvt. Ltd., Express Lifts Ltd., Fujitec Co. Ltd., Grj Elevator Pvt. Ltd., Hitachi Ltd., Johnson Lifts Pvt. Ltd., Kinetic Hyundai Elevator and Movement Technologies Ltd., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., RP Bidyut Elevator, Schindler Holding Ltd., SEPL India Ltd., thyssenkrupp AG, Toshiba Corp., and TRIO Elevators Co. India Pvt. Ltd..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Product (Elevator and Escalator), End-user
(Residential and Non-residential), and Geography
(APAC)

Region Covered

India

Key companies profiled

Beacon Elevator Co. Pvt. Ltd., Blue Star Elevators
India Ltd., City lift India Ltd., Easa Elevators Pvt.
Ltd., ESCON Elevators Pvt. Ltd., Express Lifts
Ltd., Fujitec Co. Ltd., Grj Elevator Pvt. Ltd., Hitachi
Ltd., Johnson Lifts Pvt. Ltd., Kinetic Hyundai
Elevator and Movement Technologies Ltd., KONE
Corp., Mitsubishi Electric Corp., Otis Worldwide
Corp., RP Bidyut Elevator, Schindler Holding Ltd.,
SEPL India Ltd., thyssenkrupp AG, Toshiba Corp.,
and TRIO Elevators Co. India Pvt. Ltd.

Key Market Trends Fueling Growth

The Indian elevator and escalator market is witnessing a significant trend towards customization. End-users are demanding tailor-made elevators based on their specifications, which can differ in size, design, and structure. Customization extends to cabin walls, lighting, and floors. For instance, hospital elevators prioritize large-capacity motors for speed and comfort, while maintaining low noise levels. As household income rises, consumers seek visually appealing elevators for home decor. Vendors cater to this demand by offering customized elevators in materials like glass, stainless steel, and wood. The customization trend is driving market growth in India.

The Elevator and Escalator market in India is experiencing significant growth, driven by trends such as predictive maintenance and cloud-based monitoring. Customized systems catering to IT hubs, industrial hubs, tech companies, office spaces, commercial complexes, public spaces, transportation hubs, and residential areas are in high demand. IoT connectivity and AI are integral to modernization and retrofitting of existing buildings, including industrial settings, green building projects, educational institutions, healthcare facilities, and retrofitting older buildings. Affordable housing and the tourism industry also contribute to the market’s growth. High-speed and high-capacity elevators, touchless controls, automation, and conveyor belts are essential for urban mobility and passenger segment. Security features, sustainability goals, and eco-friendly materials are key considerations. Category-wise insights include commercial spaces, office buildings, shopping centers, and retail outlets. Smart cities and construction activities are also major factors fueling the market’s expansion.

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Market Challenges

The elevator and escalator market in India faces significant challenges due to the high operational costs. New installations of elevators and escalators have a lifespan of 20-30 years, but their continuous maintenance is essential due to common issues like getting stuck, non-functioning call boxes, odd noises, and bumpy rides. Elevator components, such as door hardware, landing entrance doors, pistons, traveling cables, cab operating panels, cab wiring, motors, lift lighting, and fans, often require frequent repairs. Replacement costs vary from USD100 to USD3,000 for low-end elevators and escalators, while modernization can cost more than USD200 for fixtures and over USD7,000 for control systems. Installing a new piston or motor costs over USD10,000. High repair, replacement, and maintenance costs may discourage property owners from modernizing their lifts and escalators, potentially limiting market growth.

The Indian elevator and escalator market is witnessing significant growth, driven by infrastructure development in sectors like hospitality, airports, train stations, and bus terminals, especially in urban areas. However, challenges persist, including safety concerns due to injuries and fatalities from accidents caused by unsafe practices and faulty designs. To address these issues, there is a growing demand for smart elevators and escalators that prioritize energy efficiency, vertical transport, and sustainable urban spaces. Building height and high-rise construction are key factors driving the market, with a focus on “Housing for all,” new installation in offices, malls, residential apartments, hotels, retail establishments, leisure parks, and more. Retrofitting projects are also gaining traction, as building owners look to upgrade existing systems to meet modern building codes and improve elevator traffic flow. In smaller cities, smart systems are being adopted to enhance energy savings and ensure safety in vertical transportation systems.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This elevator and escalator market in India report extensively covers market segmentation by

Product 1.1 Elevator1.2 EscalatorEnd-user 2.1 Residential2.2 Non-residentialGeography 3.1 APAC

1.1 Elevator- In India, the elevator market is witnessing growth due to the increasing construction of high-rise buildings and the preference for energy-efficient solutions. Traditional elevator technologies, such as hydraulic, machine-room-less (MRL), and traction, are used in various building structures. Hydraulic elevators are commonly used in low-rise buildings due to their lower maintenance costs. Traction elevators, which are more performance-oriented, are preferred in mid- and high-rise buildings. KONE, thyssenkrupp, and Schindler are leading vendors offering innovative, cost-effective, and energy-efficient elevator solutions. The demand for multifamily rental buildings and commercial spaces is driving the growth of the traction elevator market. The use of elevators in high-rise buildings is essential for easy movement of people and goods. Energy-efficient elevators are increasingly preferred due to their long-term economic benefits. The shortage of land availability in India has led to an increase in the number of skyscrapers and high-rise residential buildings, further boosting the demand for elevators.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report

Research Analysis

The Elevator and Escalator Market in India is witnessing significant growth due to the increasing construction of high-rise buildings in urban areas. Sustainable urban spaces are a priority, leading to the demand for vertical conveyance systems in commercial and residential buildings. Infrastructure development and building codes are driving the adoption of safe and efficient vertical transportation solutions. Online shopping and smart cities are also contributing to the market growth. However, concerns over injuries, fatalities, and accidents due to unsafe practices, faulty design, and non-compliant products persist. The market is expected to embrace IoT and AI technologies for improved safety, maintenance, and energy efficiency. Construction activities in the residential and commercial industries are expected to continue fueling the demand for elevators and escalators in India.

Market Research Overview

The Elevator and Escalator Market in India is witnessing significant growth due to the increasing construction of high-rise buildings in urban areas. Vertical transportation systems are becoming essential infrastructure in India’s sustainable urban spaces, with high-rise buildings, multi-story residential complexes, commercial buildings, and IT hubs leading the way. Infrastructure development and modernization of older buildings through retrofitting projects are also driving market growth. Building codes and regulations are being updated to ensure safety and energy savings through the use of smart systems, such as destination control systems, predictive maintenance, cloud-based monitoring, and customized systems. The market is not limited to large cities but is expanding to smaller cities as well. The use of IoT, AI, and eco-friendly materials in vertical conveyance systems is a growing trend in green building projects. The passenger segment, including the hospitality sector, airports, train stations, and bus terminals, is a significant market for high-speed and high-capacity elevators. The market also caters to various industries, including educational institutions, healthcare facilities, and affordable housing, among others. Safety features, urban mobility, and touchless controls are becoming increasingly important in the market. The market is expected to continue growing as India strives to meet its smart cities goals and provide housing for all.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductElevatorEscalatorEnd-userResidentialNon-residentialGeographyAPAC

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Marine Biological Laboratory Appoints Nicole A. Theodosiou as Burroughs Wellcome Director of Education

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WOODS HOLE, Mass., July 23, 2026 /PRNewswire/ — The Marine Biological Laboratory (MBL) has appointed Nicole A. Theodosiou, Ph.D., as its next Burroughs Wellcome Director of Education at the Marine Biological Laboratory. She will join the MBL on September 8.

Theodosiou brings more than two decades of experience in science education, academic leadership, and program development. She joins the MBL from Union College in Schenectady, New York, where she held a number of leadership roles focused on curriculum innovation, faculty development, and undergraduate STEM education. Most recently, she served as Special Projects Director for Initiatives in Pedagogy & Course Design. Previously, she directed the Howard Hughes Medical Institute Inclusive Excellence Initiative, led the Biochemistry Program, and served as a faculty member in the Department of Biology.

Throughout her career, Theodosiou has developed interdisciplinary educational programs, led faculty development initiatives, and advanced innovative approaches to teaching and learning. She is a member of the Society for Developmental Biology Academy and served on the Society’s Board of Directors as chair of its Professional Development and Education Committee, where she helped create professional development programs and educational resources for scientists nationwide.

At the MBL, Theodosiou will lead the institution’s educational programs, including its internationally renowned Advanced Research Training Courses (ARTCs), undergraduate and high school programs, and other educational initiatives that support the Laboratory’s mission of advancing biological discovery through research and education.

“Education has been central to the MBL’s mission since our founding in 1888,” said Nipam H. Patel, Director of the MBL. “Nicole brings a remarkable combination of scientific expertise, educational leadership, and strategic vision. Her commitment to experiential learning and developing innovative educational programs makes her an outstanding addition to our leadership team as we work to magnify the MBL’s educational impact for the next generation of scientists. “

Theodosiou has maintained a longstanding connection to the MBL throughout her career. She participated in the Laboratory’s Gene Regulatory Networks course in 2015, collaborated with the Marine Resource Center in support of her research, and has mentored students who have participated in MBL educational programs. She has described the MBL’s educational ecosystem as “unparalleled” and its tradition of learning by doing as closely aligned with her own philosophy of science education.

“The MBL has always been a place where scientific discovery and education go hand in hand,” said Theodosiou. “Its tradition of learning by doing and global community has inspired generations of researchers, including myself. I’m honored to join the MBL community and look forward to strengthening and building on its extraordinary legacy to inspire and train the next generation of scientists. “

Theodosiou earned a Ph.D. in Genetics from Yale University and a bachelor’s degree in biology from Swarthmore College. Her research as a developmental biologist has focused on vertebrate evolution and development, while her educational leadership has emphasized creating accessible, research-driven learning environments that integrate science, education, and communication.

About the Marine Biological Laboratory

The Marine Biological Laboratory (MBL) is dedicated to scientific discovery—exploring fundamental biology, understanding biodiversity and the environment, and informing the human condition through research and education. Founded in Woods Hole, Massachusetts, in 1888, the MBL is a private, nonprofit institution.

Media Contact:
Samantha Cummis
Scummis@mbl.edu
973-800-4118

View original content to download multimedia:https://www.prnewswire.com/news-releases/marine-biological-laboratory-appoints-nicole-a-theodosiou-as-burroughs-wellcome-director-of-education-302833514.html

SOURCE Marine Biological Laboratory

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Marine Biological Laboratory Appoints Nicole A. Theodosiou as Burroughs Wellcome Director of Education

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WOODS HOLE, Mass., July 23, 2026 /PRNewswire/ — The Marine Biological Laboratory (MBL) has appointed Nicole A. Theodosiou, Ph.D., as its next Burroughs Wellcome Director of Education at the Marine Biological Laboratory. She will join the MBL on September 8.

Theodosiou brings more than two decades of experience in science education, academic leadership, and program development. She joins the MBL from Union College in Schenectady, New York, where she held a number of leadership roles focused on curriculum innovation, faculty development, and undergraduate STEM education. Most recently, she served as Special Projects Director for Initiatives in Pedagogy & Course Design. Previously, she directed the Howard Hughes Medical Institute Inclusive Excellence Initiative, led the Biochemistry Program, and served as a faculty member in the Department of Biology.

Throughout her career, Theodosiou has developed interdisciplinary educational programs, led faculty development initiatives, and advanced innovative approaches to teaching and learning. She is a member of the Society for Developmental Biology Academy and served on the Society’s Board of Directors as chair of its Professional Development and Education Committee, where she helped create professional development programs and educational resources for scientists nationwide.

At the MBL, Theodosiou will lead the institution’s educational programs, including its internationally renowned Advanced Research Training Courses (ARTCs), undergraduate and high school programs, and other educational initiatives that support the Laboratory’s mission of advancing biological discovery through research and education.

“Education has been central to the MBL’s mission since our founding in 1888,” said Nipam H. Patel, Director of the MBL. “Nicole brings a remarkable combination of scientific expertise, educational leadership, and strategic vision. Her commitment to experiential learning and developing innovative educational programs makes her an outstanding addition to our leadership team as we work to magnify the MBL’s educational impact for the next generation of scientists. “

Theodosiou has maintained a longstanding connection to the MBL throughout her career. She participated in the Laboratory’s Gene Regulatory Networks course in 2015, collaborated with the Marine Resource Center in support of her research, and has mentored students who have participated in MBL educational programs. She has described the MBL’s educational ecosystem as “unparalleled” and its tradition of learning by doing as closely aligned with her own philosophy of science education.

“The MBL has always been a place where scientific discovery and education go hand in hand,” said Theodosiou. “Its tradition of learning by doing and global community has inspired generations of researchers, including myself. I’m honored to join the MBL community and look forward to strengthening and building on its extraordinary legacy to inspire and train the next generation of scientists. “

Theodosiou earned a Ph.D. in Genetics from Yale University and a bachelor’s degree in biology from Swarthmore College. Her research as a developmental biologist has focused on vertebrate evolution and development, while her educational leadership has emphasized creating accessible, research-driven learning environments that integrate science, education, and communication.

About the Marine Biological Laboratory

The Marine Biological Laboratory (MBL) is dedicated to scientific discovery—exploring fundamental biology, understanding biodiversity and the environment, and informing the human condition through research and education. Founded in Woods Hole, Massachusetts, in 1888, the MBL is a private, nonprofit institution.

Media Contact:
Samantha Cummis
Scummis@mbl.edu
973-800-4118

View original content to download multimedia:https://www.prnewswire.com/news-releases/marine-biological-laboratory-appoints-nicole-a-theodosiou-as-burroughs-wellcome-director-of-education-302833514.html

SOURCE Marine Biological Laboratory

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Canada’s investment industry and business community welcome Ontario’s commitment to join regulatory passport system

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Industry, business, and professional associations voice strong support for greater regulatory harmonization and a more competitive Canadian economy

TORONTO, July 23, 2026 /CNW/ — Canada’s investment industry and business community welcome Ontario’s commitment to join the country’s securities regulatory passport system, marking a significant step toward greater regulatory harmonization and a more efficient and competitive Canadian capital market.

A coalition of associations representing firms and professionals from across Canada’s capital markets sector, together with a broad cross-section of the business community, strongly supports the announcement by Ontario Finance Minister Peter Bethlenfalvy at the recent meeting of Canada’s finance ministers, convened by Federal Finance Minister Francois-Philippe Champagne, and supported by their provincial and territorial counterparts.

Ontario’s participation in the passport system will make it easier for firms to operate and raise capital across Canada, while reducing unnecessary regulatory duplication and costs. More broadly, it advances the national effort to remove internal trade barriers, boost productivity and strengthen Canada’s economic competitiveness.

The passport system has already demonstrated that greater regulatory coordination can be achieved while respecting provincial jurisdiction. Participating regulators retain their authority and distinct roles, while firms benefit from a system in which decisions made by a principal regulator are generally recognized across participating jurisdictions.

Ontario’s participation creates an opportunity not only to reduce duplication but also to strengthen the system as a whole. A more integrated model can better leverage the expertise and capabilities of regulators across the country, creating opportunities for greater regulatory specialization and leadership in areas where individual jurisdictions have particular strengths.

For firms, greater harmonization means more predictable regulation, less duplication, and a more efficient regulatory environment. For investors, it supports a framework that maintains strong investor protection while responding more effectively to an increasingly complex and competitive global marketplace. For Canada, it helps create a more attractive environment in which to invest, launch new products and raise capital.

This coalition stands ready to work with governments and securities regulators across Canada to support Ontario’s timely and successful implementation of the passport system and build on the progress already made. We encourage all parties to move quickly to bring Ontario into the existing framework, while preserving the features that have made the passport system work so effectively.

Ontario’s commitment is a milestone and an important step toward a more integrated, efficient and competitive capital market that will strengthen the Canadian economy and better serve Canadian investors and businesses.

About the coalition

The Canadian Bankers Association (CBA) is the voice of more than 60 domestic and foreign banks that help drive Canada’s economic growth and prosperity. The CBA advocates for public policies that contribute to a sound, thriving banking system to ensure Canadians can succeed in their financial goals. 

The Canadian ETF Association (CETFA) is the national voice of Canada’s ETF industry, representing approximately 96 per cent of exchange traded fund (ETF) assets in Canada. CETFA promotes the growth, sustainability and integrity of Canada’s ETF industry. It keeps investment professionals informed about ETF developments, educates investors about ETFs and their benefits, and debunks ETF myths.

CFA Societies Canada is a collaboration of the 12 Canadian CFA Institute member societies, representing over 21,000 CFA charter holders in Canada. Its mission is to lead the investment profession in Canada by advancing the highest professional standards, integrity, and ethics for the ultimate benefit of Canadian society.

Chartered Professional Accountants of Canada (CPA Canada) is one of the most influential accounting organizations in the world. As a non-regulatory body comprised of individual CPA members, CPA Canada supports the profession and represents Canadian CPAs at the national and international levels. Nationally, CPA Canada acts in the public interest to promote transparency in financial markets, prepares CPAs for a rapidly evolving business environment through extensive guidance and programming and contributes to standard setting and policy making. Globally, CPA Canada works together with international bodies to build a stronger accounting profession worldwide. Its dedicated efforts help shape public policy, influence regulatory frameworks and establish high professional standards that reflect the evolving needs of the accounting industry.

The Alternative Investment Management Association (AIMA) is the global representative of the alternative investment industry, with around 2,100 corporate members in over 60 countries. AIMA’s fund manager members collectively manage more than US$4 trillion in hedge fund and private credit assets. AIMA draws upon the expertise and diversity of its membership to provide leadership in industry initiatives such as advocacy, policy and regulatory engagement, educational programs and sound practice guides. AIMA works to raise media and public awareness of the value of the industry. AIMA set up the Alternative Credit Council (ACC) to help firms focused in the private credit and direct lending space. The ACC currently represents over 250 members that manage US$2 trillion of private credit assets globally. AIMA is committed to developing skills and education standards and is a co-founder of the Chartered Alternative Investment Analyst designation (CAIA) – the first and only specialized educational standard for alternative investment specialists. AIMA is governed by its Council (Board of Directors). AIMA was founded in 1990, with the AIMA Canada subsidiary formed in 2003.

The Ontario Chamber of Commerce (OCC) is the indispensable partner of business and Canada’s largest, most influential provincial chamber. It is an independent, non-profit advocacy and member services organization representing a diverse network of 60,000 members. The OCC convenes, mobilizes and empowers business and local chambers in pursuit of its purpose: to bring inclusive and sustainable prosperity to Ontario’s businesses, workers, and communities.

The Pension Investment Association of Canada (PIAC) has been the foremost voice for Canadian pension funds in matters related to pension investment and governance since 1977. PIAC is composed of over 130 of the largest pension plans in the country who manage over $3.5 trillion of assets on behalf of millions of Canadians. Its mission is to promote sound investment practices and good governance for the benefit of plan sponsors and beneficiaries.

The Portfolio Management Association of Canada (PMAC) represents over 300 asset management firms that manage more than $4 trillion in assets. Members are all fiduciaries managing investments in the best interests of their clients, which include private individuals, foundations, universities and pension plans. PMAC employs a collaborative information-sharing business model and advocates on behalf of its members on securities regulation and government policy matters. The association’s mission is to advocate the highest standards of unbiased portfolio management in the interest of investors served by members.

The Securities and Investment Management Association (SIMA) empowers Canada’s investment industry. The association, formerly The Investment Funds Institute of Canada (IFIC), is the leading voice for the securities and investment management industry, which oversees approximately $4.5 trillion in assets for over 20 million investors and the Canadian capital markets. Our members–including investment fund managers, investment and mutual fund dealers, capital markets participants, and professional service providers–are committed to creating a resilient, innovative investment sector that fuels long-term economic growth and creates opportunities for all Canadians.

SOURCE Securities and Investment Management Association

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