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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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CM Global Services Announces Project Santos, a Planned 50-Megawatt AI Data Center Campus in ERCOT South

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CM Global Services targets a site and engages with strategic partners to become operational in the AI data center space.

DENVER, July 23, 2026 /PRNewswire/ — CM Global Services, LLC (CMGS) today announced Project Santos, its plan to develop a 50-megawatt AI data center campus for a site in the ERCOT South grid zone. CMGS is a long-standing strategic partner of Compass Mining, Inc. and is a global provider of logistics, hardware sales, and infrastructure services, with a growing focus on AI infrastructure and building site development. The announcement was made by Shanon Squires, Chief Mining Officer of Compass Mining, during a panel on bitcoin mining companies diversifying into AI infrastructure at the Energy Investors Forum.

CMGS intends to deliver Project Santos in two phases. The first phase, a 7-megawatt, 5 MW of IT Load Tier III facility purpose-built for AI inference workloads, is targeted for completion by the end of the first quarter of 2027. A subsequent 43-megawatt expansion, bringing the site to its fully planned 50-megawatt capacity

“This is a disciplined next step for CM Global Services, drawing upon its expertise in standing up infrastructure, while Compass Mining simultaneously continues to be the gold standard in Bitcoin mining-related services,” said Shanon Squires. “Bitcoin mining remains the core of Compass Mining. CMGS’ Project Santos reflects the power infrastructure and site development discipline CMGS built over years, and we’re pursuing this initiative on our own terms.”

“This is a new step forward for CMGS, as we continue building for the future,” said Vishnu Mackenchery, Managing Director at CMGS. “Project Santos marks our entry into AI infrastructure and inference, and we’re charting our own path, moving fast to get there.”

GPU-as-a-Service for Enterprise and Neocloud Customers

Project Santos is being developed as a GPU-as-a-Service (GPUaaS) platform. Rather than requiring customers to bring their own hardware, CMGS is securing NVIDIA GB300 Blackwell GPU capacity to offer directly to off-takers as dedicated, single-tenant or multi-tenant compute. The company’s ideal customer profile is AI enterprise organizations seeking dedicated capacity, and CMGS is also in active discussions with neocloud providers.

Project Status

Site: located in the ERCOT South grid zoneCompute: CMGS is securing NVIDIA GB300 Blackwell GPU capacity to offer as GPU-as-a-Service to off-takersTotal planned capacity: 50 megawatts, 35 MW of IT to be delivered in two phasesPhase 1: 7 megawatts, 5 MW of IT load Tier III, targeted for completion by end of Q1Phase 2: adding a 43-megawatt expansion, 30 MW of IT load with utility-supported expansionCustomer profile: AI enterprise companies are the ideal customer; CMGS is also in active discussions with neocloud providers

About CMGS

CM Global Services (CMGS) is a global provider of logistics, hardware sales, and infrastructure services, with a growing focus on AI infrastructure and building site development. CMGS supports clients with end-to-end logistics solutions, hardware procurement, and site-level execution for next-generation compute infrastructure.

About CMGS and Compass Mining Partnership

Compass Mining serves as a strategic partner and advisor to CM Global Services (CMGS), supporting its growth across global logistics, hardware sales, and infrastructure services. As CMGS expands its focus into AI infrastructure and site development, Compass Mining’s guidance helps shape its strategic direction and execution. Together, the two organizations continue to collaborate on delivering end-to-end solutions for clients building next-generation compute infrastructure.

Disclaimer

This communication contains forward-looking statements relating to a potential closing of a transaction. There can be no assurance that the proposed transaction will be completed on the terms described, or at all. Forward-looking statements are subject to significant business, economic, and competitive uncertainties, many of which are beyond our control. This communication is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of the company. Furthermore, investing in or engaging with our company involves substantial risk, and past performance or previous communications are not indicative of future results. There is no guarantee, assurance, or warranty that any specific financial outcome, return on investment, or overall results will be achieved. Actual results may differ materially and adversely from those expressed, projected, or implied in any forward-looking statements. Investors and stakeholders should not rely solely on preliminary press releases regarding potential transactions or projected financial metrics when making investment decisions. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. Prospective investors are strongly encouraged to conduct their own independent due diligence and consult with a qualified, independent financial or legal advisor prior to making any investment.

Contact
All inquiries can be made to: Santos@CMGlobalServices.io 

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Advantech Unveils Next-Gen AI Infrastructure Solutions Powered by AMD EPYC™ 9006 Series Processors

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TAIPEI, July 23, 2026 /PRNewswire/ — Advantech, a global leader in industrial edge computing and edge AI solutions, today announced its next-generation server and network platforms powered by the latest AMD EPYC™ 9006 Series processors. Designed to accelerate AI infrastructure from the data center to the intelligent edge, Advantech’s 6th Gen AMD EPYC-powered servers deliver the performance, scalability, and reliability organizations need for AI, HPC, storage, networking, and mission-critical industrial workloads.

At AMD Advancing AI 2026, Advantech will showcase its latest 2U 4-node edge server and EATX server board, demonstrating how its workload-ready server solutions enable customers to build scalable, high-performance AI and edge computing infrastructure with greater deployment confidence.

Continuing Performance Leadership with AMD EPYC 9006 Series Processors

6th Gen AMD EPYC server CPUs bring continued leadership in performance, efficiency, memory bandwidth, and next-generation I/O. Featuring up to 128 cores and 256 threads, advanced 2nm process technology, “Zen 6” and “Zen 6c” architecture, up to 20% average generational performance uplift, and up to 20% performance-per-watt improvement, AMD EPYC 9006 Series processors are designed to support more virtual machines, higher throughput, and better system efficiency. With up to 128 PCIe Gen6 lanes per CPU, CXL™ 3.1 memory expansion, and support for DDR5 8000NHz and MRDIMM 12800MHz for high memory bandwidth, Advantech edge server solutions deliver balanced compute, memory, and I/O performance for next-generation AI, telco, edge, and storage infrastructure.

Key Features Include:

Up to 128 cores / 256 threads with “Zen 6” and “Zen 6c” architectureAdvanced 2nm process technology for improved performance and efficiencyUp to 20% average generational performance uplift and 20% performance-per-watt improvementDDR5-8000 and MRDIMM 12.8G support for higher memory bandwidth and capacityPCIe® Gen6 scalability: up to 128 lanes for 1 CPU and up to 196 lanes for 2 CPUsCXL™ 3.1 support for optimized memory expansion

Comprehensive Edge Server Solutions from Edge to Cloud

Advantech’s edge server portfolio powered by AMD EPYC™ 9006 Series processors delivers a complete board-to-system lineup for AI infrastructure, data centers, cloud, HCI, HPC, edge computing, industrial applications, and high-performance networking. The first-wave portfolio includes:
(1) The SKY-642E5, 4U MGX GPU server, for large-scale AI acceleration
(2) The SKY-722E5, 2U DC-MHS server with DC-SCM support, for modular data center and edge AI deployments
(3) The SKY-712E5, 1U DC-MHS server, supporting HHHL and FH-3/4L expansion cards for high-density enterprise edge and cloud workloads
(4) The SKY-822E5, 2U short-depth DC-SCM modular server, supporting 2–3 dual-slot GPU cards for space-constrained edge data centers
(5) The SKY-924E5F, 2U 4-node front-access server, for distributed edge computing,
(6) The ASMB-982 & ASMB-832 server boards for flexible, high-expandability system designs.

These new platforms also support PCIe Gen6 scalability, GPU-optimized architecture, advanced DDR5/MRDIMM memory, and AFA-ready high-density E1.S/E3.S NVMe SSD storage to meet low-latency data access, high-throughput storage performance, and scalable infrastructure for data-intensive AI and edge-cloud workloads.

Expanding the portfolio further, Advantech also introduces the FWA-6084, the 2U network appliance and is designed for demanding network security and edge AI workloads. It features DDR5/MRDIMM memory capability, eight Gen6 network module cards, and one PCIe Gen5 x16 slot for GPU or add-on card expansion. It is well positioned to support line-speed multiple 200G network workloads without compromise.

Together with Advantech’s unique service advantages—including 3-5-10 service guarantee, strict revision control, stable component supply, worldwide local support, and custom-ready integration—the new portfolio supports customers reduce deployment risk, secure long-term product roadmaps, and accelerate workload-ready AI and edge-cloud infrastructure from concept to deployment.

Explore more product information, please contact us or visit the Advantech x AMD website.

About Advantech

Advantech is a global leader in IoT intelligent systems and embedded platforms, driven by its vision of “Enabling an Intelligent Planet.” To address the growth of edge computing and AI, Advantech focuses on five key markets: Edge Intelligence Systems, Manufacturing, Energy and Utilities, iHealthcare, and iCity Services & iRetail. By integrating edge computing hardware, WISE-IoT software, sector-specific AI solutions, and domain expertise, Advantech creates an orchestration model that connects industrial ecosystems and accelerates industrial intelligence with partners and customers.(www.advantech.com

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SOURCE Advantech Co., Ltd.

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MulticoreWare and AMD Collaborate to Advance Physical AI and Autonomous Robotics on AMD Platforms

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Companies Demonstrated Real-Time Multimodal AI and Vision-Language-Action Workflows on AMD Ryzen™ AI Platforms at AMD Advancing AI 2026

SAN JOSE, Calif., July 23, 2026 /PRNewswire/ — MulticoreWare, Inc., a global technology company specializing in AI software solutions, physical AI, accelerated computing, and engineering services, today announced its ongoing collaboration with AMD to advance autonomous robotics and edge intelligence on AMD platforms.

As part of this collaboration, MulticoreWare joined AMD at AMD Advancing AI 2026 to present ‘Enabling Physical AI on AMD’, demonstrating how advanced vision, language, and action (VLA) models can drive real-time robotic intelligence on AMD Ryzen™ AI Embedded platforms.

As AI increasingly moves from the cloud into robots, autonomous systems, and intelligent edge devices, organizations need efficient ways to run sophisticated AI models closer to where decisions need to be made. Together, AMD and MulticoreWare are helping developers bring advanced perception, reasoning, and action capabilities to AMD-powered systems.

At AMD Advancing AI 2026, AMD and MulticoreWare demonstrated how multimodal VLA models run on AMD Ryzen™ AI Embedded integrated GPUs using AMD ROCm™, enabling robots to perceive, reason, and act in real time. The session showcased practical guidance for AI developers, robotics engineers, and innovators building next-generation intelligent machines on AMD Embedded platforms.

“Physical AI is reshaping how machines perceive, decide and act in the real world,” said Sumit Shah, Head of Product Management and Marketing, Adaptive and Embedded Computing Group, AMD. “AMD Ryzen™ AI Embedded X100 Series processors deliver a scalable, open x86 Embedded platform that unifies AI, real-time control and industrial reliability to enable the generation of autonomous systems without locking developers into a single compute architecture or software stack.”

“A Physical AI system depends on a tightly integrated loop between perception and actuation. It must operate in real time, on real hardware, and in environments that are inherently unpredictable,” said Vish Rajalingam, VP & GM, Mobility and Transportation BU at MulticoreWare. “That makes it a hardware-software co-design challenge, not simply an AI inference problem. Building on the open-source AMD Robotics Software Suite, we work closely with OEMs to optimize the entire stack so that latency, reliability and accuracy targets are consistently achieved in production environments. That’s the integration MulticoreWare and AMD deliver together to move intelligent robotic systems from prototype to deployment.”

This session builds on more than 15 years of collaboration, with MulticoreWare delivering software optimization, AI, and engineering expertise across the AMD ecosystem, including Ryzen™ AI, Ryzen™, AMD EPYC™, AMD Instinct™, AMD Radeon™, and adaptive computing technologies.

About MulticoreWare

MulticoreWare, Inc. is a global technology company delivering AI software solutions and engineering services that accelerate innovation in Physical AI, Agentic AI, Robotics, Edge Intelligence, and Accelerated Computing. With expertise in multimodal AI, Vision-Language-Action (VLA) models, sensor perception and fusion, AI optimization, embedded systems, and high-performance software, MulticoreWare helps customers transform advanced AI technologies into production-ready solutions. Its innovations power applications across automotive, robotics, industrial automation, smart cities, healthcare, defense, and intelligent edge devices, while its video codec technologies enable next-generation video experiences worldwide.
www.multicorewareinc.com

AMD, the AMD Arrow logo, EPYC, Instinct, Radeon, Ryzen and combinations thereof are trademarks of Advanced Micro Devices, Inc.

Contact:
Suchithra Thyagarajan
VP – Corporate Marketing
marcom@multicorewareinc.com 

 

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