Technology

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

Published

2 years ago

August 22, 2024

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..

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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.

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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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Technology

VERNAL CAPITAL ACQUISITION CORP. ANNOUNCES PRICING OF $100 MILLION INITIAL PUBLIC OFFERING

Published

4 hours ago

May 6, 2026

NEW YORK, May 5, 2026 /PRNewswire/ — Vernal Capital Acquisition Corp. (NYSE: VECA) (“Vernal”) announced the pricing of its initial public offering (the “IPO”) of 10,000,000 units at $10.00 per unit. The units are expected to trade on the New York Stock Exchange (“NYSE”) under “VECAU” beginning May 6, 2026. Each unit consists of one ordinary share and one right to receive one-fourth of one ordinary share upon consummation of an initial business combination. Upon separate trading, the ordinary shares and rights are expected to be listed on NYSE under “VECA” and “VECAR,” respectively.

D. Boral Capital LLC is acting as sole book-running manager of the offering. The underwriters have a 45-day option to purchase up to 1,500,000 additional units to cover any over-allotments. The offering is expected to close on May 7, 2026, subject to customary closing conditions.

A registration statement for these securities was declared effective by the SEC on May 5, 2026. The offering is made only by means of a prospectus. Copies of the prospectus may be obtained, from D. Boral Capital LLC, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 970-5150 or by email at dbccapitalmarkets@dboralcapital.com.

This press release shall not constitute an offer to sell or to buy, nor shall there be any sale where such offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws.

About Vernal

Vernal is a blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Vernal’s target search will not be limited to a particular industry or geographic region.

Forward-Looking Statements

This press release contains “forward-looking statements,” including statements regarding Vernal’s IPO. These statements are subject to risks and uncertainties that could cause actual results to differ materially. No assurance can be given that the offering will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, beyond Vernal’s control, including those in the Risk Factors section of Vernal’s registration statement filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. Vernal disclaims any obligation to release publicly updates or revisions to any forward-looking statements to reflect any change in Vernal’s expectations, except as required by law.

Contact

Binghan Yi, CFO
binghan@vernal.com
www.vernalspac.com

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SOURCE Vernal Capital Acquisition Corp.

Technology

RIVANNA nominated for MedTech Scale-Up of the Year at MedTech World Awards 2026 | North America

Published

5 hours ago

May 5, 2026

Nomination places the Charlottesville-based company among growth-stage medtech leaders recognized for commercial momentum in AI-powered clinical decision support; public voting is open through May 8

CHARLOTTESVILLE, Va., May 5, 2026 /PRNewswire/ — RIVANNA®, developer of AI-powered clinical decision-support solutions, today announced that it has been nominated for MedTech Scale-Up of the Year at the MedTech World Awards 2026 | North America. Public voting is open through Friday, May 8, 2026, with category winners to be announced at the inaugural North American Awards Gala on May 11, 2026, at the Hilton West Palm Beach in Florida.

The MedTech Scale-Up of the Year category honors a growth-stage company successfully scaling revenues, partnerships, and adoption across the global medical technology ecosystem. Nominees across the program’s 22 categories were selected through a structured process led by the MedTech World Steering Committee, with category winners determined by a combination of expert evaluation and public voting from the global MedTech community.

“We have built RIVANNA on validation earned from the most rigorous technical buyers in healthcare: competitive federal awards translated into FDA-cleared products, each paired with a commercial program that meets clinicians where they work,” said Will Mauldin, PhD, Co-founder and CEO of RIVANNA. “Being nominated for MedTech Scale-Up of the Year is a meaningful affirmation of that approach and the team executing it.”

Public voting closes Friday, May 8, 2026. Members of the MedTech community are invited to support RIVANNA’s nomination at the official voting page: vote here.

The award nomination follows a year of measurable scaling for RIVANNA:

In October 2025, RIVANNA reported on being named a finalist in MedTech Innovator’s 2025 Early-Stage Grand Prize competition, selected from nearly 1,500 global applicants to represent the top 4% of medtech innovations worldwide.In December 2025, RIVANNA reported on the U.S. Food and Drug Administration’s 510(k) clearance of its Accuro® 3S Needle Guide Kit consumables, building on existing Accuro 3S device clearance.In April 2026, RIVANNA reported on peer-reviewed findings, published in 2025 in the Journal of Emergency Medicine (DOI: 10.1016/j.jemermed.2025.11.011), showing that the Accuro® XV musculoskeletal imaging system enables non-physician operators to acquire diagnostic-quality scans after just one hour of hands-on training.In May 2026, RIVANNA reported on the U.S. Food and Drug Administration’s 510(k) clearance of the Accuro® XV Diagnostic Ultrasound System for musculoskeletal imaging, authorizing commercial use across hospital and clinic settings.The company’s clinical program now spans eight sites nationwide with more than 1,500 patients enrolled.

The 2026 MedTech World Awards | North America, powered by Blue Goat Cyber, will be presented Monday, May 11, 2026, at the inaugural North American Awards Gala at the Hilton West Palm Beach, marking the first time the MedTech World Awards have been hosted in the United States.

About the MedTech Scale-Up of the Year Award
Presented by MedTech World, the MedTech Scale-Up of the Year category recognizes growth-stage medical technology companies demonstrating strong commercial momentum, expanding partnerships, and accelerating real-world adoption. The award is one of 22 categories spanning innovation, clinical excellence, regulatory strategy, investment, and leadership across the global MedTech ecosystem.

About RIVANNA
RIVANNA® is a medical technology company developing clinical decision-support solutions powered by proprietary clinical datasets, AI models, and purpose-built imaging hardware. The company’s platform automates complex anatomical analysis at the point of care, enabling faster, more confident clinical decisions while reducing variability and expanding access to advanced capabilities. The first applications target significant market opportunities in regional anesthesia and fracture care. RIVANNA has built a proven FDA regulatory track record across its Accuro® platform, with device clearances for Accuro® 3S (spinal needle guidance) and Accuro® XV (musculoskeletal imaging), a portfolio of supporting cleared consumables, and AI software modules advancing through regulatory review. The company is backed by 100+ patents and validated through clinical partnerships with leading academic medical centers. RIVANNA is headquartered in Charlottesville, Virginia, and operates an FDA-registered, ISO 13485:2016-certified manufacturing facility. Learn more at rivannamedical.com.

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Technology

D2L Launch Week Highlights Latest Product Releases

Published

5 hours ago

May 5, 2026

Latest innovations are designed to save time, simplify workflows, and help drive better learning outcomes

TORONTO, May 5, 2026 /PRNewswire/ – D2L, a global leader in learning innovation, hosted its first-ever D2L Launch Week, a four-day virtual webinar series spotlighting the company’s latest product innovations across D2L Brightspace in 2026.

Throughout the week, D2L showcased a range of product releases through live demos and practical customer use cases, highlighting how institutions, school districts and organizations can help to drive engagement and improve learning outcomes. The featured updates include enhancements to D2L Lumi for idea generation, intervention suggestions, quiz creation and summarization; tools to strengthen parent and guardian outreach; and administrative capabilities designed to help large organizations delegate course and configuration management more effectively.

“We’re proud to showcase the ways D2L continues to innovate to help make learning more personalized, efficient, and scalable,” said Christian Pantel, Chief Product Officer at D2L. “From new D2L Lumi features to enhanced communication tools and more flexible distributed administration capabilities, these updates are designed to help our customers save time, improve usability, and deliver better learning experiences at scale.”

Enhancements to D2L Lumi

Among the new capabilities were several updates to D2L’s AI-native tool, D2L Lumi, designed to improve usability, transparency, and alignment across workflows, including:

D2L Lumi Ideas: Generates assignment and discussion ideas directly within Brightspace, making it easier to generate high quality content aligned to learning outcomes.D2L Lumi Insights: Gives educators access to learning intervention suggestions, designed to provide recommended next steps based on learner data.D2L Lumi Quiz: Helps educators generate questions from multiple course content topics and includes a more streamlined question-generation workflow.D2L Lumi Summary: Supports summarization from more content sources, including nested submodules, and can give educators the ability to preview and adjust source text before summarization.

Updates to Parent and Guardian Communications

D2L also introduced new parent and guardian communication enhancements to help K-12 educators strengthen engagement beyond the classroom. Teachers can now send bulk emails to all parents and guardians associated with students in their class. For individual student outreach, teachers can also email parents and guardians of a specific learner, making it easier to share timely updates on student progress and classroom activity.

Manage Distributed Administration at Scale

Distributed Administration gives organizations more flexibility to delegate administrative responsibilities across organization levels. With Distributed Administration, administrators can manage specific areas, enabling them to oversee courses while helping to reduce bottlenecks and free up time.

Learn more about the latest product releases showcased at D2L Launch Week.

About D2L
D2L is transforming the way the world learns, helping learners achieve more than they dreamed possible. Working closely with customers all over the world, D2L is on a mission to make learning more inspiring, engaging and human. Find out how D2L helps transform lives and delivers outstanding learning outcomes in K-12, higher education and businesses.

The D2L family of companies includes D2L Inc., D2L Corporation, D2L Ltd, D2L Australia Pty Ltd, D2L Europe Ltd, D2L Asia Pte Ltd, D2L India Pvt Ltd, D2L Brasil Soluções de Tecnologia para Educação Ltda and D2L Sistemas de Aprendizaje Innovadores, S. D2 R.L de C.V., and H5P Group AS.

All D2L and H5P marks are owned by the D2L group of companies. Please visit D2L.com/trademarks for a list of D2L marks. All other trademarks are the property of their respective owners.

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